Government nod for CEOs' pay not required: Khurshid Sep 21, 2009
It is most desirable that all proposals brought by the government are coherent with other laws, especially the Direct Taxes Code. The G-20 meeting of finance ministers and central bank governors at London discussed the issue of high salary and bonuses being paid by the banks. (India Times)
Open Letter To President John Attah Mills Sep 14, 2009
6 per cent increase in direct taxes; 8. 9 per cent higher than the outturn for 2008 in indirect taxes; 24. (Ghana Web, Ghana)
PE funds: New code, new issues Sep 2, 2009
In the draft Direct Taxes Code, 2009 (Code) currently under review for public comments, the government seeks to exempt venture capital funds (VCFs) from the liability to pay income tax, thereby bringing VCFs on par with mutual funds. While the reintroduction of the much coveted pass-through status is a positive step, a finer reading of the Code reveals potential pitfalls. (India Times)
S B Mathur, Secretary General, Life Insurance Council Aug 27, 2009
The draft direct taxes code proposes to tax benefits of insurance policies. What is your reaction. (India Times)
Will the salaried be worse off with the proposed new tax code? Aug 26, 2009
The tax rates proposed for the future in the Direct Taxes Code are generally being welcomed. In this hype, one tends to lose sight of the huge tax burden, hardships and inequities, to which a major section of the taxpayers namely the salary earners is going to be subjected, if the Code is enacted in the present form. (India Times)
Budget: GH150m realized from NHIL 1H09 Aug 26, 2009
He said direct taxes which comprised personal, self-employed, company and other taxes such as airport tax, amounted to GH708 ... He attributed the good performance in direct taxes mainly to the performance of personal income tax which recorded 33 ... 8 per cent and other direct taxes 34. (Ghana Web, Ghana)
Top tax men are not usual bureaucrats Aug 23, 2009
While newly-appointed member of Central Board of Direct Taxes (CBDT) Narender Singh is a regular yoga practitioner who eats once a day, his colleague Sudhir Chandra, also a member in the board, plays piano at home after a days hard work. P K Mishra, who retired as the CBDT chairman last year does not go to sleep without reciting verses of Valmikis Ramayana. (India Times)
How new tax code would recast individual savings Aug 20, 2009
The draft direct taxes code signals an end to aggressive tax planning for individuals, particularly for the salaried class ... The draft direct taxes code has proposed comprehensive taxation of incomes at moderate rates, and in that objective has proposed to bring all perquisites that form part of salary packages into the taxable net ... The only redeeming feature for those is in the private sector is that the direct taxes code proposes to treat government employees as well as private sector... (India Times)
New tax code needs a different approach: Swaminathan Aiyar Aug 19, 2009
The governments proposed direct taxes code has been widely welcomed. It seeks, rightly, to bring corporate tax rates closer to the Chinese and ASEAN levels, and combine lower rates with fewer exemptions. (India Times)
Now, pay tax via ATMs Aug 19, 2009
Gradually, in the next one or two years the facility will be provided by all other banks, said S S N Moorthy, chairman of the Central Board of Direct Taxes. Corporation Ban 00004000 k chairman and managing director J M Garg said, a customer after registering with the bank can pay his income tax and a system generated challan number will be provided for record. (India Times)
'New Tax Code will help bring about social equity' Aug 18, 2009
Under the direct taxes code Bill, chapter-VIII deals with cha 00004000 rge of wealth-tax and the approach is reversed to pre 1993 position. The discussion paper goes on to narrate four reasons for the proposed levy. (India Times)
U K Sinha, Chairman & MD, UTI AMC Aug 17, 2009
The draft direct taxes code proposes EET regime for savings and scrapping STT. How would that affect the mutual fund industry ... As for long-term and short-term capital gains tax versus securities transaction tax (STT), the direct taxes code must have tackled the issue of tax havens. (India Times)
Now, file I-T returns at a Corp Bank ATM near you Aug 16, 2009
