The country's direct tax regime has set a target of Rs 4,00,000 crore for the current fiscal year (FY10), just Rs 5,000 crore more than the revised target of Rs 3,95,000 for the previous year.
Noted jurist and former Union minister Ram Jethmalani said he would file a public interest litigation soon to persuade the government to take steps to bring back Indian money stashed away in various tax havens across the world.
The income-tax department in Mumbai still thinks it can meet the revised FY09 target for direct tax collection.
Three major political parties, Communist Party Marxist (CPM), Bhartiya Janata Party (BJP) and Janata Dal (United), have promised to take steps to bring back the large sums of money that have been stashed away by Indians in tax havens.
Buoyed by a favourable Supreme Court order in the Vodafone tax case, the income-tax department has asked E*Trade Mauritius to pay capital gains tax on the sale of its shares held in Indian company IL&FS Investsmart to HSBC in September 2008.
It is now clear that tax has to be deducted from salaries of expats working in India even in cases where salaries were paid abroad, after the apex court judgement in the case of Dutch pharma company Eli Lilly.
The Income-Tax department is at loggerheads with the Income Tax Appellate Tribunal (ITAT), the ultimate fact-finding body on tax disputes, over the latter’s demand for verifying the reasons for conducting a raid on FMCG major Marico Industries.
Tax evasion in Mumbai may now become more difficult as taxpayers will have to deal with a cyber-savvy income-tax department.
State Bank of India has turned out to be the largest tax payer in the country with a tax outgo of Rs 5,733 crore for the fiscal year ending March 31, 2009.
A Mumbai Income-Tax Appellate Tribunal (ITAT) has permitted Bank of America (BankAm) to set off losses related to securities transactions against profits gained in similar deals
- No blogs yet have been written by the author, we’re sure the author will contribute one soon