FM meets Sushma, Jaitley on Insurance, DTC Bills

Last Updated: Thursday, December 5, 2013, 18:21

Keen to get key reforms bills passed, Finance Minister P Chidambaram has reached out to opposition BJP to get Parliament approval for the long-awaited Insurance Bill and Direct Taxes Code Bill in the Winter session that began Thursday.

'Adopt uniform procedures for non-filers of I-T returns'

Last Updated: Tuesday, September 24, 2013, 19:53

With an aim to check tax evasion, the Central Board of Direct Taxes (CBDT) has tightened norms to deal with 'no-filers' of income tax returns and asked its officers to follow uniform procedure in handling such cases.

Cabinet likely to consider DTC Bill today

Last Updated: Thursday, August 22, 2013, 09:00

The exemption limit at Rs 2 lakh for individual tax payers is unlikely to be touched, but a new slab of 35 percent may be introduced for the super-rich.

Cabinet likely to consider DTC Bill Thursday

Last Updated: Wednesday, August 21, 2013, 20:50

The Cabinet is likely to consider Thursday the Direct Taxes Code (DTC) Bill, which seeks to overhaul the over 50-year old income-tax law, with minor rejigs in the draft, including in the income-tax slabs.

Govt warns tax deductors who fail to deposit TDS by due date

Last Updated: Tuesday, August 6, 2013, 20:28

In a stern warning, the Revenue department Thursday said tax deductors who default in depositing TDS by due date will be liable for prosecution and can be imprisoned for up to seven years.

Foreign donations above Rs 1 crore under tax scanner

Last Updated: Tuesday, August 6, 2013, 16:59

All foreign donations above Rs 1 crore will now come under the scrutiny of the Income Tax department.

Investors based in tax havens may have to share info with CBDT

Last Updated: Sunday, August 4, 2013, 18:09

Companies routing investments through tax havens will find it difficult to evade taxes with the introduction of norms requiring them to sign an agreement to share banking and other information with the CBDT.

GST, DTC will spur growth: Rana Kapoor

Last Updated: Friday, July 26, 2013, 17:37

Early introduction of Goods and Services Tax and Direct Taxes Code will help revive the sagging economic growth which declined to a decade low of 5 per cent last fiscal, newly elected Assocham President Rana Kapoor said.

Salary earners upto Rs 5 lakh need to file I-T return: CBDT

Last Updated: Monday, July 22, 2013, 19:39

The Central Board of Direct Taxes (CBDT) had exempted salaried employees having total income of upto Rs 5 lakh including income from other sources upto Rs 10,000 from the requirement of filing income tax return for assessment year 2011-12 and 2012-13, respectively.

FM asks tax officials to focus on big clients, non-filers

Last Updated: Wednesday, July 17, 2013, 13:16

The Minister said he had impressed upon the tax officials "that revenue mobilisation is the most important task of the department and they should achieve this (tax collection) target".

DTC bill to be introduced in monsoon session: Chidambaram

Last Updated: Tuesday, July 16, 2013, 14:10

The Direct Taxes Code (DTC) bill was introduced in Lok Sabha in 2010 and Standing Committee on Finance has given a report after its scrutiny.

Relief to IT sector; CBDT withdraws circular, amends another

Last Updated: Sunday, June 30, 2013, 19:24

In a breather to the IT industry, the Income Tax Department Sunday withdrew a controversial circular and modified another one relating to taxation of R&D centres, which play a key role in software development.