Earlier Posts

More professionals to come under TDS

September 26, 2008
To keep pace with the country’s booming services sector, the finance ministry is considering a proposal to expand the scope of tax deduction at source (TDS) to include a host of professionals under it. To this effect, the Central Board of Direct Taxes (CBDT) is planning to broaden the definition
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Gujarat PSEs set aside funds for social welfare

September 26, 2008
After the state-owned Gujarat Industries Power Co Ltd (GIPCL) agreed to set aside 30 per cent of their Profit Before Tax (PBT) to carry out welfare activities across the state, another listed Public Sector Enterprise (PSE) of the Gujarat government, Gujarat Mineral Development Corporation (GMDC) followed suit on Wednesday.
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Third-party data to check duty evasion

September 26, 2008
The Central Board of Excise and Customs (CBEC) will notify a mechanism next month for tapping third-party information to nail excise duty evasion by manufacturers. The department will collect the data from the VAT departments of states, electricity companies and raw material suppliers. “Third-party information is one of the measures
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Sweden to cut income tax again

September 26, 2008
Sweden to cut income tax again Will we ever see reduction of any taxes in India? Even if tax and law compliance procedures are simplified, collected taxes are used with integrity and corruption reduced, it’s more than enough.
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Summary of Important Recent Circulars from RBI in August 2008

September 26, 2008
A.P. (DIR Series) Circular No. 5 dated August 6, 2008. Guidelines on trading of Currency Futures in Recognised Stock/New Exchanges This circular permits persons resident in India to participate in the currency futures market in India subject to the RBI guidelines contained in the Currency Futures (Reserve Bank Directions, 2008).
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IS INFLATION-ADJUSTED TAX SYSTEM FEASIBLE?

September 25, 2008
Inflation greatly distorts the tax system not only relating to direct taxes such as income-tax, wealth tax, gift tax, estate duty, etc., but other taxes as well. First, there is distortion in the traditional measures of the tax base, that is, the income or wealth concepts to which the tax
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