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Download Direct Tax Code 2009
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Direct Taxes Code Released
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Discussion Paper (Post Budget-2009) (11-07-2009).pmd
(1) This Code may be called the Direct Taxes Code, 2009. (2) It extends to the whole of India. (3) Save as otherAwise provided in this Code, it shall come ...
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New tax code: Pay 10% tax on Rs 10-lakh salary: Rediff.com Business
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Direct Tax Code 2009
Direct Tax Code 2009. September 2009 pwc. General. The Direct Tax Code has shifted the basis of taxability to financial year and it will come into effect ...
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New Zealand Herald | When will we see the new direct taxes code? - 5 days ago The draft of New Direct-taxes Code which is intended to replace the Income-tax Act 1961, was released along with discussion papers on12th August, 2009. ... Business Standard - 9 related articles » |
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Stimulus-II: India Inc gets more room to grow- Policy-Economy-News ...
3 Jan 2009 ... NEW DELHI: The government on Friday announced the second and final instalment of its fiscal stimulus package. Complementing monetary easing ...
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India's stimulus package: More help needed
10 Dec 2008 ... The Indian business community seems unenthusiastic about the new plan, but it's unclear how much more the government can do.
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Don't roll back stimulus, please: India Inc to FM - Yahoo! India News
6 Jan 2010 ... New Delhi, Jan. 5 -- Amid green shoots of economic recovery, business leaders on Tuesday urged Finance Minister Pranab Mukherjee to continue ...
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Don't roll back stimulus, please: India Inc to FM- Hindustan Times
Don't roll back stimulus, please: India Inc to FM. HT Correspondent, Hindustan Times. Email Author. New Delhi, January 05, 2010 ...
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Limited scope for another stimulus in India: PM
1 post - 1 author - Last post: 26 Sep 2009By Arvind Padmanabhan Pittsburgh, Sep 26 (IANS) While he persuaded the G20 leaders not to bring an abrupt halt to their stimulus packages to ...
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According to the official notification, the govt wants to eliminate injury caused to the domestic industry by the unfair trade practice of dumping and thus, ...
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Fiscal Stimulus: India Inc cheers package
7 Dec 2008 ... Financial express latest business and finance news: Fiscal Stimulus: India Inc cheers package.
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No immediate withdrawal of stimulus: FM - India Business - Biz ...
31 Dec 2009 ... He said India had cautioned other world economies against immediate withdrawal of stimulus packages as it may lead to collapse of the world ...
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Indian economy needs stimulus: HSBC India chief : Naina Lal Kidwai ...
Indian economy needs stimulus: HSBC India chief. 2009-10-27 12:25:47. Indian economy needs the stimulus package to continue and the Reserve Bank might not ...
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India's dilemma: Growth vs inflation, stimulus vs deficit
Moneycontrol.com - 20 hours ago There is rising food prices, a high fiscal deficit and the need to claw back the stimulus. Depending on how these are handled India will either witness ... India to see solid economic recovery in 2010: ADB
The Hindu - 20 hours ago "India was fortunate the crisis was not protracted, which would have tested the government's ability to continue fiscal stimulus measures for a long period, ... ADB: India Poised for Strong Economic Recovery Wall Street Journal Food price spiral may force govt to hike interest rates
Times of India - - 8 hours ago While the government seems reluctantly reconciled to a rate hike, it is looking more carefully at its options with regard to withdrawing the stimulus it had ... Economists want stimulus to continue
Business Standard - 11 hours ago Partha Sen of the Delhi University's School of Economics said the stimulus measures should not be withdrawn hastily as India was still not out of the woods. ... Continue stimulus till economic recovery firm: Economists Economic Times Industrial output at 2-year high
Economic Times - Jan 12, 2010 ... said Samsung India deputy managing director Ravinder Zutshi. Industry, however, continued to argue against the withdrawal of stimulus measures. ... Industrial growth at 2-yr high on durable stimulus Business Standard Industrial production at two-year high The Hindu Factories flourish in November Calcutta Telegraph Asian emerging markets lead yet fragile global recovery: IMF
Hindustan Times - 11 minutes ago He urged governments not to relax stimulus measures too early in the mistaken belief that a strong recovery had taken hold, and suggested that they could ... Good wickets make for keen contests
