Tax

Vodafone considering new action in tax case

Vodafone considering new action in tax caseTelecom sector giant, Vodafone Group has said on Friday that it is considering several courses of action in India and abroad over the tax claims as the government moves to change laws that will make the company liable to pay more than $2 billion in taxes.

Income Tax department refunds Rs 2,568 crore to Vodafone

Income Tax department refunds Rs 2,568 crore to VodafoneThe Mumbai Income Tax Department has provided a refund of Rs 2,568 crore telecom sector major, Vodafone after the country's Supreme Court reuled in favor of the company in the long-standing tax case.

The It department made a deduction of Rs 50 crore from the final amount for TDS and refunded the remaining amount to the company. The department has been calculating the interest and TDS component on the principle amount of Rs 2,500 crore over the last few days.

Panel recommends increasing tax exemption limit to Rs 3 lakh

Panel recommends increasing tax exemption limit to Rs 3 lakhA parliamentary standing committee on finance that is studying the the Direct Taxes Code (DTC) Bill has recommended increasing the tax exemption limit to Rs 3 lakh as well as an increase in deduction on savings to Rs 2.5 lakh.

According to sources the repot by the panel will be submitted with a week. It will also recommend retaining the corporate tax rate at 30 per cent and suggested that there should be three tax slabs of 10 per cent, 20 per cent and 30 per cent for personal income tax.

BCCI liable to pay Rs 373 crore income tax for 2009-10

BCCI liable to pay Rs 373 crore income tax for 2009-10The Board of Control for Cricket in India (BCCI), which is often termed as the richest cricket body in the world, is liable to pay Rs 373 crore to the income tax department for the assessment year 2009-10.

BCCI had been asking for an exemption from tax under the provisions of the Income Tax Act applicable to charitable institutions. However, the I-T deparment has turned down the request for exemption.

Argentina says oil company owes $8 mn in tax

Argentina says oil company owes $8 mn in taxBuenos Aires, Feb 16 - Argentina's Treasury has prohibited oil company YPF, controlled by Spain's Repsol-YPF, from making any imports or exports until it pays an $8 million tax debt, officials said Wednesday. The AFIP tax agency imposed the fine for unpaid debt related to a tax on gas-export rights, agency spokespersons said without providing further details.

The fine was levied amid rumours - which the Argentine government has neither confirmed nor denied - about plans to re-nationalize YPF.

India signs international tax agreement

India signs international tax agreementParis, Jan 27 : India has become the 32nd signatory for the Convention on Mutual Administrative Assistance in Tax Matters, the Paris-based Organization for Economic Cooperation and Development (OECD) said Thursday.

India's signing of the convention, a multilateral agreement promoting international cooperation while respecting the rights of taxpayers, sent "a strong signal that countries are acting together to ensure that individuals and multinational enterprises pay the right amount of tax, at the right time and in the right place," the OECD said.

EU might ask Jet Airways to pay Rs 300 crore carbon tax

EU might ask Jet Airways to pay Rs 300 crore carbon tax European Union officials might ask the Indian private sector carrier, Jet Airways to pay Rs 300 crore toward carbon emission tax for its operations on the continent.

Even as the European authorities have asked aviation firms to file their carbon emission data in order to calculate carbon taxes on them, the government in India has urged the airlines not to comply. India is opposing the move by the European authorities and have received support from more than two dozen countries including the US and China.

Total indirect tax collections rises 16.8 per cent

Total indirect tax collections rises 16.8 per centAccording to the latest release by the Central Board of Excise and Customs (CBEC), the total indirect tax receipts recorded an increase of 16.8 per cent in April-November period this year.

The data showed that the total indirect tax collections rose to Rs 2,52,544 crore even after a major reduction in duties on crude and petroleum products since June this year. The centre sacrificed revenues of close to Rs 4,000 crore a month since July due to changes in taxation rules related to petroleum products.

Income tax raids on pharma company

Income tax raids on pharma companyChandigarh, May 28 - Undisclosed income worth Rs. 55 crore (Rs. 550 million) was found during income tax raids at the premises of the Ind-Swift group, a leading pharmaceutical company in northern India, officials said Saturday.

The raids were conducted late Friday at over 15 premises of Ind-Swift group here, income tax officials here said.

Biggies pay more advance tax in Q4 FY11

Advance-TaxHigher amount of advance tax is paid by several companies for the fourth quarter of 2011 due to their healthy financial presentations.

An Income Tax source released that both Reliance Industries led by Mukesh Ambani and Tata Steel led by Ratan Tata have deposited more advance tax this quarter. Reliance Industries has paid Rs 1054 crore and Tata Steel has paid Rs 987-crore.

While in 2010 in Q4, Reliance Industries and Tata Steel the companies had paid Rs 770-crore and Rs 513-crore, respectively.

