Tax

US DoJ arrests three for identity theft and tax fraud

US DoJ arrests three for identity theft and tax fraudThe United States Justice Department has said that it has arrested three persons from Alabama for being a part of an identity theft and tax fraud scheme.

Among the three arrested for the crime was an Indian-American Narendra Kumar Patel, who has been sentenced to 24 months in prison. For the two other arrested persons, Mary Bennett has been sentenced to 75 months and Eugenia Burks has been sentenced to 18 months. Bennett had earlier pleaded guilty to conspiracy to commit mail and wire fraud and aggravated identity theft.

Delhi HC stays tax dept.’s Rs 2k-cr notice to Nokia

Delhi HC stays tax dept.’s Rs 2k-cr notice to NokiaThe Delhi High Court provided a big relief to the Indian arm of Finnish handset maker Nokia by issuing an interim stay on income-tax (I-T) department's Rs 2,080-crore tax demand.

The tax department issued the tax demand order to Nokia in mid-March and the handset maker received it last week. The company challenged the order in the Delhi High Court, which issued an interim stay on it on last Friday.

IT department imposes Rs2000 crore fine on Nokia for violation

IT department imposes Rs2000 crore fine on Nokia for violationThe Income Tax department of the government of India has imposed a fine of Rs. 2000 crore on Finland based handset maker, Nokia for allegedly violating tax rules.

300,000 self-employed Russians quit over tax hikes

300,000 self-employed Russians quit over tax hikesMoscow, March 11 : Almost 300,000 self-employed Russians have quit business in Russia in the past three months due to social tax hikes, an Economics Ministry official said Monday.

From Jan 1, 2013, the Russian government doubled the annual fixed-sum social security tax for individual entrepreneurs to 36,000 rubles ($1,200), in a move that directly affected babysitters, housemaids, tutors, handymen and other self-employed Russian workers earning 50,000-100,000 rubles a year.

Government makes E-filing mandatory for those earning above Rs.5 lakh

Government makes E-filing mandatory for those earning above Rs.5 lakhThe taxation authorities in India has made it mandatory for all the taxpayers in the country who earn more than Rs. 5 lakh per annum to file their tax returns online.

Revenue secretary Sumit Bose said, "Income tax returns for the group above Rs. 5 lakh will have to be e-filed. This is a move towards using technology so that the interface between the assessing officer and the assessee is minimised." He was speaking at an event organised by the Federation of Indian Chambers of Commerce and Industry on Tuesday.

CTT for non-agriculture commodities is discriminatory: says MCX chief

CTT for non-agriculture commodities is discriminatory: says MCX chiefThe decision to impose 0.1 per cent Commodities Transaction Tax (CTT) on non-agriculture futures contracts is discriminatory, MCX chief said.

In the Budget 2013, Finance Minister P Chidambaram announced Commodities Transaction Tax (CTT) of 0.1 per cent on non-agriculture futures contracts in order to broaden its tax base, while at the same time reducing the Securities Transaction Tax (STT) to 0.01 per cent.

Chidambaram's marginal rebate to low-income taxpayers

p-chidambaram123New Delhi, Feb 28 : Finance Minister P. Chidambaram Thursday proposed a tax cut of Rs. 2,000 for people earning an annual income of between Rs. 200,000 and Rs. 500,000 and said anything beyond that was not possible given the current circumstances.

Presenting the national budget for 2013-14, the finance minister said any hike in the exemption limit for direct tax that is paid by individuals would take millions out of the tax net and was neither a desirable proposition, nor feasible.

Accordingly, he proposed a Rs. 2,000 tax credit for those in the first slab.

Tax on petrol necessary for revenue: Chidambaram

P-ChidambaramNew Delhi, Feb 26 : Finance Minister P. Chidambaram Tuesday said taxing petrol and diesel was necessary for government revenue.

"If we do not tax petrol, we will have to tax some other product," Chidambaram said, replying to a question in the Rajya Sabha.

The minister said the central tax on petrol and diesel had come down in the last few years.

"Firstly, petrol and diesel have to be taxed because government needs revenue. Secondly, several states put higher tax on petrol and diesel than the centre," the finance minister told the upper house.

GE wants govt. to provide certainty in tax laws

GE wants govt. to provide certainty in tax laws General Electric (GE) Chief Executive Jeffrey Immelt has urged that government to provide certainty in tax laws to make India a good place to invest in.

Referring to the recent controversy over issues of retrospective taxation, Immeelt said that such moves by the government bothered foreign investors.

Speaking on the topic, he said, Tax laws have triggered investor concern, which is a negative. If you put yourself in the shoes of US and European CEO, the viewpoint has been negative."

FM to dedicate Centralized Processing Cell for Tax Deducted at Source tomorrow

P-ChidambaramNew Delhi, Feb 22 : Finance Minister P. Chidambaram will dedicate the Centralized Processing Cell for Tax Deducted at Source, CPC (TDS), to the nation tomorrow.

