Jul 19, 2016 at 17:36 | Source: PTI
The amount foregone (direct tax) is estimated at Rs 93,047 crore in 2013-14; Rs 1,18,593 crore in 2014-15; and Rs 1,28,639 crore in 2015-16, Minister of State for Finance Santosh Kumar Gangwar said in a written reply to Rajya Sabha.
Jul 13, 2016 at 15:26 | Source: Moneycontrol.com
Starting 1 April 2016, more than 1,000 companies will report under the new International Financial Reporting Standards (IFRS) converged accounting standards: Indian Accounting Standards (IND AS).
May 09, 2016 at 16:58 | Source: PTI
Offering the "final opportunity", the department has said taxpayers whose refunds and tax issues are pending for assessment years (AYs) 2009-10, 2010-11, 2011-12, 2012-13, 2013-14 and 2014-15, should immediately authenticate their Income Tax Returns by using either the electronic verification by Aadhaar or bank account-based facility
Apr 04, 2016 at 15:16 | Source: PTI
As per a Finance Ministry release, the Department issued refunds over Rs 1,17,000 crore in 2015-16 and the figure is likely to further increase as banks reconcile the accounts.
Apr 17, 2015 at 18:45 | Source: CNBC-TV18
Taxpayers will have to disclose all bank accounts held by them in the country and instances of foreign travel to the Income Tax department while filing their returns for the assessment year 2015-16
Mar 17, 2015 at 17:13 | Source: PTI
Finance Minister Arun Jaitley also rejected the charge that the government is pro-rich as it had proposed reduction of corporate tax from 30 percent to 25 percent and sought to take the battle to the Congress camp, saying he had borrowed the idea from Direct Taxes Code prepared by UPA's Finance Minister P Chidambaram.
Mar 05, 2015 at 16:35 | Source: PTI
Elaborating further, he said increase in service tax from the next financial year, the restoration of normal tax rates on automobile sector and increase in excise duty of petrol and diesel from November last year would help the government in garnering more revenue.
Feb 26, 2015 at 11:22 | Source: Moneycontrol.com
Current definition of tax on surplus was relevant when there were no private players. This needs to be reviewed, as was proposed in the draft Direct Tax Code
Feb 15, 2015 at 13:34 | Source: PTI
Seeking to bring about clarity in taxation of indirect transfer of assets by MNCs, Finance Minister Arun Jaitley is likely to introduce the threshold to establish whether a overseas company has substantial business interest in India.
Aug 22, 2014 at 17:44 | Source: PTI
KV Chowdary, Chairman of CBDT said the net income tax collection during the first four months stood at over Rs 1.51 lakh crore after accounting refunds of nearly Rs 54,000 crore