Tax
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Govt yet to take final call on taxing cash deals above Rs 50,000, says FinMin
Jan 25, 2017, 05:03 PM ISTThe government is yet to take a final call on the recommendation of the high-powered chief ministers’ panel to levy a Banking Cash Transaction Tax (BCTT) on cash deals of Rs 50,000, the Finance ministry
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I-T scanning data on deposits, purchases post Nov 8; defaulters’ names could be made public
Jan 02, 2017, 12:10 PM ISTIncome Tax department has begun to scan data generated in the past two months to fish out the details related to high value purchases.
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CBDT extends deadline for retro tax settlement scheme till January 31
Dec 30, 2016, 04:07 PM ISTThe Central Board of Direct Taxes (CBDT) has extended the deadline for the tax settlement scheme to settle retrospective tax disputes till January 31. The Direct Tax Dispute Resolution Scheme, announced by Finance Minister Arun
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Report cash receipts of over Rs 2 lakh in single transaction: CBDT notifies new rules for traders
Dec 23, 2016, 06:46 PM ISTThe Central Board of Direct Taxes (CBDT) today notified that traders receiving cash worth more than Rs 2 lakh in any single transaction for the sale of goods and services will have to send reports
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Opting for digital transactions will give 30 pc tax advantage to small traders: Arun Jailtey
Dec 20, 2016, 05:42 PM ISTFinance Minister Arun Jaitley today said the government's decision to tweak the presumptive income norms would reduce the tax liability by up to 30 per cent for those small traders opting for digital transactions. He
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Govt may offer another window to tax dodgers this week
Dec 12, 2016, 04:29 PM ISTA bill that provides for 50 per cent taxes and surcharge on declarations of unaccounted cash deposited in banks is likely to be notified this week, giving tax dodgers another opportunity to come clean.
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Remove cap on cash withdrawal for industries, says Assocham
Dec 02, 2016, 04:49 PM ISTThe Associated Chambers of Commerce of India (Assocham) on Friday has sought an exemption for industries from the Rs 50,000 cap stipulated for current accounts by the government, saying thr amount was too low and
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‘Gold in your locker is safe’ clarifies government
Dec 02, 2016, 12:52 PM ISTthe government said that jewellery and gold in all its form purchased out of disclosed income or legally inherited from ancestors is not chargeable to tax under the amended I-T law
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Demonetisation: IT officials ‘don’t know’ how to impose 200 pc penalty
India | Nov 14, 2016, 12:10 PM ISTDemonetisation: IT officials ‘don’t know’ how to slap 200 pc penalty as announced by PM Modi: Report
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Higher GST rate likely on oil, chicken; TV, ACs could get cheaper
Oct 20, 2016, 04:54 PM ISTThe upcoming GST regime may see a higher levy on goods and commodities related to the common man likely to result in expanded assessments on kitchen staples, for example, eatable oils, flavors and chicken. According
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‘One nation one tax’ will eliminate corruption, says Arun Jaitley on GST
Jul 31, 2016, 12:09 PM ISTFinance Minister Arun Jaitley on Saturday said that ‘one nation, one tax’ will reduce the taxation levels and will also help in eliminating corruption in the country. “This whole idea of one nation one
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Remove taxes on essential food items, Centre tells states
Jul 24, 2016, 10:03 PM ISTKeeping in mind the convenience of a common man, the government today directed all the states to remove all sorts of local taxes on essential food items such as pulses and edible oils. This step
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Pay more for pizzas and burgers in Kerala, courtesy govt’s new 14.5 pc 'fat tax'
Jul 08, 2016, 05:24 PM ISTNew Delhi: A visit to God’s own country could be taxing, especially if you are a junk food freak. In a first-of-its-kind move for an Indian state, the Kerala government today introduced a ‘fat tax’
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Tax department must trust assessees, says Arun Jaitley
Jul 04, 2016, 10:05 PM ISTNew Delhi: Making a case for increasing the taxpayer base, Finance Minister Arun Jaitley has said the government’s intention is to keep taxation rate “moderate” and emphasised that tax department needs to start trusting the
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Google’s office in Madrid raided in tax probe
Jun 30, 2016, 09:24 PM ISTNew Delhi: Internet giant Google's offices in Madrid were raided today in connection with a tax probe. In a statement, the company said that it is cooperating with the Spanish authorities and that it meets
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Over 55 per cent individual assesses paid no tax: Finance Ministry
May 02, 2016, 08:23 PM ISTNew Delhi: More than 55 percent of the 28.77 million individual assesses in India who filed their returns for 2012-13 paid zero tax, while three at the top-end had to shell out as much as
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In 2012-13, just 1% of the Indian population paid taxes
May 01, 2016, 05:53 PM ISTNew Delhi: Taxpayers account for just about one percent of India’s population, but tax outgo was over Rs 1 crore for as many as 5,430 individuals, as per the latest data disclosed by the government
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'Cairn India, Vedanta merger only after tax liability settled': Government
Apr 11, 2016, 05:38 PM ISTIn a setback to mining mogul Anil Agarwal, the government today said it will not allow him to merge subsidiary Cairn India with his flagship firm Vedanta Ltd unless the Rs 10,247 crore tax issue is settled.
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After Panama leak, Jaitley warns against stashing money abroad
Apr 04, 2016, 02:54 PM ISTNew Delhi: Amid reports of some Indians having unaccounted wealth in tax havens, Finance Minister Arun Jaitley today said those who did not take advantage of the compliance window last year to declare illegal assets
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Indirect tax mop-up beats revised estimate target of Rs 7.04 lakh
Apr 04, 2016, 07:32 AM ISTNew Delhi: Total indirect tax collection has surpassed the revised estimate target of Rs 7.04 lakh crore for 2015-16, a senior finance ministry official said on Saturday. "The final figures are still not known, because