TAXATION


IANS 18 December 2015
In a move to reduce litigation from indirect tax administration, the government on Thursday raised the threshold limit for filing appeals before the Customs Excise and Service Tax Appellate Tribunal (CESTAT) and high courts to Rs.10 lakh and Rs.15 lakh respectively.   "A slew of...

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IANS 17 December 2015
The finance ministry will shortly roll out the final draft of the Goods and Services Tax (GST) bill after drastically pruning the list of central exemptions, an official said here on Thursday.   "The government will roll out the final GST draft paper in the public domain very soon,"...

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IANS 15 December 2015
The Uttar Pradesh government has decided to exempt LED bulbs from value added tax (VAT), an official said on Tuesday.   Pointing out that use of LED bulbs was a good way to minimise power demand and consumption, Chief Minister Akhilesh Yadav has instructed concerned departments to...

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Moneylife Digital Team 14 December 2015
Even in its current form, the GST reforms can deliver significant efficiency and productivity improvements by moving towards a single market across India, says Religare Capital report   With barely a week left for the Winter session of Parliament to end, hopes of the Constitutional...

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IANS 10 December 2015
The central government on Thursday clarified the income tax returns filed by foreign institutional investors (FII) and foreign portfolio investors (FPI) will be processed on certain conditions even if the balance sheet and profit/loss account are not filled.   In a statement...

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Venkatachary Jagannathan (IANS) 26 November 2015
 The department of revenue is going after the non-life insurance companies for wrongly availing themselves of Cenvat credit instead of automobile dealers as it is easier to target the former in terms of numbers, a senior official of an industry body said.   The Chennai zonal unit of...

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Is it a desperate attempt to keep investment-cum-insurance products relevant?   Media reports quote a member (life insurance) of Insurance Regulatory and Development Authority of India (IRDAI), stating that the regulator will take up the issue of taxation of maturity proceeds of...

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Moneylife Digital Team 23 November 2015
The income-tax department has launched its official handle on the micro-blogging website, Twitter. The handle “incometaxindia_” is aimed at keeping taxpayers and other users updated. “Follow us to stay updated on the latest taxpayer services,” the first tweet by the department said. It added...

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Moneylife Digital Team 16 November 2015
In June 2015, the Modi government increased service tax to 14% from 12.36% and now there would be an additional cess of 0.5% on this. Never mind, indirect tax collections are already growing at about 36% and till October 2015, the government has achieved 60% of its targeted collection for...

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Ameet Patel 14 November 2015
Indian tax laws are complex and their implementation terrifying. What can the government do to change this? Will the new revenue secretary act on these suggestions?   Mark Twain, obviously, had no idea of how complex and uncertain the Indian Income-tax Act, 1961, is, when he said in...

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The Modi government promised to make tax laws more transparent and less complex. The revenue secretary, today, is Hasmukh Adiha, a Gujarat cadre IAS officer who is close to the prime minister. However, Indian tax laws are so outdated, and their application so mindless, that there is no dearth...

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IANS 02 November 2015
"The road map for phasing out of exemptions will be unveiled soon," Adhia told reporters here   The government is likely to unveil a roadmap by next month for doing away with corporate tax exemptions along with a phased reduction of this tax rate to 25 percent over four years,...

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IANS 28 October 2015
Delhi High Court's former judge Justice RV Easwar is chairman of the panel   The government on Tuesday set up a 10-member committee to simplify provisions of the Income Tax Act for enabling ease of doing business.   "The committee will identify provisions in the IT Act which...

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IANS 20 October 2015
Filmmakers unable to complete their movies or who had to abandon them before completing will now be eligible for relief following the latest directive of the Income Tax department doing away with a provision of claiming tax on abandoned projects.   "It is clarified that Rule 9A does...

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IANS 19 October 2015
In order to attract higher investments, the Indian taxation system should be more transparent, Reserve Bank of India (RBI) governor Raghuram Rajan said on Monday.   Speaking at a seminar here, Rajan stressed that the Indian tax system should be transparent and predictable to attract...

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You can no longer be lax about tax on life insurance proceeds. Moneylife examines the impact of TDS which can eat into your already low returns. Know the new rules that have even insurance companies confused   Tax is a clincher in any financial investment. Knowing the net returns you...

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Moneylife Digital Team 05 October 2015
Now the Income-Tax Department has been encouraging taxpayers to file their returns online, email fraud is bound to proliferate and trap the gullible   It is probably a test mail as yet, but several people received a missive, ostensib ly from the Indian Income Tax (I-T) department...

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IANS 01 October 2015
The government on Thursday extended the deadline for e-filing of all Income Tax returns and audit reports till October 31, 2015.   "The government has decided that across the country, all the returns of income and audit reports u/s 44AB which were due for e-filing by 30 September,...

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It is nice to see this tax-payer friendly action on the part of the Income Tax Department and let us hope that this may be the harbinger of many more good things to come   Hope you filed your income tax return (ITR) by now. The earlier you file your return, quicker you will get the...

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A taxpayer who earns income from salary and owns a single house can easily file tax returns online without taking any help from professionals   Every year, the month of July makes every salaried taxpayer rush to file income tax (I-T) returns. However, for FY2014-15 (AY2015-16), the...

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