Hindustan Times - 12 hours ago In the surfeit of cricket which we were witness to this week, what grabbed attention was not India's meaningless and eventually unsuccessful forays in ... Inflation temporary; prices to come down by month-end: Montek
Economic Times - Jan 13, 2010 Ahluwalia refuted contentions that rising inflation could be linked to the stimulus packages provided by the government to help industry fight the global ... See FY10 GDP growth estimates upped to over 7%:Montek Singh Moneycontrol.com Food price inflation is temporary: Montek
Rediff - 20 hours ago Edited excerpts: With inflation at 4.7 per cent and food inflation above 18 per cent, has the time come to wind down the stimulus or would that be hasty and ... India Takes Steps to Lower Mounting Food Prices Voice of America Food, Metals Spur Inflation to Newer Heights Blog of India (blog) Inflation threat to China and India
Financial Times - - Jan 14, 2010 The report on China says that Beijing's Rmb4,000bn ($586bn) emergency stimulus has carried the economy successfully through the financial crisis, ... Asia to post economic rebound this year: ADB ABS CBN News ADB: Asia's recovery from global crisis fragile BusinessWeek
India, Finland revise treaty for better exchange of info on tax evaders
Times of India - 6 hours ago NEW DELHI: India and Finland on Friday revised their tax treaty to help better exchange of information on tax evaders. Both countries also agreed to bring ... India, Finland sign revised double taxation pact Business Standard Government signs revised DTAA with Finland Press Information Bureau (press release) ICAI wants GST rollout to be delayed by a year
Economic Times - 9 hours ago NEW DELHI: The Institute of Chartered Accountants of India (ICAI) has asked the government to defer the implementation of Goods and Services Tax (GST) from ... Should you fear the new tax? Malaysia Star What you should know about GST Malaysia Star Terms to remember Malaysia Star New tax code may penalise long term investors
Moneycontrol.com - Jan 14, 2010 "This might work better in a developed country but not in India. We need a TEE system, Tax-Exempt-Exempt, for the Indian context," he says. ... Risk-Free Yield? Consider I Bonds
Forbes - 10 hours ago --They're free from state and local taxation. This can mean higher after-tax returns for those investors who live in high-tax states, and they're even ... India-Nigeria trade, investment pacts to be finalised by June
Indian Express - 10 hours ago ... between India and its top African trade partner, commerce and industry minister Anand Sharma said trade, investment and taxation agreements should be ... India to sign trade, investment pacts with Nigeria Press Trust of India TAXING PROBLEM
Calcutta Telegraph - - Jan 14, 2010 ... engaged in effecting a revolution in India. Another revolution too is taking place, through the proposed deus ex machina of the goods and services tax. ... UN's World Health Organization Eyeing Global Tax on Banking, Internet Activity
FOXNews - - 12 hours ago One example: H1N1 flu vaccine, which is being manufactured in China, India and Thailand under licensing arrangements created under WHO auspices. ... India's proposed goods and services tax
Moneycontrol.com - Jan 6, 2010 Increased compliance and fewer exemptions to GST would lift India's federal tax-to-GDP ratio from 11.8 percent. At the same time GST would lower the average ... Trust, power deficits mar GST talks Livemint Gold to be appreciated, $ to dip further in 2010
Commodity Online - - 1 hour ago This could be accompanied by higher interest rates forced on the US by foreign investors, or by increasing levels of taxation. The latter appears more or ... China takes taxation notes from India
Economic Times - Dec 21, 2009 Circular 698, according to M Lakshminarayanan, Head of Tax, Deloitte India, is retrospective from January 1, 2008 and will have a significant impact on many ... Stay up to date on these results:
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India's dilemma: Growth vs inflation, stimulus vs deficitMoneycontrol.com - 20 hours ago There is rising food prices, a high fiscal deficit and the need to claw back the stimulus. Depending on how these are handled India will either witness ... India to see solid economic recovery in 2010: ADBThe Hindu - 20 hours ago "India was fortunate the crisis was not protracted, which would have tested the government's ability to continue fiscal stimulus measures for a long period, ... ADB: India Poised for Strong Economic Recovery Wall Street Journal Food price spiral may force govt to hike interest ratesTimes of India - - 8 hours ago While the government seems reluctantly reconciled to a rate hike, it is looking more carefully at its options with regard to withdrawing the stimulus it had ... Economists want stimulus to continueBusiness Standard - 11 hours ago Partha Sen of the Delhi University's School of Economics said the stimulus measures should not be withdrawn hastily as India was still not out of the woods. ... Continue stimulus till economic recovery firm: Economists