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Archive for March, 2016

SC to lift entry tax cap, Rs 10k cr bonanza for states

States can expect a revenue bonanza of up to Rs 10,000 crore to be paid by big corporate houses in the manufacturing sector as the Supreme Court on Friday said it would in April vacate its three-year-old interim order asking authorities to collect only 50% of entry tax. Approximately Rs 30,000 crore is due from […]

CBDT suggests “Equalisation Levy” of 6-8% on B2B deals

A CBDT committee on taxation of e-commerce has suggested a "Equalisation Levy" of 6-8% for business-to-business deals with a view to tax digital transactions. Based on the recommendations of the committee, which had submitted its report to the government in February, Finance Minister Arun Jaitley in his Budget proposed an Equalisation Levy of 6% to […]

Taxman gets new tech tool to identify, kill duplicate PAN

After years of labour, the I-T department has finally got a new technology tool to check duplicate PAN cards, allowing them to ‘kill’ it. An ambitious electronic platform called the Income Tax Business Application-Permanent Account Number (ITBA-PAN) has been operationalised. It will help the taxman and PAN issuing intermediaries identify such duplicate numbers every time […]