Govt Proposes MNC Audit (September, 06 2006)
A senior Finance Ministry official said that India is thinking of starting joint audits for multi-nationals (MNCs) operating in India and the ASEAN region to ensure that the balance sheets match those of their annual statements.<More>

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While the stock market was crashing and burning, the Government rescinded an internal note that called for a 16% tax on water processed by branded and unbranded water “manufacturers” as well as municipal water supply.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>