Economic Times Industrial output at 2-year highEconomic Times - Jan 12, 2010 ... said Samsung India deputy managing director Ravinder Zutshi. Industry, however, continued to argue against the withdrawal of stimulus measures. ... Industrial growth at 2-yr high on durable stimulus Business Standard Industrial production at two-year high The Hindu Factories flourish in November Calcutta Telegraph Asian emerging markets lead yet fragile global recovery: IMFHindustan Times - 11 minutes ago He urged governments not to relax stimulus measures too early in the mistaken belief that a strong recovery had taken hold, and suggested that they could ... Good wickets make for keen contestsHindustan Times - 12 hours ago In the surfeit of cricket which we were witness to this week, what grabbed attention was not India's meaningless and eventually unsuccessful forays in ... Inflation temporary; prices to come down by month-end: MontekEconomic Times - Jan 13, 2010 Ahluwalia refuted contentions that rising inflation could be linked to the stimulus packages provided by the government to help industry fight the global ... See FY10 GDP growth estimates upped to over 7%:Montek Singh Moneycontrol.com Food price inflation is temporary: MontekRediff - 20 hours ago Edited excerpts: With inflation at 4.7 per cent and food inflation above 18 per cent, has the time come to wind down the stimulus or would that be hasty and ... India Takes Steps to Lower Mounting Food Prices Voice of America Food, Metals Spur Inflation to Newer Heights Blog of India (blog) Inflation threat to China and IndiaFinancial Times - - Jan 14, 2010 The report on China says that Beijing's Rmb4,000bn ($586bn) emergency stimulus has carried the economy successfully through the financial crisis, ... Asia to post economic rebound this year: ADB ABS CBN News ADB: Asia's recovery from global crisis fragile BusinessWeek |
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Barack Hussein Obama II is the 44th and current President of the United States. He is the first African American to hold the office, as well as the first president born in Hawaii. Obama previously served as the junior United States Senator from ...
Bankers' fury at levy on US subsidiaries
By Francesco Guerrera in New York and Patrick Jenkins in London
Published: January 14 2010 20:59 | Last updated: January 14 2010 20:59
"Taxation without representation." A senior banker invoked the rallying cry of the American revolution to condemn the Obama administration's decision to charge a proposed new bank levy on the US subsidiaries of foreign financial groups.
None of the many overseas banks with offices in New York, which include big names in global finance such as Credit Suisse, Deutsche Bank, UBS and BNP Paribas, wanted to publicly criticise the move. But in private many executives were seething.
In their view, asking foreign banks, which did not directly benefit from US government assistance, to pay a levy that is set to raise at least $90bn over the next decade, was fundamentally unfair.
"No one in the list of 50 banks that are affected by this could argue that they did not benefit from government assistance, either directly or indirectly," admitted one big European bank. "But the way the levy is structured is not equitable. There is no distinction between a Citigroup or Bank of America, which took serious amounts of government money, and others like us, which only benefited indirectly."
To add insult to injury – at least in the eyes of foreign bankers – the proposed fee would partly go to pay for losses the US government will incur after bailing out companies such as the Detroit carmakers and mortgage financiers Fannie Mae and Freddie Mac.
Administration officials countered that foreign banks based in the US benefited from the rebound in capital markets and economic recovery that followed the disbursement of hundreds of billions of dollars in taxpayers' funds.
In fact, some analysts welcomed the inclusion of the foreign banks in the list of 50 or so companies that will be charged with the "Financial Crisis Responsibility Fee" because it will reduce the burden on domestic institutions.
"US firms will not be at a competitive disadvantage to the US units of foreign banks," wrote Jaret Seiberg at Concept Capital, a Washington-based research group.
Such arguments found little sympathy with executives of foreign banks. One noted that the overall benefits of the US government intervention in the markets had also been felt by hedge funds and private equity groups that have not been asked to pay for the levy.
According to analysis by researchers at Morgan Stanley, Barclays Capital will be among the hardest hit foreign banks with a projected levy of $560m a year.
Other banks expected to be hit with charges of a similar scale include HSBC, Deutsche Bank, Credit Suisse and UBS. French banks BNP and Société Générale have smaller operations.
Some foreign banks that are towards the lower end of those caught by the $50bn balance sheet threshold for the levy say they could well seek to shrink and duck out of qualifying.
All banks are convinced that the wider economy will be hit as a consequence.
