The government might come out with detailed anti-profiteering guidelines by the first week of December, according to three people close to the development. The aim is to prescribe a methodology to...
Nov 15, 2017
The Central Board of Direct Taxes (CBDT) may drop its proposal directing companies and professionals to submit their tax payment estimates for the next two quarters in advance. In September,...
Nov 13, 2017
Some of the offshore accounts revealed in the Paradise Papers were already being probed by the Income Tax Department of India. A reconstituted multi-agency group will now also monitor...
Nov 07, 2017
European Commission recently asked large firms to make their tax affairs within Europe more transparent. A report published by OECD states that there are still countries that have to implement...
May 05, 2016
The income tax department is processing rectification requests online having processed online rectification in nearly 6.53 lakh cases. The CBDT has asked assessees to make use of the e-filing portal...
Apr 01, 2016
In a major development that will ease the tax burden of millions of salaried employees, the government has rolled back the proposal to tax the retirement proceeds of the Employee Provident Fund....
Mar 08, 2016
After a backlash from the public on taxing the Employee Provident Fund withdrawals, the government clarified that only the interest portion will be taxed, and not the principal investment. Revenue...
Mar 01, 2016
There are high hopes riding on Budget 2016 as industry members watch for signs of infrastructure spending and streamlining corporate tax. Among the tax reforms that the industry is looking...
Feb 22, 2016
Service tax collection for consultants has been a bone a contention when payments get delayed. Ficci has called for a review of the service tax collection process and its National Committee on...
Feb 18, 2016
While dealing with tax holidays, the CBDT has clarified that infrastructure companies can choose the year from which they want to initiate tax benefits. The CBDT has said that the initial...
Feb 16, 2016
Buoyed by indirect tax collections, which is likely to exceed targets by around Rs 40,000, crore, the government’s revenue targets are expected to be comfortably achieved during this fiscal....
Feb 10, 2016
Over 1.75 crore assessees have received refunds from the government of India amounting to over Rs 1 lakh crore, said an official from the finance ministry on twitter. Revenue Secretary...
Feb 08, 2016
To ease communication with the Income-Tax departmen, the government has allowed tax payers to reply to notices using their registered email address. Detailed guidelines for using emails have been...
Feb 05, 2016
The income-tax refund process is getting streamlined. Tax authorities plan to speed up cases of refunds in cases where a prior demand has been contested by the assessee. The new internal...
Feb 01, 2016
For a greater degree of stability and predictability, India is changing its tax laws with the GST (Goods and Service Tax) a big step towards this, said Finance Minister Arun Jaitley. The...
Jan 21, 2016
The Justice (rtd) R V Easwar Committee in a 78-page draft report said nearly 65 per cent of the personal income-tax collection in India was through tax deducted at source (TDS) and TDS provisions...
Jan 18, 2016
Parliamentary Affairs Minister Venkaiah Naidu met Congress President Sonia Gandhi today and sought her party’s cooperation for early passage of the GST and Real Estate bills. The minister said the...
Jan 07, 2016
The finance function has for a long time borne the brunt of the multiplicity of taxes that afflicts India’s indirect tax regime. At meetings attended by CFOs, sharing the trials faced at the hands...
Jan 07, 2016
The Organisation for Economic Cooperation and Development (OECD) recently came out with a set of comprehensive rules for BEPS Project. BEPS refers to tax planning strategies that exploit gaps...
Oct 29, 2015
Multinational companies which had adopted aggressive tax planning to avoid paying tax in any of the jurisdictions that they operate in now have reason to worry. Revenue-strapped governments of...
Oct 23, 2015