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| Govt to look into concerns on draft Direct Tax Code | 05-NOV-09 |
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| The government today said it will address concerns of corporate and other tax payers on issues like taxation on the salaried, long-term savings and minimum alternate tax before putting the new Direct Tax Code regime, which will replace the archaic Income Tax Act, in place. |
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| GSPC gets relief from HC in tax plea | 17-OCT-09 |
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| The Gujarat High Court has granted interim relief to state-owned Gujarat State Petroleum Corporation (GSPC) in a petition filed by the company challenging the constitutional validity of an amendment to the Income Tax Act in the Finance Act, 2009 (giving effect to the Union Budget). |
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| Life insurers seek changes in tax code | 06-OCT-09 |
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| Anticipating an adverse impact of the new Direct Tax Code, life insurance companies have demand amendments in the proposed code. The draft code had recommended a maturity tax on all life insurance products, if the term was less than 20 years and the premium exceeded 5 per cent of the sum assured. |
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| FMC levies 0.5% penalty on cash deals over Rs 20,000 | 06-OCT-09 |
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| In a move that could debar rural farmers from futures trading platforms, the Forward Markets Commission (FMC), the commodity derivatives market regulator, has levied a penalty of 0.5 per cent on cash transactions over Rs 20,000. The penalty is effective immediately. |
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| New tax code: Commerce Ministry bats for SEZs | 05-OCT-09 |
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| Commerce ministry has written to finance ministry to retain all the fiscal incentives for the Special Economic Zones in the new direct tax code, for which draft paper has been circulated in the public domain. |
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| SEZ developers worried over Direct Tax Code | 25-SEP-09 |
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| The draft Direct Tax Code that will lead to overhaul of the Income Tax Act, has created uncertainty among the developers and units in the special economic zones (SEZ) over continuation of the tax sops. |
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| Tax code hits at tax treaties | 24-AUG-09 |
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| India has entered into various agreements (also called conventions or treaties) with different countries for avoidance of double taxation and prevention of fiscal evasion. Such agreements also aim to encourage mutual trade and investment between the two countries, besides bringing an environment of certainty in matters of tax affairs in both countries. |
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| Chalk and cheese | 21-AUG-09 |
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| At the inauguration programme for the new Direct Tax Code, Home Minister P Chidambaram had some instructions on how to read the fat document: “Don’t keep the Income Tax Act 1961 on your table and compare the two documents. That is the worst way to read the new tax codes.” Finance Minister Pranab Mukherjee endorsed his predecessor’s views and said, “Chidambaram is right. This is not an amendment to the Income Tax Act. ” Chalk and cheese At the inauguration programme for the new Direct Tax Code, Home Minister P Chidambaram had some instructions on how to read the fat document: “Don’t keep the Income Tax Act 1961 on your table and compare the two documents. That is the worst way to read the new tax codes.” Finance Minister Pranab Mukherjee endorsed his predecessor’s views and said, “Chidambaram is right. This is not an amendment to the Income Tax Act. |
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| Decoding the matrix | 19-AUG-09 |
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| The government has shown its efforts in phasing out the four-and-a-half-decade old Income Tax Act of 1961 with a new and ‘taxpayer friendly’ Code. The Code is designed to provide stability to the tax regime and is based on the accepted principles of taxation and best international practices. |
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| Govt to provide 1% home loan subsidy | 28-JUL-09 |
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| Finance Minister Pranab Mukherjee today announced an interest subsidy of 1 per cent for one year on housing loans of up to Rs 10 lakh for properties worth less than Rs 20 lakh, a move that has been widely welcomed by realtors and home loan companies. The measure is expected to cost the exchequer Rs 1,000 crore. |
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