Additional reporting by Brooke Masters
Copyright The Financial Times Limited 2010. You may share using our article tools. Please don't cut articles from FT.com and redistribute by email or post to the web
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Article results for "Obama"
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With health talks in overdrive, Dems fall in line
Updated 13 hours ago
WASHINGTON - President Barack Obama and congressional Democrats rushed to strike final deals on historic health care legislation Friday as they nervously eyed next week's special Senate election in Massachusetts that could doom the bill. House ...http://www.msnbc.msn.com/id/34877253/ns/politics-health_care_reform/
Obama to stump for endangered Mass. Dem
Updated 6 hours ago
BOSTON - His health care bill at stake, President Barack Obama plans a weekend trip to Massachusetts to campaign for endangered Senate candidate Martha Coakley after a poll showed an edge for Republicans in the race for a seat Democrats have held for ...http://www.msnbc.msn.com/id/34876791/ns/politics-more_politics/
Haiti in crisis, Obama heeds lessons of Katrina
Updated 13 hours ago
WASHINGTON - This is what President Barack Obama wants people to think about the U.S. reaction to the catastrophe in Haiti: "swift, coordinated and aggressive." He promised that stellar response in his first comments about the earthquake on Wednesday ...http://www.msnbc.msn.com/id/34878763/ns/politics-white_house/
Obama's haves-versus-have-nots bank tax
Updated 6:12 p.m. ET, Thurs., Jan. 14, 2010
WASHINGTON - It's not just about bad banking. President Barack Obama's biting criticism of big banks frames the problem as a struggle between jobless, suffering Americans and banks making big profits and paying "obscene" bonuses. It's populism ...http://www.msnbc.msn.com/id/34867285/ns/business-us_business/
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Article results for "Obama"
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With health talks in overdrive, Dems fall in line
Updated 13 hours ago
WASHINGTON - President Barack Obama and congressional Democrats rushed to strike final deals on historic health care legislation Friday as they nervously eyed next week's special Senate election in Massachusetts that could doom the bill. House ...http://www.msnbc.msn.com/id/34877253/ns/politics-health_care_reform/
Obama to stump for endangered Mass. Dem
Updated 6 hours ago
BOSTON - His health care bill at stake, President Barack Obama plans a weekend trip to Massachusetts to campaign for endangered Senate candidate Martha Coakley after a poll showed an edge for Republicans in the race for a seat Democrats have held for ...http://www.msnbc.msn.com/id/34876791/ns/politics-more_politics/
Haiti in crisis, Obama heeds lessons of Katrina
Updated 13 hours ago
WASHINGTON - This is what President Barack Obama wants people to think about the U.S. reaction to the catastrophe in Haiti: "swift, coordinated and aggressive." He promised that stellar response in his first comments about the earthquake on Wednesday ...http://www.msnbc.msn.com/id/34878763/ns/politics-white_house/
Obama's haves-versus-have-nots bank tax
Updated 6:12 p.m. ET, Thurs., Jan. 14, 2010
WASHINGTON - It's not just about bad banking. President Barack Obama's biting criticism of big banks frames the problem as a struggle between jobless, suffering Americans and banks making big profits and paying "obscene" bonuses. It's populism ...http://www.msnbc.msn.com/id/34867285/ns/business-us_business/
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The big bank tax: Obama's fee fraud
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Reader commentsYesterday, President Obama announced a "financial crisis responsibility fee," which is not a fee, but a tax on America's biggest financial institutions. His stated purpose is to recoup Troubled Asset Relief Program (TARP) funds spent on large banks and investment firms. That might have been decent political cover had Obama's own Treasury secretary not already exposed it as fraudulent a month ago.
On Dec. 9, Treasury Secretary Tim Geithner wrote in a letter to Congress on the status of TARP, "We now expect a positive return from the government's investments in banks." Oops.
The bulk of TARP's estimated $117 billion in losses will come not from banks, but from the auto industry ($80 billion), AIG and government-chartered mortgage giants Fannie Mae and Freddie Mac. Obama's tax will apply to AIG, but not the others, even though Fannie and Freddie are expected to cost U.S. taxpayers more than all the TARP losses combined.
Instead of applying to the firms that owe the taxpayers money, Obama's tax will apply to about 50 big financial institutions, many of which never took a dime in TARP money. Administration officials told The Washington Post that the real goal of the tax is to reduce compensation at large Wall Street firms. The President hopes they will absorb the tax by cutting pay.
This proposal has nothing to do with TARP. Its sole purpose is to punish people whose behavior President Obama finds personally distasteful. If approved by Congress, it would lay a path for federal punishment via heavy taxation of any compensation system, in any industry, that Washington politicians dislike.
Thu, