Interest on rupee denominated bonds to attract 5% tax

Revenue Department has said that the Indian corporate bonds issued by offshore rupee Dominated by 5 per cent on income tax would Vidholding. Recently the central bank to issue corporate bonds approved offshore Dominated Rs.   Central Board of Direct Taxes (Taxes) said in a release that such bonds would fall under the Income Tax Act 1961. NRI bonds by 5 percent tax would take. The Board also said that will not tax capital gains on bonds. In this regard, through the Finance Bill 2016 will b.Continue reading

GST key reform for creating single market in India: World Bank

The proposed Goods and Services Tax (GST) legislation in terms of India's largest Reform. India will change in a single market. If it is implemented in April 2016, then by 2018 we will see the impact. These things are said, citing World Bank.   Expected approval in the winter session World Bank Country Director in India Onno Ruhl, said at an event on Wednesday, & lsquo; GST country's most important tax reform because India will be transformed into a single market. I believe that the .Continue reading

Govt sets up panel to simplify Income Tax laws

To simplify tax laws, the government, headed by a retired judge of the Delhi High Court has set up a committee. The committee will study those clauses, which would cause an increase in litigation. Additionally committee bringing certainty in tax laws and recommend changes to ensure accurate estimates.   The committee will submit the initial report by January 31 The 10-member panel led by Justice RV God (retired) will air January 31 to submit an initial report stated. Their suggestions in.Continue reading

State finance ministers are scheduled to meet on November 20 to discuss the model GST

Model GST (Goods and Services Tax) Act and Integrated GST (IGST) state finance ministers will discuss on November 20. The government at the beginning of this month CGST, SGST and IGST was circulated to states for comment. Finance Ministry official said on November 20 state finance ministers will discuss the model GST legislation. Central GST (CGST) will be based on the model GST legislation. However, state governments the State GST (SGST) will also draft. This draft will be based on the model l.Continue reading

Services of banking correspondents under Jan Dhan Yojana out of tax loop

Under the scheme an account and banking services available in rural areas & zwj; it will be easier for banks to make available. The government of Prime Minister under the scheme banking Krespondent to open savings account (bank Friend) services offered by the service is exempt from tax.   According to the statement of the Ministry of Finance under the scheme to open accounts, make cash deposits, cash Tronkgasn, e-Life Certificate and providing services to connect the basis of the acco.Continue reading

doing away with the requirement of obtaining a certificate from a government hospital

Finance Ministry thalassemia, cancer, AIDS and serious diseases like haemophilia claim tax benefits on the cost of the process is made easier. The government has said that the tax exemption in the case of these diseases to obviate the need of a certificate from a government hospital. The tax benefit to be presented a certificate of any specialist. Notification of the Central Board of Direct Taxes The Central Board of Direct Taxes on the Income Tax Act to amend Rule 11 DD has issued a notificat.Continue reading

doing away with the requirement of obtaining a certificate from a government hospital

Finance Ministry thalassemia, cancer, AIDS and serious diseases like haemophilia claim tax benefits on the cost of the process is made easier. The government has said that the tax exemption in the case of these diseases to obviate the need of a certificate from a government hospital. The tax benefit to be presented a certificate of any specialist. Notification of the Central Board of Direct Taxes The Central Board of Direct Taxes on the Income Tax Act to amend Rule 11 DD has issued a notificat.Continue reading

central govt issue GST draft to states

Central and state governments Model Goods and Services Tax (GST) and Integrated Goods and Services Tax (IGST) has prepared draft. Center this month, state finance ministers will discuss the draft. Then the model draft of the GST in the first week of November, traders will be released on the website of the Government for comments. The committee will also discuss the draft Anpaward According to government officials Anpaward committee of state finance ministers' meeting will be held later this .Continue reading

IT department ask traders to deposit advance tax not annual returns

Income Tax Department has ordered all businessmen and traders that they fill out annual tax returns instead. The department wants to enlarge the scope of its tax. So many traders and businessmen on the end of fiscal my taxes.   Taxes in the capital of the department said that 5.32 lakh new tax Jodeksibeediti pair, IT department is the largest organization of the policy maker. The campaign for the department called direct dialogue with industry and traders body is organizing a public sess.Continue reading

No fresh tax demand on Nokia: CBDT

The Central Board of Direct Taxes (Taxes) Nokia India has denied the news to send a new tax notice. On Friday, Nokia India, the Income Tax department sources there were reports of new tax demand notice sent. The Board said in a statement, Nokia India Pvt. LTD. For the assessment year 2010-11 was exceeded in August 2015 assessment order. The order made by the tax demand was based on the old orders. According to its assessment, issued in August 2015 in order to demand the authorities of both cou.Continue reading

Indirect tax collection up above 35 per cent to over Rs 3.24 lakh crore in the first half of the current fiscal

