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Cess for Port Development
(May 31, 2006)
The Shipping Ministry is planning to impose a cess to
develop funds to build major and minor ports in India
to double India’s dismal share of global mercantile
trade of .8% by 2009. <More>
Govt Withdraws Water Tax
(May 25, 2006)
While the stock market was
crashing and burning, the Government rescinded an
internal note that called for a 16% tax on water
processed by branded and unbranded water
“manufacturers” as well as municipal water supply.<More>
Service Tax Collections Up
(May 18, 2006)
The Chief Controller of Accounts reported that Service
Tax collection went up 62.83% year on year from USD
3.19 billion to USD 5.19 billion.<More>
FBT to Track Corporate Malpractice
(February 23, 2006)
Experts are questioning the Constitutional validity of
the controversial Fringe Benefit Tax (FBT), which may
force the Government to either withdraw it or amend
the Income Tax Act of 1961.<More>
IT to Track Down Bank Depositors
(February 17, 2006)
The Finance Ministry has worked out modalities where
banks will report a list names and permanent account
numbers (PAN) of customers who earn less than Rs. 5000
interest.<More>
20% Increase in Tax Collection
(February 10, 2006)
The Income Tax Department reported an increase of 20%
in tax collection the last quarter.<More>
Corps Want Simple Taxation Structure
(January 16, 2006)
Several economists encouraged the Government to
maintain corporate taxation structure but simplify it.<More>
FM to Simplify FBT
(January 13, 2006)
Indian Finance Minister P. Chidambaram has said that
the Government will simplify the controversial Fringe
Benefit Tax (FBT) but not withdraw it.<More>
SC Agrees to Hear FBT
(January 10, 2006)
The Supreme Court has agreed to hear several cases
filed in High Courts against the controversial Fringe
Benefit Tax (FBT).<More>
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