We started with three services in 1994 when Service Tax was imposed for the first time. As of today, there are 97 services under the net of services tax and every year they keep on increasing. Service tax is one of the major sources of Indirect tax for government and since inception, every year when [...]

I am neither pro BJP nor pro congress but I am pro India and am supporter of any party which works on brining about reforms in India. I had always heard in the past and continue to do so that all the reforms the credit of which is enjoyed by congress were sown by Mr. [...]

Indian Telecom Industry is one of the fastest growing Telecom Industry in world adding close to 8 millions every month. But all is not well and finance ministry is not satisfied with the revenue posted by telecom which indirectly is affecting service tax collected by the government.
As you may be aware that tariffs in India [...]

There is good news for individual tax payers. The investment tax free limit for individuals will be raised to 150,000 from 100,000. The proposal is set forth in order to mobilize funds for infrastructure which needs an investment of $500 billion as earmarked in 11th plan. In order to bridge the deficit of $40 billion [...]

If you are investing in shares and availing benefit of sec 10 (38) which exempts long term capital gain on shares, there is a bad news for you. CBDT has considered a proposal to limit the scope of exemption only to companies constituting BSE 500 index.
This is done to prevent any misuse of section, [...]

Corpus to help underprivileged students access cheap educational loans.
The government may increase the education cess in the Budget as part of a plan to create a corpus to provide cheap loans to students from low-income families.
This was discussed at a meeting chaired by the Prime Minister’s Principal Secretary, TKA Nair, on January 12 [...]

Intimidated by the loss of revenue due to the tax reform, Germany, Luxembourg & Portugal were set to block it.
The requirement of Unanimity to adopt tax measures in the 25-nation bloc and only 20 member states backed its compromise on the value-added tax reform aimed at making it simpler to file returns by the businesses.
The [...]

The consumer Electronics & TV manufacturer’s Association (Cetma) has severely criticized the government’s plan to impose a levy of 10-15% ad Valorem on sales of TV sets in the country. Cetma has described this move as “anti-aam aadmi”.
The industry association feels that such a levy would increase the tax burden on the color TV industry [...]

Ben Bernanke, the chairman of Federal Reserve is still concerned about the inflation and want to make sure that the price hikes don’t make the things worse.
Bernanke said that the fed policymakers would be careful about ensuring that the recent pattern of higher readings in core inflation is not maintained.
The head of the European Central [...]

Soaring oil prices will eventually result in a loss of $3 billion for global airlines this year as per the notion set by industry lobby group IATA.
According to IATA Chief Executive Giovanni Bisignani, the ever-increasing hike in oil prices would affect the profitability of the organization.
The fuel bill for the industry will amount to $112 [...]