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.

Nokia withdraws plea to sell Chennai unit as buyer backs out

Last Updated: Tuesday, May 26, 2015, 14:52

Nokia India on Tuesday withdrew from Delhi High Court its plea seeking permission to urgently sell its mobile manufacturing unit in Chennai, which was frozen over a Rs-10,000 crore claim raised by the Income Tax department, saying the proposed buyer has backed out.

Nokia withdraws plea from HC for urgent sale of its Chennai unit

Last Updated: Tuesday, May 26, 2015, 09:53

Nokia India on Tuesday decided to withdraw from the Delhi High Court its plea for urgent sale of its Chennai mobile manufacturing unit which was frozen over a tax dispute.

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.

Draft norms for 'Range Concept' in transfer pricing released

Last Updated: Thursday, May 21, 2015, 21:17

The tax department Thursday came out with draft norms for introduction of 'range concept' for calculating Arm's Length Price for valuing transactions between related entities for the purpose of taxation.

Essar pulls out of race to buy Nokia's Chennai mobile plant

Last Updated: Thursday, May 21, 2015, 13:14

Nokia's Chennai plant is under freeze over an estimated Rs 10,000 crore tax dispute with the Income Tax department.

HC agrees to urgent hearing of Nokia plea to sell Chennai unit

Last Updated: Wednesday, May 20, 2015, 22:38

The tax dispute between Nokia India and Income Tax department, which has raised a claim of Rs 10,000 crore on the telecom firm, would be taken up by the Delhi High Court for an urgent hearing next week.

I-T Dept issues detailed circular to address tax grievances

Last Updated: Tuesday, May 19, 2015, 23:22

To address grievances of taxpayers, the I-T Department Tuesday put in place a detailed framework for 'verification and correction' of the outstanding tax demand, while rectifying the inaccuracies arising due to delayed or non-reporting of TDS (Tax Deduct at Source).

CBDT effects changes; Chairperson divests investigation charge

Last Updated: Tuesday, May 19, 2015, 19:38

The CBDT has effected an in-house change of charges with Chairperson Anita Kapur divesting the additional charge of investigations to another Member in the board.

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.

Foreign travel details in ITR at suggestion of SIT: Jaitley

Last Updated: Tuesday, May 12, 2015, 19:10

Foreign travel details sought in the new income tax return (ITR) forms was done so that risk profiling for detection of tax evasions could be done but the form is being modified in view of the opposition to it.

CBDT paid Rs 42,903 cr interest on tax refunds: CAG

Last Updated: Tuesday, May 12, 2015, 16:39

The tax department has incurred an expenditure of Rs 42,903 crore on interest payments on refunds during the 6-year period ended 2013-14 without approval of Parliament, official auditor CAG said on Tuesday.