The direct tax collection for 2009-10 fell short of target for the second time in a row due to lower payment by foreign banks and fewer mergers and acquisitions, adding to the strain on government finances.
Advance taxes paid by foreign banks operating in the country have declined by over 58% in the fourth quarter.
In line with the upbeat mood in the stock market, collection of Securities Transaction Tax (STT), a tax levied on every transaction on the stock exchange, has witnessed a year-on-year increase of 35 % to Rs 7,103 crore.
A Dutch company earning capital gains by selling shares in its Indian subsidiary does not need to pay tax in India if it offloads the shares to a non-resident entity, according to authority for advance ruling.
City-based lawyers, doctors and film professionals are under Income-Tax department scanner, the department is planning to carry out a series of raids on such professionals, on grounds of incomplete disclosures.
Services rendered from outside India for use within the country will now come under the tax net, following the amendment to the I-T Act. India's professionals beat stress
The amendments brought in the Finance Bill has empowered the Income-Tax (I-T) department to file about 12,000 appeals involving several thousand crores of rupees before the high courts.
Spirits and wine major Radico Khaitan, a company owned by the Delhi-based Lalit Khaitan Group, is looking to ramp up its wine sales by introducing the ‘Carlo Rossi’ brand in the Indian market.
The Income-Tax (I-T) department in Mumbai is summoning CEOs and CFOs of mid-size companies with the objective to communicate to them that anything less than the full payment of advance taxes will not be acceptable.
The Steering Group of Global Forum for Transparency and Exchange of Information for Tax Purpose has proclaimed that the era of banking secrecy is coming to an end.
- No blogs yet have been written by the author, we’re sure the author will contribute one soon