TAXATION


Moneylife Digital Team 21 May 2013
The benefit will be available on interest income of FIIs and QFIs accruing between June 2013 and May 2015 irrespective of the date of investment In a bid to attract greater FII (foreign institutional investor) participation in the debt market, the government today said foreign investors...

Read More



Vinita Deshmukh Vinita Deshmukh 24 April 2013
Income Tax authorities have denied information about I-T returns of 22 MPs, including Sharad Pawar, Naveen Jindal, Maneka Gandhi, Sachin Pilot, Jyotiraditya Scindia, Navjot Singh Sidhu, Beni Prasad Verma, Ajit Singh and Lalu Prasad Yadav and 20 MLAs. After suspending the hearing 27 times for...

Read More



The Delhi High Court, while giving its judgement on the problems encountered by the public in the matter of assessment of tax, said, “Rejection of TDS or failure to get credit for TDS puts the tax payer through needless harassment, inconvenience and costs. The problem, being systematic and...

Read More



By ushering the end of the special status, the normally resident Indians, masquerading as pseudo NRIs should be stopped from holding accounts in tax havens Washington-based International Consortium of Investigative Journalists has just  put out an exposé on international money...

Read More



Moneylife Digital Team 08 April 2013
Even though the budget exempts securitized vehicles from the ambit of income tax, they will be taxed if they distribute income to stakeholders. This will scare away entities investing in such instruments, which will otherwise broaden the scope of the financial markets in India, particularly...

Read More



Moneylife Digital Team 04 April 2013
According to Praful Patel, it is wrong to levy the SUV tax on cheaper SUVs such as Tata Sumo and Mahindra Bolero, which transport people in rural areas Praful Patel, minister for heavy industries and public enterprises, said on Thursday that vehicles priced below Rs10 lakh should be...

Read More



Moneylife Digital Team 02 April 2013
The income-tax department has selected around 1.2 million assesses for sending notices for not filing returns. In the first phase, the department has sent notices to 1.5 million assesses. According to an official of the I-T department, “this is only on a first cut pilot basis currently and...

Read More



Moneylife Digital Team 06 March 2013
The announcement made by India’s finance minister in his Budget speech on making the TRC “a necessary but not sufficient” condition to avail of the benefits under double taxation avoidance agreements “has created much confusion among investors in India and internationally, including those...

Read More



Anil Agashe 04 March 2013
Education is no more a charity, it is a big business. Despite earning huge income, most educational institutions enjoy tax exemption since they are registered as charitable trust. Can we plug this loophole, asks Prof Anil Agashe? Dear Finance Minister,   This is not regarding your...

Read More



Moneylife Digital Team 04 March 2013
Chidambaram pointed out that no tax burden had been imposed in the Budget on any category of people, other than a “small burden” of a 10% surcharge on the relatively affluent 42,800 people with incomes of over Rs1 crore a year In a warning to tax evaders, finance minister P Chidambaram...

Read More



Veeresh Malik Veeresh Malik 01 March 2013
While our government’s tax rates are as per developed country standards, India’s accountability for the way money is spent are as per third world standards An average Indian travelling home by Indian Railways has to shell out money even for basics like drinking water en route and...

Read More



Vinod Kothari Vinod Kothari 01 March 2013
The new section 80EE provides a deduction for interest paid on a home loan, spread over two income years—2013-14 and 2014-15. However, the benefit is more for individuals having annual income of above Rs6 lakh since the additional benefit can only be absorbed beyond this level   Finance...

Read More



Soma Bagaria 01 March 2013
It is unfortunate that the government has taken upon itself to undo and nullify legal precedents by amending the I-T Act that may prove beneficial to foreign investors from tax perspective The finance minister, in his budget speech on Thursday, stressed on the importance of foreign...

Read More



William Gamble William Gamble 25 February 2013
For small countries to create an entire profitable industry by passing a few laws appears to be a cheap and effective road to economic development. It is estimated that the size of assets held in these tax havens is in excess of $21 trillion, and most of which is beyond the reach of tax...

Read More



Raj Pradhan Raj Pradhan 25 February 2013
Our cover story last year, detailing 14 tips for saving taxes, is still among the top articles on Google. Raj Pradhan has come up with a new set of tax-saving tips that you and your family can use. Prakash Patel (name changed) is in his mid 40s and has been putting the maximum allowed...

Read More



Nagesh Kini Nagesh Kini 06 February 2013
A new notice by Municipal Corporation of Greater Mumbai for revising property taxes have raised serious concerns for housing societies and building owners. Property owners ought to carry out their own valuations of their properties to compute the correct value per flat in order to establish...

Read More



MDT/PTI 31 January 2013
The Parliamentary panel had suggested raising the annual income exemption tax limit to Rs3 lakh as against Rs2 lakh proposed in the original DTC Bill and also to adjust subsequent tax slabs New Delhi: The Union Government will come up with a modified Direct Taxes Code (DTC) Bill after...

Read More



MDT/PTI 22 January 2013
Last week, Chidambaram had announced that implementation of GAAR, which would have given unbridled powers to taxmen to check evasion of taxes by foreign investors, has been postponed to 2016 Hong Kong: India has buried the ‘ghost’ of general anti-avoidance rules (GAAR), Finance minister...

Read More



MDT/PTI 14 January 2013
The decision to postpone the implementation follows recommendations of the Shome Committee set up to look into investor concerns   New Delhi: Giving a big relief to overseas investors, the Indian government has postponed implementation of controversial General Anti Avoidance Rules...

Read More



MDT/PTI 08 January 2013
The Income Tax department is looking for some alleged mismatch in payments made by Nokia under the TDS category Chennai/New Delhi: Income Tax (I-T) department officials on Tuesday conducted a survey operation on the premises of Finnish cell phone major Nokia in Chennai on charges of...

Read More

Free Helpline
Legal Credit
Feedback