Launch of fresh drive on tax havens by Govt.

Launch of fresh drive on tax havens by Govt.On Saturday Chancellor of the Exchequer George Osborne alleged that the government is holding discussions regarding the striking deals with three more countries where UK residents deposit money in banks in a proposal so as to avoid paying tax.

Officials hope that the deals could increase up to 10 billion pounds by the year 2015. The deal was shared with previous agreements.

Osborne refused to find out the three new tax place of protection.

April-Sept indirect tax mop-up rises 44.4%

April-Sept indirect tax mop-up rises 44.4% Indirect tax collections enlarged 44.4 per cent to Rs 1, 50,686 crore in the first half of the current fiscal year from the related period last fiscal. During April-September the total indirect tax collection was 48.1 per cent of the Budget approximates for 2010-11.

The finance ministry declared today that proceeds collections from society improved 66.8 per cent to Rs 63,229 crore during the period. Collections from central excise rose 40.7 per cent to Rs 60,834 crore, while service tax collections verified a 14.8 per cent rise to Rs 26,623 crore.

Centre turns down alternative GST model mooted by Dasgupta

Centre turns down alternative GST model mooted by DasguptaThe center has rejected the new and revised model of Goods and Services Tax (GST), which was proposed by some of the states of the country. The center rejected the new proposal by saying that a constitutional amendment was not needed for altering in the proposed indirect tax regime.

Some of the states like Gujarat and Madhya Pradesh had suggested for an interim GST model by which the states could tax services and share the earnings with the center but the tax on the goods will remain in the current regime.

GST likely to miss its deadline, yet again

Ajay Singh YadavBe it because of the lack of cooperation among the political parties or be it because of the tough implications of the rule, but the fact of the matter is, that the government has not been able to implement the GST regulations even after trying its level best in the couple of last years.

It is to be mentioned here that the Haryana Finance Minister Ajay Singh Yadav has recently said that as the most BJP ruled states are not favoring the decision of implementing GST they want their autonomy should not be affected.

Businesses make changes to meet October1 deadline for GST

Businesses make changes to meet October1 deadline for GST The Goods and Services tax (GST) is going to be become 15 per cent from October 1. And the same is going to have impacts, which are direct, on businesses. There will be tax cuts and loads of preparation before the deadline strikes.

And as the date draws closer there are fundamental changes that the businesses are making in their systems. From updating their computer systems to repricing and re-tagging of their merchandise to making changes in their promotional and advertising materials, a lot has been happening in this front.

Vodafone moves to SC against IT fine

Vodafone moves to SC against IT fine Vodafone International Holdings BV said that it has moved to the Supreme Court challenging a fine that has been imposed on it’s with respect to not filing of its Income Tax return.

The British telecom giant had taken over Hutchison way back in 2007. Supporting the stand taken by the Indian tax authorities, the Bombay High Court had imposed a fine of 12,000 crore rupees on it.

They said that since the deal was an overseas one and because Vodafone had bought assets in India, it was liable for paying of taxes within the country.

April-August time sees rise in tax collection

April-August time sees rise in tax collection During the period between April and August of the current fiscal, there has been a visible surge in the total tax collection. The indirect tax collection alone went up by 45.9 per cent as compared to the last year.

Out of the total collection, customs showed an increase of 66.5 per cent while that for excise receipts was 41.7 per cent.

The rise has been the result of continued increase in the front of excise as well as customs duties.

GST not to be applied from April 1, 2011

GST not to be applied from April 1, 2011It's official now. The much awaited new regime of indirect tax, the Goods and Services Tax (GST) will in most probability not be applied from April 1, 2010.

Talking to the PTI, a senior government official made this announcement. Revenue Secretary Sunil Mitras said that looking at the current situation GST will surely miss the deadline.

GST…not coming soon

Pranab MukherjeeWhile the Government's started its ambitious goods and service tax (GST) project with a very bullish spirit but it has recently hit another roadblock in the country. It has been learned from the sources that the tax reforms may be delayed from its earlier deadline of April 2011 by upto a year.

In fact, sources are echoing that the Finance Minister Pranab Mukherjee may go slow on rolling out GST as the government has not managed to get a consensus among all the states.

Going by the information collected from the sources, while the Congress-ruled states have favoured it several BJP states are still playing hardball.

GST will give a trillion-dollar boost to the Indian economy

Pranab-MukherjeeWith the booming achievement made by goods and service tax (GST), it is expected that Indian economy will rise by a trillion dollar. Earlier GST is contributing one trillion dollar to the Indian economy and it is anticipated that with in short span of time economy will reach to $ 2 trillion, said by Finance Minister Pranab Mukherjee on Thursday in the meeting of the industry chamber FICCI.




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