New Tax CTT (commodities transaction tax) from JulyThe Central Board of Direct Taxes (CBDT) has decided to levy one more tax
called the commodities transaction tax (CTT) which is likely to come into effect
by July. The practicalities of implementation like collection, payment, and the
methods of filing returns are yet to be finalized by the CBDT.
Sellers of both commodity futures and options have to bear a CTT o ...
More Info>> Enhanced EDI to Improve Logistics for Foreign Trade For
hassle-free export and import of high value cargo, the electronic data
interchange (EDI) needs to be fast and flawless. The government has at last
woken up to this hard reality and pumped a huge amount of funds for
revamping the entire electronic data interchange (EDI) system. Over 36 ports
handling domestic and international cargo will ...
More Info>> Tata Asked to Pay Rs 45 crore in Tax for Idea Stake PurchaseTata’s purchase of Rs 660 crore stakes in Idea Cellular from AT&T proved to be
quite expensive since the Income-Tax department has asked Tata Industries Ltd (TIL)
to pay up a tax of Rs 45 crore for an overseas deal. As far as cross border
deals resulting in a change of ownership of the company are concerned, this is
the first instance of such a demand no ...
More Info>> CBI seized Rs 6 lakh from home of Assistant Commissioner of CustomsKolkata, May 3 As follow up of the Friday's arrest sleuths of
anti-corruption branch of CBI conducted a raid on Saturday the Dover Lane
house of S Das, Assistant Commissioner of import noting section of the Customs
department. The raid resulted in seizure of Rs 6 lakh and recovery
of documents of three separate immovable properti ...
More Info>> Ahmedabad emerges topper in excise recovery from evaders For years, Mumbai has been the forerunner in running after tax evaders and
milking huge amounts of unpaid taxes, but this year, Ahmedabad has stolen the
limelight. It has pushed aside Mumbai to the second position in terms of revenue
collection from tax evaders. As in all cases of collection, strategy plays an
important role, and the Directorate-General of ...
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