The Bank has received an approval from the Central Board of Direct Taxes (CBDT) for this 'first-of-its-kind facility' in the country. "The idea behind this is to make income tax payment easier for the individual tax payer. It will also reduce dependence of our customers on CAs and income tax consultants," Garg said. (India Times, India -- Intl Business)
M Bhusnurmath: House ownership Aug 16, 2009
Few aspects of the draft Direct Taxes Code released by the government on Wednesday are as insensitive to the needs of the aam admi and are as likely hurt him as much as withdrawal of the tax deduction presently allowed on interest paid on housing loans where the loan is taken for a house meant for self-occupation. To illustrate, if I take a loan to buy a house in which I intend to live, then under the new tax code I will no longer be able to deduct the interest I pay on the loan from my taxable... (India Times)
Tax code: An idea whose time has come Aug 14, 2009
Direct taxes code: An idea whose time has come- Comments & Analysis-Opinion-The Economic Times ... Direct taxes code: An idea whose time has come14 Aug 2009, 0415 hrs IST, Sudhir Kapadia ... The freshly unveiled direct taxes code (DTC) is an idea which was overdue and whose time has perhaps never been more appropriate. (India Times)
Revamped tax code, strong IIP nos breathe life into D-St Aug 14, 2009
MUMBAI: Key indices surged over 3% on Thursday, as bulls cheered the draft code of direct taxes as an affirmation of the governments commitment to economic reforms ... Key indices surged over 3% on Thursday, as bulls cheered the draft code of direct taxes as an affirmation of the governments commitment to economic reforms. (India Times)
An equitable tax policy Aug 14, 2009
The draft direct taxes code is a brave attempt by the income tax department to clean up the maze Indias income tax laws had become with innumerable over 3,300 amendments carried out in the past three decades. There is no better way to usher in a new direct taxes code than rewrite the whole thing from scratch, and that is precisely what the department has successfully done in a little more than three years ... Putting out the draft direct taxes code for discussion before the Bill is... (India Times)
Tax code, a paradigm shift Aug 14, 2009
Direct taxes code, a paradigm shift- Policy-Opinion-The Economic Times ... Direct taxes code, a paradigm shift13 Aug 2009, 1515 hrs IST, Mukesh Butani. (India Times)
New taxes code for greater incentives for savings Aug 13, 2009
NEW DELHI: The draft Direct Taxes Code proposes raising tax exemption limit on savings to Rs three lakh from the present Rs one lakh, while suggesting taxing money withdrawn from savings schemes like PPF, EPF and GPF.. "The limit for deduction for savings has been substantially increased to Rs three lakh," an official statement said on the new tax code, which has been put up for public comments. (India Times)
Good news: Big tax cut coming your way Aug 13, 2009
NEW DELHI: Finance minister Pranab Mukherjee on Wednesday unveiled a roadmap for reforms in direct taxes that promises to drastically cut the tax liability of most individuals by considerably raising tax slabs. The new direct taxes code, proposed to be implemented from April 2011, aims to moderate effective tax rates in the hope that this will encourage more people to pay up. (India Times, India)
Govt to soon clear air on FBT refund Aug 5, 2009
Tax experts say the Central Board of Direct Taxes, the apex direct tax body, will have to clarify the matter and prescribe a mechanism for a refund or tax adjustment in the current financial year. It is a unique situation with no easy solution since taxes have been collected against a provision that may no longer exist. (India Times)
Tax sops for core consortia may go Aug 3, 2009
The Central Board of Direct Taxes (CBDT) has withdrawn a 20-year 00004000 -old instruction that provided tax exemption and lower tax rates to foreign firms setting up consortia with domestic companies for engineering, procurement and construction (EPC) contracts in power, oil roads and other infrastructure sectors. Under this instruction, an EPC contract is broken up and taxed separately for different portions despite the presence of a consortium. (India Times)
Rich and poor gap 'remains high' Jul 30, 2009
The richest members of society paid a bigger proportion in direct taxes, such as income tax, while the poorest pay a higher proportion of indirect taxes, such as VAT.. Health services and education provided by the state are known as benefits in kind. (BBC News -- Business)
