The Home Minister, Mr P. Chidambaram, wants the rich to be taxed more to sustain the Indian dream of inclusive growth.
“I am (was) the Finance Minister who slashed your tax rates. And I am now suggesting to raise the rates, putting the onus on the richer classes,” he said, while addressing a function of [...]

An income tax refund is actually a kind of tax rebate. In simple words you can say that it is actually a return on taxes you receive when the amount of tax liability is lesser than the actual tax paid in a single financial year. In this case you can claim maximum refund because [...]

Union Budget, in the language of a financial analyst, is the estimated sources and application of funds for a particular fiscal year. It is normally placed before the House of Parliament in the last week of February.
To the common citizens, budget is all about rise or fall in the prices of goods and services [...]

In an attempt to monitor all deposits made under post office schemes and bring them at par with bank interest earnings, the Central Board of Direct Taxes (CBDT) has notified that income from post office savings schemes will be taxed from the current financial year.
By making it mandatory for individuals to declare investments in [...]

Leading apparel retailers in the country, including Pantaloons, Reliance Trends and Aditya Birla Retail, will finalise their course of action against the 10 per cent excise duty imposed on branded garments.
The Retailers Association of India (RAI) that has members including the top retailers in India, is holding a conference call this evening to decide [...]

India is considering allowing newprivate sector banks, including by industrial houses, and aroadmap for the same could be announced in the annual UnionBudget to be presented later this month.
While the formal and final guidelines would be announcedby RBI on who should be allowed to set up new banks and whatshould be the terms and [...]

Saddled with huge tax arrears of Rs 2,50,000 crore — more than half of the total tax collection projected for 2010-11 — finance minister Pranab Mukherjee is likely to introduce in the forthcoming Budget some major changes in direct tax laws that could help in swift recovery of a significant portion of the arrears.
The [...]

1. Income-tax, in India, is a tax payable, annually, at the rate enacted by the Indian Union Budget (Finance Act) for every Assessment Year, on the Total Income earned in the Previous Year by every Person.
2. The chargeability is based on the nature of income, i.e., whether it is revenue or capital. The principle [...]