Tax

Govt. will meet direct tax collection target: P Chidambaram

Govt. will meet direct tax collection target: P ChidambaramThe Union Government will surely meet its target of collecting Rs 5.7 lakh crore in direct tax during the current financial year, Finance minister P Chidambaram said on Wednesday.

Mr. Chidambaram added that the government could even collect more in direct tax than the target.

Speaking on the topic, "I am confident we will meet the direct tax collection target... (all those people) whose data we have about their purchases, mutual funds, if everybody pays advance tax, then actually we will collect more than the target."

Amazon.com to collect sales tax from Massachusetts residents

Amazon.com to collect sales tax from Massachusetts residentsUnder a new agreement between the government of Massachusetts and Amazon. com, the online retailing giant will start collecting sales tax from residents of the state.

The agreement, which comes after several months of negotiations between the government and the company, will come into effect from 1 November, 2013. The agreement will now require the state's around 6.6 million residents to pay sales tax on their online purchases. Amazon will start collecting the state's 6.25-percent tax on Nov. 1, 2013 on all online purchases made in the state.

Govt. warns tax evaders of strict action

Govt. warns tax evaders of strict actionThe government has issued stern warning to tax evaders saying they must pay income tax that is due by December 15 or face action.

Revenue secretary Sumit Bose said only a fraction of tax assesses, which includes salaried people, professionals, companies, firms and transporters and retainers, disclose incomes correctly.

Bose said that in the assessment year 2012-13, just 14.6 lakh assessees filed their returns revealing a taxable income of more Rs 10 lakh, which was a gross under-statement.

UK sings tax sharing agreement with Isle of Man

UK sings tax sharing agreement with Isle of ManThe government of the UK has signed a tax sharing agreement with the Isle of Man authorities in order to tackle financial crime and tax evasion.

Under the agreement, the two governments will automatically exchange information on tax residents every year. The act is similar to the an agreement with the US through the foreign account tax compliance act. The US Foreign Account Tax Compliance Act aims to check tax evasion of US taxpayers through accounts in foreign countries.

East Corporation proposes tax hikes and slew of new taxes

East Corporation proposes tax hikes and slew of new taxes East Corporation of Delhi has proposed a drastic increase in property tax and parking rates along with a slew of new taxes in order to strengthen its financial position.

In the budget for next financial year, East Corporation proposed a 160 per cent increase in the base unit area rates for computing property tax. If approved, the hike will generate additional Rs 200 crore for the corporation.

Obama’s plan prefers no more tax cuts for wealthy Americans

Obama’s plan prefers no more tax cuts for wealthy AmericansA plan favored by US President Barak Obama to avoid the fiscal cliff, which is a combination of spending cuts and tax hikes, calls for the tax cuts for those making more than $250,000 to be scrapped.

Agreement on tax reduction might help resolve fiscal cliff issue

Agreement on tax reduction might help resolve fiscal cliff issueIt is believed that an agreement on tax deductions in the US might help resolve the prolonged disagreements over the issue fiscal cliff.

I-T department serves notices on Maharashtra’s 56 co-operative sugar mills

I-T department serves notices on Maharashtra’s 56 co-operative sugar mills The Income-Tax (I-T) department has served notices on 56 co-operative sugar mills in Maharashtra, demanding the co-operatives to pay Rs 2500 crore in tax on "profits" their sugar mills pocketed since 2,000.

Shome calls for drastic steps to improve tax policy structure and tax administration

Shome calls for drastic steps to improve tax policy structure and tax administrationIndia has a large black economy and the government thus needs to take drastic steps to enhance its tax policy structure and tax administration, expert Parthasarathi Shome has suggested.

Shome said around half of the country's economy is 'black or underground economy', and thus a large part of the transactions goes unaccounted.

Karnataka govt. opposes direct tax on co-operative sector

Karnataka govt. opposes direct tax on co-operative sectorThe Karnataka government has opposed the Congress-led UPA coalition's move to bring the co-operative sector under direct tax net.

Addressing attendees of the 59th All-India Cooperative Week, co-operation minister B J Puttaswamy said that it would be not be fair to levy direct tax on institutions of the co-operative sector because such institutions are working in the social sector.

Speaking on the topic, Puttaswamy said, "It is not right to tax cooperative institutions which are working in the social sector. We're opposing this move at the Centre."

Income-tax searches at GMR Infra

Income-tax searches at GMR InfraThe income-tax (I-T) department raided the offices of Bangalore-based GMR Infrastructure on Thursday, a day after anti-corruption activist Arvind Kejriwal alleged that the company had controversial political connections.

I-T department officials raided offices of GMR Infrastructure across four cities, viz. Bangalore, Hyderabad, Mumbai and Delhi. Raids were conducted under the I-T Act's 132 & 133 sections, which enable officials to search and seize any documents and call for information.

GMR Group confirmed the raids and claimed that it was cooperating with the team of officials.

Tax Crimes to be classified as money laundering offences in Singapore

Tax Crimes to be classified as money laundering offences in SingaporeAccording to a consultation paper, the authorities in Singapore are considering classifying all tax crimes as money laundering (ML) predicate offences.

The Monetary Authority of Singapore (MAS) has issued the consultation paper seeking views of several members of the society. MAS says that most of the serious tax crimes will be treated as predicate offences from 1 July

CII wants Shome panel to propose amendments to IT Act be made effective prospectively

CII wants Shome panel to propose amendments to IT Act be made effective prospectively The Confederation of Indian Industry (CII) wants the Parthasarathi Shome panel, which was set up by PM Manmohan Singh in July to address concerns of foreign as well as domestic investors on General Anti-Avoidance Rules (GAAR), to propose that amendments to the Income Tax (IT) Act be made effective prospectively rather than retrospectively.

India makes TRC mandatory for foreign investors

India makes TRC mandatory for foreign investorsThe government of India has made it mandatory for all foreign investors to furnish a tax residency certificate (TRC) of the country in which they are located to claim benefits under the DTAA (double taxation avoidance agreement).

The top direct taxes body of the country, the Central Board of Direct Taxes (CBDT), has notified amendments to the Income Tax Act 1961. The amendments will take effect from April 1 next year, and apply in relation to assessment year of 2013-14 and succeeding years.

New tax benefits for North Sea will boost investments, says Chancellor

New tax benefits for North Sea will boost investments, says ChancellorUK's Chancellor, George Osborne has said that the new tax benefits for the North Sea oil and gas producers will attract investments.

SDMC initiates contempt proceedings against DGSCL

SDMC initiates contempt proceedings against DGSCLThe South Delhi Municipal Corp. (SDMC) has accused e-way firm DGSCL of hiding Delhi High Court orders from the Punjab & Haryana High Court that had held it back from collecting toll tax on the Delhi-Gurgaon expressway.

On Friday, the SDMC initiated contempt proceedings against the DGSCL (Delhi-Gurgaon Super Connectivity Ltd.), and claimed that it suffered irreparable losses as DGSCL didn't collect toll, estimated at roughly Rs 18 lakh daily) at the Rajokri toll gate.

Onus of implementing GAAR rules will be on next government

Onus of implementing GAAR rules will be on next government An expert panel appointed by Prime Minister Manmohan Singh to review the provisions of the General Anti-Avoidance Rules (GAAR) has recommended for extending the deadline for implementation of the rules to prevent tax evasion by three years.

As per the previous recommendations, the GAAR rules were to come into effect from 2013.

The recommended three-year postponement of the rules means that the responsibility to implement the rules will be on the party that will come into power after the general elections of 2014.

Govt. announces APA rules to avoid MNC tax disputes

Govt. announces APA rules to avoid MNC tax disputesThe government of India on Friday announced Advance Pricing Agreement (APA) rules to avoid tax disputes with multi national companies (MNCs) by allowing these companies to ascertain in advance their taxation liability regarding cross-border transactions in group entities.

The Finance Ministry announced the APA rules, and said it would let the companies to seek guidance on pricing of goods & services in advance for calculating their tax liabilities under the transfer pricing system.

Excise Department Sends Notice to Larsen & Toubro for Non-Payment of Duty

Excise Department Sends Notice to Larsen & Toubro for Non-Payment of DutyThe central excise department has sent notice to Larsen & Toubro for non-payment of Rs 160 crore excise duty. The company has said that it will challenge the excise duty demand notice.

As per PTI reports, the notice has been sent to the company in lieu of heavy earth moving vehicles imported by the company. The company used Komatsu India Private Limited to import the vehicles.

Deadline for e-filing of IT returns extended to 31 August

Deadline for e-filing of IT returns extended to 31 AugustThe taxation authorities have decided to extend the deadline for e-filing of IT returns in the country to 31 August in the wake of two consecutive power failures this week that affected millions of people in the North and Eastern part of the country.

The authorities have said that the move is aimed at those who are liable to file tax returns by July 31. The Central Board of Direct Taxes (CBDT) has said that it is mandatory for individuals with income over Rs 10 lakh to file returns online.




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