J Mishra: Govt spending and liquidity Jul 22, 2009
Theres also tax rationalisation proposed on the direct taxes front now making up the bulk of tax revenues. Going forward, whats required is greater coordination of fiscal and monetary policies. (India Times)
Rules & methods of submitting IT returns, this year Jul 19, 2009
The Central Board of Direct Taxes has notified these new forms for the assessment year 2009-10. ITR-1 : The returns of individuals with income from salary, pension, or family pension, and not having any other income except interest income should be filed with this form. (India Times)
Tax kitty shines as economy revives Jul 16, 2009
After the advance corporate tax collection, which showed a growth of around 6% in Q1 (April-June) over the same period last yearthere are indications that the collection of indirect taxes is also improving ... As excise duty was reduced to stimulate the economy, it is unlikely that the collection of indirect taxes in Q1 would be more than that in the same period last year ... However, as the collection of direct taxes will pick up, the overall tax collection figure is likely to improve. (India Times)
Crowd gathers for second Tea Party in Boerne (247) Jul 8, 2009
cedarchopper wrote on Jul 7, 2009 6:24 PM:" The taxes that have increased since January, besides the direct taxes, are the backdoor taxes of debt on every person in the US through the $13 trillion in taxpayer direct bailouts and guarantees. And this just the 1st or 2nd inning of a possible double header. The 13 trillion in taxpayer bailouts and guarantees are really just covering the Derivatives gambling by Wall Street, and there is about another 250 trillion more on the line (much more... (Boerne Star, TX)
100% tax exemption to electoral trusts Jul 7, 2009
The exact definition will be later spelt out by the Central Board of Direct Taxes. At present, the Income-Tax Act provides for deduction for corporate donations to trusts recognised by the government. (India Times)
COMMENT: Casting A Wide Net Jul 7, 2009
The finance minister has been careful not to tamper with the basic rate structure of direct and indirect taxes despite much lobbying by special interest groups. On the indirect taxes side there is some rationalisation ... In the case of direct taxes a few announcements have been very well received: withdrawal of the 10 per cent surcharge, withdrawal of Fringe Benefit Tax and raising of tax exemption limit. (India Times, India)
Highlights of Union Budget 2009-10 Jul 6, 2009
Share of direct taxes in revenue increased to 56% in FY'09. Text. (India Times, India)
'Advance pricing to boost offshoring' Jul 6, 2009
Taxpayers should be allowed to use a method (other than prescribed by the Central Board of Direct Taxes) that is most relevant to determine arms length price in an international transaction, provided the assessee can demonstrate that such a method is more relevant to business operations or specific transactions, CII said ... While a sub-group set up under the international taxation division of CBDT, the apex body administering direct taxes, had made a recommendation in this regard in 2007,... (India Times)
Pranab raises I-T exemption limit, scraps FBT Jul 6, 2009
The FM announced share of direct taxes have increased to 56 percent in 2008-09 over 41 percent in 2007-08. Direct Tax code to be released in 45 days along with discussion paper, Mukherjee informed the Lok Sabha. (India Times, India)
Rehberg says climate bill ‘destructive'; Baucus, Tester haven't stated stance Jul 1, 2009
Republicans are calling the bill the national energy tax, even though it doesn't contain any direct taxes. They say its contents will lead to higher energy prices a charge that even its supporters concede is likely. (Missoulian, MT)
Should the budget look at expanding the tax base rather than reworking the tax structure? Jun 30, 2009
India may keep tax rates steady in July budget- Policy-Economy-News-The Economic Times. India may keep tax rates steady in July budget29 Jun 2009, 1559 hrs IST, REUTERS. (India Times)
Rehberg votes no on climate-energy bill Jun 30, 2009
Republicans are calling the bill the national energy tax, even though it doesn t contain any direct taxes. They say its contents will lead to higher energy prices a charge that even its supporters concede is likely. (Helena Independent Record, MT)
