PM sets up committee to frame guidelines on GAAR

Within a fortnight of the Finance Ministry issuing draft guidelines on GAAR, Prime Minister Manmohan Singh on Friday set up a committee to prepare fresh norms on the controversial tax provision to bring “greater clarity” and prepare a roadmap by September 30 for its implementation.  The four-member committee, to be headed by ICRIER chief and  [ Read More ]

Pranab defends amending IT Act to deal with Vodafone-type deals

Finance minister Pranab Mukherjee on Saturday said there is “no other way” but to amend the Income Tax Act with retrospective effect to bring into the net Vodfone-type cross-border deals. “I am posing a very few straight questions to you. We shall have to decide whether you want India to be a no-tax country or  [ Read More ]

Kashmir villager sends Rs.26 to Manmohan, Montek

  A villager from Ramban district of Jammu and Kashmir Saturday said he has sent demand drafts of Rs.26 — the Planning Commission’s poverty line cut-off for rural areas — to Prime Minister Manmohan Singh, Finance Minister Pranab Mukherjee and the commission’s Deputy Chairman Montek Singh Ahulwalia and asked them to show how to spend  [ Read More ]

Bill against honour killing likely in monsoon session: Girija Vyas

The bill against honour killing is likely to be introduced in the monsoon session of parliament in July, outgoing chairperson of the National Commission for Women (NCW) Girija Vyas said Wednesday. ‘I believe the bill will be introduced in the monsoon session. With the GoM (group of ministers) approving it, there is no hitch now,’  [ Read More ]

Gulf NRIs seek exemption under new direct tax rules

The proposed changes in the new direct tax code, which makes NRIs liable to pay tax if they stay in India for over 60 days a year, has led to some distress among the Indian diaspora in the Gulf region as they tend to spend a longer time in India due to their different socio-economic  [ Read More ]