Supreme Court has decided to examine the issue of whether foreign law firms charging professional fees from Indian companies and businessmen are liable to pay income tax in the country.A bench headed by Justice S H Kapadia has issued notices to a London-based law firm on a petiition filed by the Income Tax Department.The law firm in turn claims that it is not liable to pay any income tax in India as...
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State Income-Tax Commissioner Anand A. Khalkho on Thursday urged businessmen and traders to promptly pay income-tax and told them not to resort to tax evasion and face penal action.He addressed traders and gold merchants at an awareness meeting in Proddatur and clarified their doubts. Mr. Khalkho spelt out the tax dues owed by some traders. Urging them to be wary of the need to pay I-T, he said the...
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Talk show host Oprah Winfrey hasapologised to viewers for providing wrong information aboutthe benefits of living in Dubai.Inadequate research led the show to wrongfully claimthat citizens of Dubai were provided free amenities withouthaving to pay any taxes, reported Contactmusic.The show featured a segment on inspirational womenfrom across the globe, including an interview with Dr LameesHamdan from...
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NEW DELHI: The government may retain profit as the key condition for levying minimum alternate tax (MAT) in the final draft of the direct taxes code after its asset-based approach proposed earlier ran into a storm of protests from industry. Other options being considered by the government include tax exemptions for asset-heavy infrastructure companies and start-ups, and a lower rate for MAT, a senior...
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legislative wing of theBharatiya Janata Party (BJP) on Friday condemned the state government, opposingthe implementation of professional tax.Addressing a pressconference, seven BJP legislators-Damodar 'Damu' Naik (Fatorda), FranciscoD'Souza (Mapusa), Vasudev Meng Gaonkar (Sanguem), Anand Shet (Mayem), DayanandMandrekar (Siolim) and Mahadev Naik (Shiroda)-denounced the implementation ofprofessional...
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size="2"> Kamal Rathi
I had purchased a plot in May 1997 for Rs 30,677 and spent Rs 16,000 for its development.
When I started negotiating the sale in January 2009, the stamp valuation authority (SVA) value was Rs 600 per square foot. But before the deal could be finalised, the government revised the SVA to Rs 1,200 per sq.ft.
Due to the non-availability...
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-- and if you hate paying them now, wait until they start going up. You're sure to hate them even more.Whether you have a six-figure salary or not, changes to tax rules means you could see new benefits relating to Roth IRAs.That's why now is the time to give serious consideration to converting at least a portion of your retirement savings into a, one of the best defenses against potential future increases...
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taxman has taken to social networking for the first time to warn people to come clean about offshore bank accounts.Dave Hartnett, permanent secretary for tax at HM Revenue and Customs (HMRC), has posted a video warning about tax dodging on YouTube.HMRC is running its second disclosure initiative calling on people to settle their tax bill.It is not illegal to have offshore accounts, but anyone who receives...
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had one central message to middle-income Americans: no new taxes. And since taking office, the president has repeatedly pledged not to raise taxes on families making less than $250,000 a year.bill inches closer to reality, middle-class Americans, as well as high income earners, can expect some sort of increase in what they pay into government coffers, sayhealth care reform bill, which could hit the...
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the past few weeks, this column has run a series of articles on the Direct Tax Code (DTC), which is due to replace the current Income Tax Act (ITA) from April 1, 2011. So far, apart from a general overview, provisions under the DTC relating to tax deduction at source, capital gains and income from house property have been discussed.This week, we shall see what the proposed DTC has in store for insurance...
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