The CPC (TDS) will be situated at Aayakar Bhawan, Sector-3, Vaishali, Ghaziabad (UP). It will provide the tax deductors, taxpayers and the Assessing Officers, a wide range of online services related to TDS through a functionality designated TDS Reconciliation, Analysis and Correction Enabling System (TRACES).

Andhra Pradesh HC sides with Sanofi in tax dispute

Andhra Pradesh HC sides with Sanofi in tax disputeFrench drug maker Sanofi Pasteur Holding SA is not liable to pay any tax in India for its acquisition of pharmaceutical firm Shantha Biotech, the Andhra Pradesh High Court ruled on Friday.

Sanofi Pasteur had acquired 80 per cent stake in Hyderabad-based Shantha Biotech for nearly Rs 3,000 crore in July 2009. The income-tax (I-T) authorities of India claimed that the transfer of stake resulted in capital gains for the French firm, and therefore, came under the jurisdiction of I-T norms of the country.

Service tax evaders causes loss of Rs 9,800 crore in nine months, CBEC

Service tax evaders causes loss of Rs 9,800 crore in nine months, CBECThe Central Board of Excise & Customs (CBEC) have estimated that the service tax evaders have resulted in a loss of Rs 9,800 crore during the first nine months of the financial year from April to December, 2012.

Finance minister hopeful of resolution of Vodafone tax case

Finance minister hopeful of resolution of Vodafone tax caseIndia's union Finance Minister P. Chidambaram has said that the case involving tax dues of telecom giant, Vodafone and the country's tax authorities is likely to be resolved as the two sides continue to hold discussions on the matter.

Chidambaram said, "I'm sure some way will emerge out of these discussions. I will be very happy if we could find a resolution to the issue, put it behind us and move on. I think Vodafone is of the same view, so both government and Vodafone are keen to resolve the matter and I am confident we can resolve it."

States agrees on compensation for lowering CST

States agrees on compensation for lowering CSTState governments have finally agreed to accept a lower amount of compensation from the central government than demanded, for covering the loss arising due to phasing out of the Central Sales Tax (CST).

The state governments agreed for a lower payment of Rs. 34,000 crore as compensation, thus concluding the longstanding dispute that has been a major obstacle in the implementation of the Goods and Services Tax (GST).

GAAR deferment brings relief to investors

GAAR deferment brings relief to investorsA recent decision by the union government to delay the implementation of the general anti-avoidance rule (GAAR) to April 2016 has brought a sign of relief to the investors.

Daksha Baxi, ED-Taxation of Khaitan & Co said that the announcement by Finance minister P Chidambaram brings relief for the investors for a period of two years. The time will allow the investors to alter their structures in order to ensure that the GAAR would impact their investments.

Cameron raises moral questions on firms evading taxes

Cameron raises moral questions on firms evading taxesBritish Prime Minister, David Cameron has said raised moral questions on the behaviors of some of the multinational firms which were recently found to have paid very little or no tax at all in the country.

He said in an attacking mode that the government will work to make sure that they pay their full share of corporate taxes in the future. The remarks came after lawmakers in the country said that firms like Starbucks, Google and Amazon are behaving immorally to twist the system and avid their due share of taxes in the UK.

Budget deal extends tax credits for Wind energy industry

Budget deal extends tax credits for Wind energy industryThe US lawmakers agreed on a last minute deal to avert the fiscal cliff situation and as part of the deal also extended a tax credit system to the wind energy industry.

The lawmakers have agreed to extend another year of the renewable energy production tax credit, which was set to conclude in 2012. Bob Dineen, president and CEO of the Renewable Fuels Association said that the extension of the tax credit facility allows the industry to compete on a fair level as oil firms get exploration benefits from accelerated depreciation.

Govt. issues stern warning to tax evaders

Govt. issues stern warning to tax evaders Issuing a stern warning to tax evaders, the government on Wednesday said evaders of excise, customs and service tax could pay up their dues and avail themselves of the benefit of reduced penalty or face penal action like arrest, prosecution and property attachment.

Revenue Secretary Sumit Bose cautioned that the government was keeping a very close watch on tax evaders. He stressed that while the finance ministry was making all possible efforts to boost trade & industry, many traders were not playing their part by paying their due taxes in time.

Labour spent £171 billion on tax credits

Labour spent £171 billion on tax creditsAccording to estimates, the Labour government has spent a total of £171 billion on tax credits between 2003 and 2010.

The figure of £171 billion represents a 60 per cent rise in the welfare expenditure in the country. During the two years before 2010, the total spending on welfare increased by about 20 per cent. Data also showed that tax credit payments increased by about 58 per cent ahead of the 2005 general elections.

Govt. promises stable tax regime

Govt. promises stable tax regimeUnion Finance Minister P Chidambaram has claimed that the government would ensure a stable tax regime that would be in the interest of taxpayers as well as tax collectors.

Speaking at a consultative committee attached to the finance ministry, Mr. Chidambaram said that the government was committed to ensure best services to taxpayers for better tax compliance and revenue growth.

The Finance minister said, "Our focus is always to have a reasonably stable tax regime, which is in the interest of both the taxpayers as well as tax collectors."




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