India may waive retrospective MAT tax on foreign investors

Last Updated: Saturday, August 22, 2015, 12:20

Although MAT has been applied to domestic companies to ensure a minimum tax payment, it had never been imposed on foreign institutional investors (FIIs).

Indirect tax collection growth shows economy improving: CEA

Last Updated: Wednesday, August 12, 2015, 12:14

The Finance Ministry on Wednesday said a steady 37 percent growth in indirect tax collections in four months to July reflects that underlying momentum in the economy is improving.

India, US sign FATCA to fight tax evasion

Last Updated: Thursday, July 9, 2015, 17:21

To check offshore tax evasion, India and the US on Thursday signed an agreement to implement FATCA that will facilitate exchange of information between the two countries from October 1.

India, US to sign tax pact Thursday: Sources

Last Updated: Wednesday, July 8, 2015, 19:29

India and the United States will sign a tax information sharing agreement on Thursday, under a new U.S. law meant to combat offshore tax dodging by Americans, two Indian government sources and a source at the U.S. embassy said.

FinMin asks taxpayers to e-file I-T returns early

Last Updated: Wednesday, July 1, 2015, 21:16

The Finance Ministry today asked taxpayers to file their I-T returns for 2015-16 early to avoid the rush towards the last date of August 31.

India, Mauritius officials to revisit tax treaty tomorrow

Last Updated: Sunday, June 28, 2015, 14:53

The two-day talks between officials from both countries will start on June 29.

No taxman can terrorise assesses of scrutiny: CBDT chief

Last Updated: Wednesday, June 24, 2015, 15:54

Seeking to allay concerns of taxpayers, CBDT has asked them not to get terrorised by threats of their cases being wilfully chosen for "scrutiny" by the taxman as the procedure is fully electronic and devoid of any human intervention.

India in talks with Cyprus over tax info exchange

Last Updated: Tuesday, June 16, 2015, 21:03

India, which blacklisted Cyprus in 2013 for not sharing tax information under the treaty, is in dialogue with the island nation to resolve the issue, a top finance ministry official said on Tuesday.

Govt will have to forget direct tax of Rs 6.73 lakh crore

Last Updated: Monday, June 8, 2015, 13:31

A paper presented during the recently held All India Conference of Chief Income Tax Commissioners stated that the department might recover 19% of Rs 8 lakh crore. But there's a rider: even this is going to be a 'tough task'.

Retrospective tax issue needs quick-fix: Naina Lal Kidwai

Last Updated: Tuesday, May 26, 2015, 17:18

Seasoned banker Naina Lal Kidwai says the issue of minimum alternate tax needs to be tackled amicably and fast, even as she sees full convertibility of the rupee as a 10-year programme.

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.

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.