Black money flowing into insurance Jun 22, 2009
Tax officials have investigated a number of cases in which investors have bought insurance policies by paying cash up to Rs 1 crore, forcing the department to re-examine many assessees with income of up to Rs 5 crore per annum, an official in Central Board of Direct Taxes (CBDT), who did not wish his name to be disclosed, said. The department is now investigating a case of a husband and wife d 00004000 uo in one of the metro regions using cash to buy an LIC policy worth Rs 1. (India Times)
After years of the Great Complacency, Australia's been catapulted into the Great Challenge. Jun 16, 2009
It's easy to label companies as "big polluters'' but ultimately they are just part of our economy and society. We make their products, we sell them, we buy them and we use them. Once population growth rates are taken into account, Australia's emissions trading proposal compares well with positions taken by Europe and the US. There are two fallacies abroad in the climate change debate. At one end of the spectrum, people argue that as Australia is less than 2 per cent of the world, it doesn't... (Sydney Morning Herald -- Business)
Disinvestment, FDI lead reforms roadmap Jun 5, 2009
On tax reforms, Patil said the process to improve and simplify norms would continue as this had pushed up realisation of direct taxes. Along this route, the government will vigorously push to bring in the omnibus Goods and Services Tax regime that will benefit manufacturers and consumers alike by lowering costs and doing away with multiple taxation points. (India Times, India -- Intl Business)
Tax on salary received in arrears Jun 4, 2009
Putting an end to this debate, the Central Board of Direct Taxes ('CBDT') issued a clarification on September 30, 2008 stating that only the tax on the first installment payable in financial year 2008-09 will be deducted in the financial year 2008-09. Since the balance 60 per cent of arrears does not fall in the category of due or paid in the financial Year 2008-09, the tax on the same will be deducted in the financial Year 2009-10. (India Times)
ICAI for standard deduction in salary May 31, 2009
Taking into account the recommendations of the Kelkar Committee on Direct Taxes, the then Finance Minister P Chidambaram had announced abolition of standard deduction in the Budget 2005-06. It was abolished with effect from April 1, 2006. (India Times)
Are you happy with the new Union Cabinet? May 26, 2009
Sources said while the government is not inclined to give away any more concessions by way of indirect taxes such as excise, customs or service tax, it may consider phasing out some of the direct taxes introduced in the last few years. Khullars presence at the meeting also indicate the Congress governments desire to begin the process of divesting in some of the key public sector undertakings (PSUs) to get money to fund its developmental and social sector projects. (India Times, India)
Next budget should take care of jobs, investment: Economists May 18, 2009
However, Nitin Desai said there is no fiscal space for another stimulus but it can be in the form of policy changes such as revision of direct taxes to allow greater deduction for calculating corporate tax for investment purposes. But Meghnad said, "This is not the time for fiscal discipline, but yes, they (the new government) should set a time frame for themselves for coming back to fiscal prudence.". (India Times, India)
Zimbabwe: Bring Tax Evaders to Book [editorial] May 14, 2009
This is particularly so where the country's informal sector has grown by leaps and bounds over the past decade, while the formal sector has shrunk and is not large enough to warrant adequate revenue of direct taxes ... For the Government, income taxes -- which are indirect taxes -- are much easier to collect and Government control over taxpayers is far greater. (allAfrica.com)
India Moves to `Claw Back' Funds Hidden in Swiss Banks as Elections End May 13, 2009
India has sent notices to at least 50 people having accounts with LGT Bank in Liechtenstein AG, the Economic Times reported today, citing S.S.N. Moorthy, chairman of the Central Board of Direct Taxes. The government is seeking to track down individuals and entities holding money illegally in offshore deposits, the newspaper said, adding that the authorities want to know the sources of these funds and if taxes have been paid on them. (Bloomberg -- Asia)
