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NGOs receive shocks from tax notices

View quick summary Certain Non-Government Organisations (NGOs) have received notices from the Income Tax department. Several notices not only demand taxes to be paid but also press for revoking the NGOs’ registration under the I-T Act.

Parliamentary Standing Committee tabled preferable suggestions for Budget 2012

The Standing Committee on Finance, headed by BJP leader Yashwant Sinha, suggested the following amends for Budget 2012:

Infra Bonds exemption to increase to Rs 1 lakh

View quick summary The Indian Government is likely to increase the tax exemption offered by Infrastructure Bonds, which stands at Rs 20,000 now, to Rs 1,00,000. Incentives are also being chalked out for corporates and PSUs by offering tax exemption of up to Rs 1,000 crore ...

I-T department to track high value transactions

View quick summary Due to the slowdown in economic growth, corporate earnings have decreased. This has impacted the tax collection; the April-December period saw a net growth in direct tax earnings by a miniscule 8%. So, to step up tax earnings, the I-T department has decided to track high value ...

DTC delayed?

View quick summary With the Winter Session of Parliament about to conclude, it has raised a question mark on the timely enforcement of the DTC. The DTC was tabled in the Lok Sabha in August 2010 with the objective to simplify tax rules and broaden the tax base. It is ...