Tax evation hits infrastructure development, says court

A Delhi court has upheld a two-year jail term given to a tax evader, saying tax avoidance reduced funds needed for the country’s infrastructure development. Additional Session Judge S.S. Rathi made the observation Wednesday while upholding a magistrate court’s order that had awarded rigorous imprisonment of two years and fine of Rs.1 lakh to businessman  [ Read More ]

Direct Tax Code

Direct Tax Code vis-à-vis Income Tax Act,1961 Direct Tax: Direct tax is the tax which is charged directly on the tax payer.  In other words direct tax is that tax that is deducted from one’s salary. In the general sense, a direct tax is one paid directly to the government by the persons on whom  [ Read More ]

Most of the services to come under tax net from tomorrow

Services to come under tax net from tomorrow All services will come under tax net from tomorrow on except those which are in the negative list with the implementation of the new service tax regime. With the exception of 38 services, which figure in the negative list, all other activities would attract 12% tax. The  [ Read More ]

Court asks Tata Sky, others to pay tax to Gujarat

The Gujarat High Court has asked TataSky and other direct-to-home (DTH) satellite TV service providers to deposit entertainment tax for July-September 2010 quarter with the state government. In the directions made available Monday, the bench comprising Chief Justice S.J. Mukhopadhaya and Justice Akil Kureshi directed TataSky Limited, Dish TV India Limited, Bharat Business Channel Limited  [ Read More ]

Mahesh Bhupathi’s plea on tax relief dismissed

The Supreme Court on Monday dismissed a petition by Indian tennis ace Mahesh Bhupathi seeking tax relief on Rs.28,50,000 which he said his father spent on his training from 1989-90 to 1993-94. Mahesh said that, as per the memorandum of understanding between him and his father C.G.K. Bhupathi, he has to pay annual installments of  [ Read More ]

Tax sleuths conduct search operations on Games contractors

Officials of the Income Tax Department on Tuesday started search and investigative operations in at least 25 premises of companies and individuals who won lucrative contracts for the just-concluded Commonwealth Games.  Among those whose premises were visited by the tax sleuths was senior leader of the opposition Bharatiya Janata Party (BJP) Sudhanshu Mittal, whose close  [ Read More ]