Marxist Dems, and gullible Americans May 6, 2009
Following direct taxes, will come the most underhanded tax of all, double-digit inflation again, hurting the poor the most. The Carter years will be as nothing by comparison. (Montrose Daily Press, CO)
2006 penny stock scam may touch Rs 10000 crore May 5, 2009
On April 28, the Central Board of Direct Taxes billed the case as the best assessment order of the year. The sleuths picked up accounts of 30 Chikpet traders who were into penny stocks and found bogus claims through cap gains. (India Times)
PIL against govt, I-T dept, Slocum May 4, 2009
The list of respondents in the case include Slocum Investment, Union of India, finance ministry and Central Board of Direct Taxes (CBDT). The petitioner has alleged that the government has not taken steps to check the loss of revenue arising from the complex round-trip transaction using Mauritius, with which India has a double taxation avoidance treaty. (India Times)
New TDS form draws flak Apr 28, 2009
NEW DELHI: A new form introduced by the Central Board for Direct Taxes (CBDT) to improve tax deductions at source (TDS) has allegedly made the process more cumbersome, and may even prompt the government to put the transition to the new regime in abeyance. The new form for tax deductors those responsible for deducting tax while making a payment came into force from April 1, 2009. (India Times)
New penalty regime for late returns on the starting blocks Apr 28, 2009
Although VAT obligations have been aligned with the main direct taxes in all of the other powers measures, penalties for late VAT returns and late payment of VAT will not come in the first phase. More details. (Accounting Web, UK)
India's politicos dangle US$1 trillion hope Apr 28, 2009
Respondents to the petition include India's central government, the Reserve Bank of India, stock exchange regulator the Securities and Exchange Board of India, the Directorate of Enforcement - whose functions include enforcement of laws such as the Foreign Exchange Management Act 1999 and Prevention of Money Laundering Act 2002 - and the chairman of the Central Board of Direct Taxes. While the sight of politicians falling over each other vowing to get back the loot if voted to power is possibly... (Asia Times Online)
Taxmen look at urban civic bodies Apr 20, 2009
The Central Board of Direct Taxes has sounded an alert to its field forces asking them to keep a tab on tax payments by such bodies to ensure there is no evasion ... The alert comes in the backdrop of a detailed explanatory circular issued by the Central Board of Direct Taxes last December on the definition of charitable activities. (India Times)
CIA Off The Hook For Past Waterboarding Apr 17, 2009
The Amendment modified the requirement for apportionment of direct taxes by exempting all income taxes. whether considered direct or indirect. (CBS News)
Tax mopup falls short again Apr 13, 2009
In the case of indirect taxes, the slowdown in manufacturing has partly contributed to the lower tax collections ... However, buoyancy in direct taxes mostly corporate tax and tax on personal income in the early months of the previous financial year provided some succour ... In the case of indirect taxes, all the three major taxes excise duty, Customs and service tax have been hit. (India Times)
Tax refunds diverted to fake accounts Apr 12, 2009
When contacted, a spokesperson of the Central Board of Direct Taxes told PTI that these instances would not affect the refunds and asserted that the computer systems of the Income-Tax department have not been hacked by outsiders. The CBDT spokesperson, however, declined to give details of the amount involved in the cheating or the number of persons adversely affected by this. (India Times)
CBDT to advise to prevent tax misuse Apr 6, 2009
The Central Board of Direct Taxes (CBDT) has set up a special task force to suggest ways to prevent abuse of double taxation avoidance agreements (DTAAs), said a government official, who did not wish to be identified. The task force would look at the prevalent global best practices adopted by the US and others to see how they can be replicated here and ensure Indias tax treaties are transparent and promote information-sharing. (India Times)
