Tax

Direct tax collection rises by 10.66 percent

Direct tax collection rises by 10.66 percentNew Delhi, Oct 8 : Gross collection from direct taxes that include personal income tax and corporate taxes, increased by 10.66 percent to Rs. 3,01,250 crore in April-September period of this year as compared to Rs. 2,72,221 crore recorded in the same period last year, government data showed Tuesday.

Collections from personal income tax jumped by 16.15 percent to Rs. 1,06,231 crore in the first half of the current financial year as compared to Rs. 91,463 crore recorded in the same period last year, according to data released by the finance ministry here.

Impact Analysis of GAAR Implementation by Indian Government; ShareTipsInfo

Impact Analysis of GAAR Implementation by Indian Government; ShareTipsInfoGovernment t Notification on GAAR:- Finally after much of debate Government notified GAAR will be implemented from 1st April 2013.

Fine points of GAAR: GAAR (General Anti Avoidance Rules)

- GAAR to come into effect from April 1, 2016

- General Anti Avoidance Rules (GAAR) will apply to entities availing tax benefit of at least Rs 3 crore.

I-T Dept. raids Anand Rathi premises for alleged tax evasion

I-T Dept. raids Anand Rathi premises for alleged tax evasionIncome-Tax (I-T) Department on Tuesday raided the residential and official premises of leading brokerage & financial services firm Anand Rathi Financial Services, which has a high exposure to crisis-hit National Spot Exchange Ltd (NSEL).

People with direct knowledge of the matter said that the raids by tax sleuths from the investigative wing of the Mumbai I-T department were conducted for alleged tax evasion by Anand Rathi Financial Services.

Two in five home buyers could face stamp duty tax, report

Two in five home buyers could face stamp duty tax, reportAccording to a new report, about two out of every five home buyers could face a stamp duty land tax within five years in the UK as the house prices picks up in the country.

The new report said buyers might be forced to pay as much as £7,500 in "punitive" stamp duty costs by the year 2018 as the property market continues to recover in the UK. It said that four out of every five homes sold in 2012-13 in England and Wales will include stamp duty land tax during the coming five years.

Deloitte seeking more clarity on UK tax laws

Deloitte seeking more clarity on UK tax lawsGlobal accounting firm, Deloitte has urged the UK government to provide clarity on the direction of the tax law reforms in the country stating that there have been mixed signals on the issue.

Chief executive and senior partner David Sproul of Deloitte UK said that a number of companies have delayed their plans to establish presence in the UK due to the lack of clarity on the tax laws. He pointed out that there have been conflicting signals from the Treasury and the House of Commons Public Accounts Committee (PAC) on tax laws.

Chidambaram asks tax defaulters to pay dues or face punishment

Chidambaram asks tax defaulters to pay dues or face punishmentUnion Finance Minister P Chidambaram on Thursday unveiled the Service Tax Voluntary Compliance Encouragement Scheme (VCES) and asked tax defaulters to take advantage of the opportunity and come clean or face penalty by December this year and the rest by June 2014.

The VCES aims at promoting self-declaration of tax dues by giving them a rare opportunity to pay half of their tax dues without any interest or penalties.

Net direct tax collections rise more than 10% to Rs 1.17 lakh crore

Net direct tax collections rise more than 10% to Rs 1.17 lakh croreGovernment's net direct tax collection jumped more than 10 per cent year-on-year during the April-July period of the current financial year, according to fresh official stats.

Figures released on Wednesday by the Finance Ministry showed that net direct tax collections jumped 10.37 per cent to Rs 1.17 lakh crore in the four months ended July this year, from Rs 1.06 lakh crore in the corresponding period of FY2012-13.

Last-minute rush to e-file returns slows down I-T website

Last-minute rush to e-file returns slows down I-T websiteTaxpayers' last-minute rush to file returns for the assessment year 2013-14 has made the website of the income tax department run slow, ahead of the soon-to-be-concluded July 31 deadline.

More taxpayers are filing their returns online as the central board of direct taxes (CBDT) has made e-filing of the returns mandatory for even people who have an annual income of up to Rs 5 lakh.

Some problems in accessing the website for e-filing returns are primarily because of network restrains of the local Internet service providers (ISPs).

Revenue Department to target 12 lakh service tax non-filers: FM

Revenue Department to target 12 lakh service tax non-filers: FM The Revenue Department of the Finance Ministry will target 12 lakh service tax assessees who are not filing returns, Union Finance Minister P. Chidambaram said on Wednesday.

During the financial year 2013-14, the Finance Ministry aims to collect Rs 5.65 lakh crore in indirect taxes, comprising customs, excise and service tax.

Any mistakes in filing tax returns may result in hefty penalty plus interest

Any mistakes in filing tax returns may result in hefty penalty plus interest Any mistakes in filing tax returns may land you in hot waters by making you to pay not only extra tax but also ah hefty penalty and interest. Some of the most commonly committed errors while filing tax returns are as follows:

Some taxpayers avail deduction more than once. Salaried taxpayers who might have shifted from one employer to some other are more prone to this mistake. As they might have received the Form 16 from both employers there are chances that they mistakenly try to avail deductions twice.     

