Tag Archives: income tax

Maldives No Longer Tax Haven for Indians?

The Union Cabinet, chaired by Prime Minister Narendra Modi has approved the signing and ratification of an Agreement for the exchange of information between India and Maldives with respect to taxes, which will stimulate effective exchange of information between the two countries which will help curb tax evasion and tax avoidance. This follows close on the heels of External Affairs ...

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Scale Down Income Tax to Generate More Revenue: RSS

It was not long ago that Narendra Modi himself vouched for scrapping the Income tax altogether and explore other avenues of revenue generation in India. He was then campaigning for BJP in the general election and the year was 2014. Now, BJP’s strategy ally RSS is invoking similar argument to scale down tax and provide tax relief to bring back ...

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India Rekindles FII Fear with Retrospective Tax Demand

Despite the massive uproar over Vodafone’s retrospective tax demand case, the current government has rekindled fears with 100 Foreign Institutional Investors sent a tax demand amounting to $5 to 6 billion for what it termed “untaxed gains”. The repetitive retrospective tax demand has sent the FIIs into hectic parleys crying foul over the new notice despite promises made by finance ...

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Income Tax ‘Names and Shames’ 18 firms for tax default

Indian Income Tax department knows where to hurt the tax defaulters when it took to “Naming and Shaming” strategy to mount pressure on timely payment of taxes by some of the large tas defaulters. The first list named 18 entities, with more than Rs 500 crore each as tax due to the department. Moreover, the naming will help publicise these ...

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Budget 2015: Expect Swachh Bharat Cess, Hike in Service Tax, Less Subsidy, No More Income Tax Exemption This Year

As Finance Minister Arun Jaitley has locked his staff inside the ministry as per the tradition to prepare the budget, indications and hints from several quarters over the period suggest several impending decisions to be announced in the budget for 2015-16. Here are 6 top proposals which we can expect: Subsidy: While the global oil prices are easing the import ...

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Ficci asks government to relax regimental tax environment in India

Industry body Federation of Indian Chambers of Commerce and Industry (Ficci) Tuesday urged the government to move away from the aggressive revenue approach and provide a conducive tax environment. Ficci President Jyotsna Suri urged Finance Minister Arun Jaitley in the pre-Budget consultation for creation of a conducive tax environment and suggested that revenue estimates and targets should be realistically arrived ...

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Give us names of foreign bank account holders by tomorrow:┬áSupreme Court tells Govt’s Attorney General

The Supreme Court on Tuesday sternly directed the central government to provide the names of all Indian foreign account holders given by the German, French and Swiss authorities, in a sealed cover by Wednesday, sending many to scurry for cover, including many political leaders. Once given to the apex court, the fate of those with foreign bank accounts will remain ...

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