Transportation power shift needs standards, openness Apr 1, 2009
Georgians are about to be asked to commit vast new sums to transportation, either as direct taxes or as tolls. The absolute, threshold question before committing a penny of new money is whether the planners and the politicians can be trusted to make the right choices based on whats best for all of Georgia. (Atlanta Journal-Constitution -- Opinion)
FICCI suggests lower taxes Apr 1, 2009
The study includes what it calls business taxes taxes other than corporate ones such as stamp duty and direct taxes like dividend distribution tax that are a charge on the profit account that a corporate pays to the government while calculating the total tax rate. These levies, finds the study, are about 40% of corporate taxes and take the average total tax rate to nearly 36% for the sample of 41 large companies. (India Times)
Zimbabwe: Revised Budget Dashes Infrastructure Repair Hopes Mar 21, 2009
"More than a third of this is required to rehabilitate infrastructure and public utilities. Less than a third of projected revenues will come from direct taxes on incomes and profits, compared with a pre-crisis average between 1996 and 2004 of 56%," said Hawkins. Biti told parliament he would not be changing inflation and growth targets given in the budget drawn up before the power-sharing government was installed in February. (allAfrica.com)
LETTERS: NCT, March 20, 2009 Mar 20, 2009
"Evidently Mr. Bova, in his attempt to attribute all the modern-day government spending programs of the Founding Fathers by using the phrase, "general welfare of the United States," fails to note that taxes duties, impost taxes and excise taxes were indirect in 1787 when Article I:8:1 was written. Direct taxes were only to be collected in case of war or other national emergencies, and if collected, they would be apportioned among the states according to their population.Mr. Bova... (North County Times)
Govt got Rs 91 crore tax from IPL Mar 20, 2009
Though the initial TDS amount received by the income tax department was quite low, the Central Board of Direct Taxes issued notices to the BCCI last year reminding that many of its franchisees had not collected TDS uniformly. In some cases, the tax was deducted at 2% from the payment made to some players. (India Times)
CBDT untangles tax net relief on export Mar 18, 2009
NEW DELHI: The Central Board of Direct Taxes (CBDT) has instructed income-tax officials to allow export-oriented units (EOUs) approved by development commissioners to claim tax exemption, ending the uncertainty over tax benefits to EOUs. It has been decided that an approval granted by the development commissioner in the case of an export-oriented unit set up in an export processing zone will be considered valid, once such an approval is ratified by the board of approvals (BoA) for EOU scheme,... (India Times)
No tax on equity investment by pvt PFs Mar 16, 2009
The Central Board of Direct Taxes (CBDT) has issued a notification, aligning the investment pattern prescribed in its rules with the new one given by the Department of Economic Affairs, to allow these funds equity investments tax-free status. Smart Living. (India Times)
CBDT amends I-T rules for PF trusts Mar 15, 2009
The Central Board of Direct Taxes (CBDT), the apex direct taxes body has now issued a notification, aligning the investment pattern prescribed in its rules with the new one given out by the Department of Economic Affairs, to allow these funds' equity investments tax-free status. The DEA, under the finance ministry had announced the new investment formula for these funds in August, 2008, permitting them to invest up to 15% of their corpus in the stock market instead of the earlier 5. (India Times)
Few Red Flags Over Ghana's Budget Mar 11, 2009
More importantly, the Minister very shrewdly targeted a component of the revenue stream that has been underperforming relative to direct taxes such as income tax (petroleum taxes were 4 ... Direct taxes for instance grew by 33% in 2008 compared to 2007. (Ghana Web, Ghana)
Budget For Presidency Up 163% Mar 9, 2009
Constrained by its manifesto promise not to increase direct taxes, the government will however increase road tolls and community taxes, such as Property Rates and market tolls are expected to rise, brining in an additional GH8. 2m. (Ghana Web, Ghana)