Israel to raise tax on alcoholic beverages

Yair-LapidJerusalem, June 5 : Israeli Finance Minister Yair Lapid has signed a decree to raise the purchase tax on alcoholic drinks by 25 percent.

As of July 1, the purchase tax on alcoholic beverages would be $28.5 per liter of alcohol, instead of $23 per liter.

Lapid surprised alcohol consumers in the country by bringing the decree into effect five months earlier than expected.

The Israeli government expects to gross in an estimated 200 million shekels (about $54 million) as a result of the hike.

Govt. approves revamp of I-T department

Govt. approves revamp of I-T departmentThe Union Cabinet on Thursday gave nod for a major revamp of the income-tax (I-T) department, paving way for recruitment of more than 20,000 additional tax officials in the coming two years.

The approval will allow the recruitment of 1,349 additional I-T officers in the Indian Revenue Services cadre and 19,402 personnel in the non-IRS cadres.

The increase in the number of officers will make the process of tax refunds speedy and bring more people under the tax net. The revamp is expected to help generate additional revenue of Rs 25,000 crore per annum.

Govt.’s efforts to curb tax evasion will continue this fiscal as well: Chidambaram

Govt.’s efforts to curb tax evasion will continue this fiscal as well: ChidambaramThe government will continue with efforts to curb tax evasion, bring more people into the tax net and recover tax arrears this fiscal as well, Union Finance minister P Chidambaram said.

Addressing the Rajya Sabha on Thursday, Mr. Chidambaram said that the tax department mined data, issued notices to tax evaders and brought 50 lakh more taxpayers into the tax net between January and March.

Government cuts tax for foreign investors

p-chidambaramThe financial ministry has said that it is cutting a key tax rate affecting foreign investors in the country in a move aimed at attracting more foreign funds in order to be able to fund the wide current account deficit of the government.

Finance minister P Chidambaram said announced a cut in withholding tax from 20 per cent at present to 5 per cent for a period of two years for interest earned by foreign investors on government securities and rupee-denominated corporate bonds. Chidambaram believes that the move will help attract inflows of funds from foreign institutional investors and qualified foreign investors.

27 firms underpaid tax in share transfers in FY2012-13: Chidambaram

27 firms underpaid tax in share transfers in FY2012-13: ChidambaramA total of 27 companies, including the local divisions of Vodafone, HSBC and Standard Chartered, underpaid taxes in share transfers during the last financial year, Union Finance Minister P. Chidambaram confirmed.

Mr. Chidambaram named the companies in a written reply to a question asked by a lawmaker. The lawmakers had asked the finance ministry to reveal which companies were at odds with the country's tax department over issues of share-transfer pricing.

Punjab cabinet rejects centre's move on wealth tax

Shivraj-PatilChandigarh, April 26 : Rejecting a move by the central government to impose wealth tax on agricultural land near urban centres, the Punjab cabinet Friday asked Governor Shivraj Patil to convene an emergency session of the assembly on May 3.

An emergency meeting of the Punjab cabinet here, chaired by Chief Minister Parkash Singh Badal, urged the central government to immediately withdraw any proposal to impose wealth tax on agricultural land "in the garb of declaring all lands falling within the aerial radius of 8 km of municipal limits as urban lands".

Traders begin strike against local body tax in Maharashtra

Traders begin strike against local body tax in MaharashtraAs many as more than a million traders and manufacturers have started a strike against the state government in Maharashtra on Monday to protest its decision to impose a local body tax in the state.

Delhi HC asks tax department to reexamine Nokia tax evasion case

Delhi HC asks tax department to reexamine Nokia tax evasion caseThe Delhi High court on Wednesday gave Nokia a temporary respite by asking the tax department to reexamine the tax evasion case and not to take any coercive action against the handset maker till then.

The Indian tax authorities, on March 21, slapped Nokia's Indian subsidiary with an income tax notice of Rs 2,058 crore for alleged evasion of taxes.

The Finnish handset maker's Indian division then moved the High Court, which on March 22 granted an interim stay and asked the tax authorities to file their reply.

Irish watchdog advises against reducing cuts and tax increases

Irish watchdog advises against reducing cuts and tax increasesThe Irish Fiscal Advisory Council, an independent watchdog responsible for ensuring better management of the public finances, has said that the government should not reduce the size of spending cuts and tax increases in the coming two budgets in the country.

Northern Ireland to impose tax on plastic bags

Northern Ireland to impose tax on plastic bagsAuthorities in Northern Ireland will impose a new bag tax on plastic bags in the region in order to discourage the use of such bags that adds to pollution and litter river banks.

The Department of Environment will implement the tax from Monday in a move aimed at reducing waste. The charge on single plastic bags is set to double next year to reduce its use in the region. Data shows that people use 30,000 carrier bags every hour in Northern Ireland. Environment Minister Alex Attwood has said that he hopes the rate will be reduced by about 80 per vent after the imposition of the tax.




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