Indirect tax collections for the first half of current financial year 2015-16 (April-September), the 35.8 per cent over Rs 3.24 lakh has been. Indirect tax collection has increased in the last few months, reflecting growth of economic activity has increased. In April-September period of 2014-15 fiscal, indirect tax collection was Rs 2.38 lakh crore. 69.6 per cent jump in excise duty collection A finance ministry official said indirect tax collection in the first half growth rate of 18.8 per .Continue reading

Nokia India served more tax notices by IT dept

Nokia India Income Tax Department has sent notices to the new tax. Nokia say that the new tax demand of Rs 2,000 crore to resolve tax disputes before the negotiations between India and Finland are added.   Nokia India, said a senior official of the Ministry of Finance sent to the new tax demand notice Income Tax Appellate Tribunal (ITAT) is different in the case. Demand assessment of the new tax year dispute is connected to another case. However, the officer said, is how much demand or wh.Continue reading

Era of tax avoidance to minimise liability over warns CBDT

Has now gone round to avoid tax liability. To try those that may have to face strict action. The Board of CII in the program chairperson Anita Kapoor warned that companies may have to pay the price to the brand.   He said at the Global Summit of CII tax profit for the current Aksenpshn companies (concession) in order of the average tax rate is high. While large companies have the advantage of concessions.   He said, to avoid the tax, while reducing tax, I'm not talking about tax ev.Continue reading

FM Jaitley pitches for automatic info exchange to counter black money

To deal with the problem of black money, Finance Minister Arun Jaitley automatic exchange of information to implement common reporting standard is advocated. Jaitley 49th annual meeting of Commonwealth Finance Ministers of Information of the automatic exchange appreciated the efforts of the OECD. According to the official statement, Finance Minister stressed the fact that the Global Information on the label on the automatic exchange needs to implement a common reporting standard mutually. Intrn.Continue reading

Bombay HC grants relief to Vodafone in 85 billion transfer pricing tax issue

Vodafone transfer pricing tax dispute is relieved of the Bombay High Court. 8500 crore, the High Court ruled in favor of Vodafone in transfer pricing case is. Vodafone appealed against the Tax Tribunal. Income Tax Department sent a notice to Vodafone in January 2014, had demanded tax. The tribunal said in its decision that the IT department Rs 8,500 crore in the company over the transfer pricing tax increase Dimang rights. In its judgment the Court made it clear today that the company has not tr.Continue reading

Govt receives Rs 3770 crore under the black money compliance window says CBDT

Disclosure of black money in the scheme was Rs 3770 so far accumulated. Under the scheme, 638 people in the last three months, the government has revealed the black money. Please tell the government to declare a July Blackmni scheme was launched. According to the government on September 30 to disclose the scheme itself will not action against black money holders. According to data released by CBDT yet revealed a total of Rs 3770 crore. The government's income tax offices throughout the country i.Continue reading

FATCA is an anti offshore tax evasion and black money detection pact

Concluded between India and the US Foreign Account Tax Caterpillar glene Act (FATCA) effective from Wednesday. Anti-Ofsor Iveshn tax and for the prevention of black money and tax evasion cases of the ambitious agreement is expected to decrease. Automatic sharing of information will Under the Pact, as well as equity bank accounts, mutual funds and automatic sharing of information on financial products like insurance will be. The objective of this pact is to bring back black money stashed abroad.Continue reading

Tax collection grows to Rs 94,000 cr in August

The government offered tax collections during April-August increased by 22.8 per cent, which is Rs 3.990 trillion. Mainly the increase of excise tax collections have been. This account of the Controller General (CAG) has come out with a report issued by the audit.   In fiscal year 2015-16 budget provision between March-April total tax collection target of Rs 14 494 was determined. It grew by 16.4 per cent and it is Rs 12,450 a year ago.   In the first 5 months of the 2015-16 fiscal.Continue reading

Revenue Secretary Hasmukh Adhia will meet industry chambers

Investment and growth necessary to achieve the high goals on innovative tax policy, the government has started talks with all stakeholders. Revenue Secretary Hasmukh Adia Chambers of industry will be meeting today in this regard and seek their suggestions. A government official said.   Today's meeting with CII Today is going to be meeting with Secretary of CII. Adia soon meeting with other industry associations and Chambers are going to. September 30 with the FICCI, PHD Chamber on Octobe.Continue reading

BDT alarms against fake order extending last date for filing audit report beyond 30 Sep, 2015

Taxes The tax payers have warned against a fake order. The bogus companies that in order to file audit reports by the deadline was extended. September 30, 2015 report by the government's deadline to file is fixed. The Central Board of Direct Taxes (Taxes) According to the statement, the central government under the sign of the Under-Secretary upamanyu Reddy Sekshn- 119 under the Income Tax Act, 1961 to September 26, 2015 This circular is bogus. The Board's statement, according to the IT Act in.Continue reading