Income Tax News

Wider Service Tax Net May Nip Hard

13 February 2008 at 21:34

Wider Service Tax Net May Nip Hard The service tax net is likely to be stretched and more items will be brought under its ambit. Hotel room tariffs, domestic air travel (business class) and the premium on life insurance policies are

Posted in Income Tax | 3768 Views

Exempt New Pension Scheme Also From Tax Regime: PFRDA's Urge

13 February 2008 at 21:34

Exempt New Pension Scheme Also From Tax Regime: PFRDA's Urge The Pension Fund Regulatory and Development Authority (PFRDA) has sought parity in tax treatment for the New Pension Scheme (NPS) for government employees with the Employees Provident

Posted in Income Tax | 4944 Views

OBUs Likely To Lose Tax Breaks

13 February 2008 at 21:34

Withdrawing direct tax benefits to offshore banking units (OBU) on the profits earned from special economic zones (SEZs)is a new proposal of the Finance Ministry. This could prove a major setback to developers, as tax exemptions and other benefits to

Posted in Income Tax | 3156 Views

Demat of TDS certificates may be deferred again

12 February 2008 at 12:38

Demat of TDS certificates may be deferred againDematerialisation of tax deducted atsource (TDS) certificates is likely to be deferred by a year from the proposeddate of April 1, 2008.The scheme was originally scheduled to come into effect from April

Posted in Income Tax | 1 comments | 5109 Views

Dividend tax rate may come down to 12.5%

12 February 2008 at 11:57

Dividend tax rate may come down to 12.5%The Union budget may reduce the dividend distribution tax (DDT) rate from 15% to 12.5%. which was hiked in the last budget, citing "vertical equity." A reduction may encourage corporates to sh

Posted in Income Tax | 5979 Views

Budget Session Commences on February 25

12 February 2008 at 10:17

Budget Session Commences on February 25 The commencement of the Budget Session will be on the 25th of February. The session will conclude on May 9, contingent on government business. The session will also have a break from March 20 to April 15 for th

Posted in Income Tax | 2562 Views

"Nano" housing loan scheme demanded by Cong.

08 February 2008 at 20:27

It was much expected that after the launch of the car "Nano" we shall see many more "Nano" concepts coming up.. and here it is the the ruling Congress party demanded that its government launch a unique housing loan scheme of Rs 1 lakh to help the poor

Posted in Income Tax | 2868 Views

Even Sportpeople cannot escape TDS:

08 February 2008 at 20:27

An announcement may be made by the finance ministry in this budget regarding TDS to be paid by professional sportspeople. They may soon have to pay at least 10.3 per cent as tax on their match fees and money for endorsing corporate logos on their app

Posted in Income Tax | 4041 Views

Equipped for industrialists:

08 February 2008 at 20:27

Value added taxTurnover for registration limit to be increased from Rs 2-5 lakh so as to exclude small and tiny dealers. The turnover for composition tax limit to be enhanced from Rs 15-40 lakh, so that small dealers are exempted from regular re

Posted in Income Tax | 2619 Views

Who is who of Retail Sector speaks their "heart out"!!

08 February 2008 at 20:27

N V Sivakumar, leader, retail practice, PricewaterhouseCoopers · Retail sector has not been fully liberalised - Foreign equity participation should be extended, especially in a situation where most foreign retailers are sensitive to the pr

Posted in Income Tax | 2688 Views