The cash registers at North Block are ringing loud, thanks to the India growth story which shows no signs of any twist in the tale. Signalling a buoyant trend in revenue growth, direct tax collection crossed the Rs 1-lakh crore milestone this fiscal,
Tax deducted at source (TDS) accounts for as much as 50 per cent direct tax collections in this fiscal so far. This figure was 28 per cent and 35 per cent in 2006-07 and 2005-06, respectively. The main reason for this increase is the widening of t
Vodafone Essar has filed a writ petition in the Bombay High Court challenging the right of the tax authorities to levy a capital gains tax on it.The writ is aimed at preventing the income-tax department from taking further action. The I-T department
The Union Finance Ministry in consultation with tax experts is drafting a new Direct Tax Code which was likely to be ready by October, advisor to the Finance Ministry Parthasarathi Shome said today.The main objective of drafting the new code was to m
Come December, and all the nagging income tax refund worries will be over. The I-T department would be crediting the refunds directly to tax payers' SBI accounts. "Tax payers need not come to Aikar Bhawan to persue their refunds. It will be electroni
The Central Board of Direct Taxes (CBDT) has discovered new hubs to bolster the tax kitty at this time at the grassroots. The CBDT has spotted Panchayats in states such as Gujarat, Maharashtra, Karnataka and Madhya Pradesh as the potential tax p
HOUSING SOCIETIES in the city that disputed the applicability of income tax on transfer fees - collected by a society when a flat is sold by a member - may have to pay up. The Income-Tax (I-T) Department has begun issuing notices to such housing soci
With India and Mexico signing the double taxation avoidance agreement on Monday, companies using Mexico to route investments into India will have to be ready for a differently structured tax regime. The DTAA has provided for a limitation of benefits
By virtue of the provision of clause (d) of sub-section (1)section 115 WB, introduced by Finance Act, 2007, an employer isliable to pay Fringe Benefit Tax on any consideration for employmentprovided by way of any specified security or sweat equity sh
Perhaps the most favoured savings instrument of Indian investors is the 8% RBI Savings Bond. Safe to the hilt, it has retained its popularity in spite of the sharp appreciation in interest rates in recent times. So far, the interest on the bonds, tho
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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