Income Tax

E filing of I-T returns suspended

E filing of I-T returns suspended

2010 – 2011 electronically for some time now as the government has suspended the facility as it could not get the renewal for the security certificate of its e – filing portal as the security certificate for the income tax department’s e filing portal had lapsed on May 8 this year. The E filing that gives the tax payer the convenience to file the tax return from any place using a computer , had to be suspended due to lack of completion of security facilities.

India Renegotiating Its Tax Treaties

India Renegotiating Its Tax Treaties

The Government has managed to identify nine territories, with which it may negotiate treaties to seek information on tax avoidance. Up till now, India could enter into tax agreements with countries only, but after the amendment was done in Income Tax Act in the Finance Act, 2009, the Government can also enter into agreement with ‘specified’ regions.

New 20% tax on absence of PAN

New 20% tax on absence of PAN

A new tax rate has been imposed on any income received without a permanent account number (PAN) from April 1 this year.

The income which is liable to tax deducted at source will see tax as high as 20% if the earner does not quote a PAN. The union government has made it mandatory for all residents and non-residents to quote a PAN if they want to avoid heavy withholding tax.

Union Budget Proposes to Hike MAT to 18%

Pranab MukherjeeWhile increased allocation for the power sector may trigger new investment opportunities for engineering contracts, the lift in the minimum alternative tax rate is expected to extend an impact on profitability of companies involved in the business of power generation, distribution and transmission.

The Union Budget has announced a hike in MAT to 18% from 15%, a move that is revealed to significantly raise the tax burden of corporate entities.

States want higher GST rate, implementation further delayed

States want higher GST rate, implementation further delayedStates and the Centre want different rate of the proposed Good and Services Tax (GST) and thus its implementation is likely to be further delayed beyond April 1, 2010.

Indian Tax Payers Relieved as Tax to be Reduced by 25-30% after introduction of GST

Tax-cutThe tax burden is all set to be reduced. The Government today announced that tax would come down by 25-30% from the next financial year.

P V Bhide, the Revenue Secretary said that the tax payers would be substantially relieved, as the burden of tax would be pulled down by around 25-30%, after GST comes in starting 1 April 2010. He also said that GST will enhance the competitive edge of both the manufacturing and services industries.

Marginal 3.7% Hike in Direct Tax Recorded for First 8 Months of Fiscal Year

income taxDespite the speedy recovery of the economy and strong quarterly growths, the Government's direct tax collections have recorded a mere 3.7% rise to Rs. 1.83 lakh crore in the current fiscal year's first 8 months, as compared to the same time last year.

Miscellaneous

Reliance Industries Purchase an Additional 0.68% Interest in EIH Ltd.

Reliance Industries Purchase an Additional 0.68% Interest in EIH Ltd.

Owner of Energy giant Reliance Industries, Mukesh Ambani has put in an extra 0.68% in EIH Ltd. With this, his total stake in the hotel chain has increased to 14.8%. In a filing to the Bombay Stock Exchange, EIH said that the shares were purchased from the market on Tuesday.

Shares of Reliance surged 0.3% at Rs. 939.3 in proportion to the Mumbai market at 1.26pm, while EIH shares witnessed a 4.5% rise at Rs. 150.2.

On Monday, Reliance was quoted saying that it is widening its horizon and has procured 14.12% stake in EIH for a sum of $217.5 million.

Bajaj Auto Records 55% Surge in Sales of Vehicles in August

Bajaj Auto Records 55% Surge in Sales of Vehicles in August

On Thursday, Bajaj Auto posted a 55% increase in its sales of vehicles. In the month of August, the Company recorded sales of 3,29,364 vehicles, compared to 2,13,072 units in the same month the year before.

Last month, 2,89,176 two wheelers were sold by Bajaj Auto, a big surge than 1,82,441 units, which were sold in August 2009. The Company’s cumulative sales of two wheelers for the time frame between April and August 2010 increased by 68% and were recorded at 1,397,348 units. The number was high from 833,235 units that were retailed during the same period last year.