Page-10 of Tax
White Paper points to 4-pronged strategy to curb black money
Finance Minister Pranab Mukherjee tabled a White Paper on black money in Lok Sabha, which makes a strong case for setting up Lokpal and Lokayuktas to deal with the menace of Black Money. The minister informed that there was no ..
Month: Current Affairs - May, 2012
Category: Government Schemes Current Affairs
India, Malaysia ink DTAA to boost trade
India and Malaysia inked a DTAA (Double Taxation Avoidance Agreement) to encourage bilateral trade and alleviating exchange of tax information. The objective of the agreement is to evade incidence of double taxation on income by determining the taxing rights b/w ..
Month: Current Affairs - May, 2012
Prasar Bharati exempted from paying income tax
In a key respite to the nation’s public broadcaster, the Prasar Bharati has been relieved from paying any income tax. As per one of the amendments in the Finance Bill, 2012, “any income of Prasar Bharati (Broadcasting Corporation of India)” ..
Month: Current Affairs - May, 2012
OLTAS System
OLTAS refers to On-line Tax Accounting System (OLTAS) for Direct Taxes. Please note that direct taxes include the Income Tax and Corporate Taxes, which are directly levied from the concerned people and organizations. Background OLTAS was introduced in April, 2004 ..
Month: Current Affairs - February, 2012
Multilateral Convention relating to Tax Matters inked by India
· Indian finalized a Multilateral Convention on Mutual Administrative Assistance in Tax Matters. This device as yet was available only for the members of Council of Europe and OECD , but was amended in 2010 and thrown open to all ..
Month: Current Affairs - January, 2012
Delhi: Circle Rates Hiked
What is Circle Rate? Circle rate is the minimum rate for Government valuation of a plot, independent house, or flat in a particular area or locality. The circle rates are decided by the State Revenue Ministry. The circle rates for ..