Strong action against big tax evaders acts as deterrent: CBDT

Last Updated: Monday, June 8, 2015, 22:55

The CBDT Monday dismissed reports that it has asked its officers to go beyond raids and searches to target tax evaders and maintained that stringent action in big cases of evasion would go a long way to demonstrate to compliant taxpayers that laws are just and fair.

Higher service tax comes into effect; eating out, travel and mobile become expensive

Last Updated: Monday, June 1, 2015, 08:38

The government's proposal to increase the rate of service tax from 12.36 percent (including education cess) to 14 percent has come into effect from Monday.

Govt introduces 3-page ITR forms, extends filing date till Aug 31

Last Updated: Sunday, May 31, 2015, 15:06

The new forms -- ITR 2 and ITR 2A -- will have only three pages and other details will have to be filled in schedules, said a Finance Ministry statement.

Widening of tax base: E-commerce business on I-T radar

Last Updated: Tuesday, May 26, 2015, 18:31

The Income Tax department has trained its scanner on the burgeoning 'e-commerce' business in the country with the taxman deciding to monitor a host of services conducted by these popular online portals to better fill up the revenue kitty.

Simplified ITR forms to be notified by next week

Last Updated: Friday, May 22, 2015, 15:53

The Finance Ministry will come out with simplified Income Tax Return (ITR) forms by the next week, replacing the controversial ones that have been put on hold.

MAT on FIIs: Govt constitutes Shah panel, Ashok Lahiri named member

Last Updated: Wednesday, May 20, 2015, 23:34

The Finance Ministry also said other tax issues would be also referred to the three-member committee in due course. Renowned chartered accountant Girish Ahuja is the third member of the panel, whose term is one year.

New service tax rate of 14% to come into effect from June 1

Last Updated: Tuesday, May 19, 2015, 22:32

The new service tax rate of 14 percent will come into effect from June 1, government said Tuesday, in a move that will make eating out in restaurants, insurance and phone bills expensive, among many other things.

Gold monetisation scheme: Interest on deposits to be tax-exempt

Last Updated: Tuesday, May 19, 2015, 15:10

Seeking to mobilise gold held by households and institutions, government on Tuesday came out with a draft scheme under which a person or entity can earn interest by depositing the metal with banks.

Gold monetisation scheme: One can deposit as low as 30 grams

Last Updated: Tuesday, May 19, 2015, 14:48

The government on Tuesday released draft guidelines on gold monetisation scheme to mobilise the gold held by households and institutions.

Company sponsored foreign trip may not need disclosure in revised ITR

Last Updated: Monday, May 18, 2015, 15:48

The Finance Ministry is likely to exempt assesses from sharing details of company sponsored foreign trips in the revised Income Tax Return (ITR) forms.

Indirect tax collections up 46.2% in April

Last Updated: Tuesday, May 12, 2015, 20:31

Led by over two-fold surge in excise duty collections, indirect tax revenue jumped 46.2 percent to Rs 47,747 crore in April this year compared to the same month last year.

Govt asks I-T to widen taxpayer base; include 25 lakhs new assesses every month

Last Updated: Tuesday, May 12, 2015, 17:15

Government has embarked on a plan to widen the country's taxpayer base and asked the Income Tax department to bring under its net at least 25 lakh new assesses each month during current financial year.