Income Tax Department finds 21.75 lakh non-filers of tax return
Courtesy : The Financial Express 22 February 2014
Continuing its drive to nab tax evaders, the income tax department has identified additional 21.75 lakh potential non-filers. The department has already sent notices to 50,000 such entities, urging th...
Tax reforms panel proposals to focus on employees, technology use
Courtesy : Business Line 21 February 2014
The Tax Administration Reform Commission will focus on four major elements in its first report, which is to be submitted to the Government in May.
TARC Chairman Parthasarathi Shome said here on Fri...
Service Tax Revenues to Pip Excise, Customs Contributions in FY15
Courtesy : The Economic Times 19 February 2014
It’s finally happened. In keeping with services being the biggest component of the Indian economy, revenue from service tax will for the first time overtake that from excise and customs in 2014-15. ...
Budget 2014: Excise cuts, tight fisc with some poll sops
Courtesy : The Financial Express 19 February 2014
Despite the backdrop of a Rs 76,965-crore shortfall in tax collections for FY14 and Rs 29,973 crore in disinvestment, finance minister P. Chidambaram managed to better market expectations by restricti...
The service tax amnesty scheme has yielded around . 7,700 crore to the exchequer, a finance ministry official said. The Voluntary Compliance Encouragement Scheme, which was launched on May 10, 2013 to...
The finance ministry’s directive to tax officers not to reopen past records of automakers to enforce a Supreme Court verdict is sensible and pragmatic. The court, in a dispute between carmaker Fiat ...
During my 37-year-old career with Income Tax department, I moved from place to place, post to post. For me, every posting was a challenge, and at the same time an opportunity to deliver.
After my retirement as Chairman of Central Board of Direct Taxes, I was invited by various institutions and NGOs to deliver talks on tax matters. While advising taxpayers across sectors, I noticed, our vast salaried class including armed and paramilitary forces, pensioners or senior citizens, NRIs, professionals and small business establishments need the right guidance. Most taxpayers do comply with their tax obligations fully. Yet, they are not somehow relaxed and are burdened with anxieties. A large number of taxpayers are not even aware that getting tax refund on time is a basic right.
In one such meeting, a middle-aged man quizzed me why could not I give tax advice 24X7. For a moment, I had no answer. He then added that I should give tax solutions online so that he does not need to come from a remote place to attend my lecture. I thanked him for his suggestion.
For a while I was restless. Already I had got myself enrolled as a Member of the Bar Council of Delhi and as an Advocate of Delhi High Court Bar Association, thanks to my law degree from the University of Allahabad. Yet, I was not sure how I could help the vast majority of taxpayers who somehow maintain a safe distance from the taxmen. I then tossed the idea of creating a tax think-tank with some of my former colleagues and highly spirited individuals. All of us immediately agreed on one count: millions of Indian taxpayers expect to access tailor-made tax research materials and seek guidance from those who have been parts of the tax machinery for decades.
That is how CTAR was born. So, be a part of our passionate journey to explain tax laws and rules in simpler words. Just drop us a few lines on any query related to direct and indirect tax or FEMA. We are at your assistance. We also look forward to hearing your experiences while dealing with the system.
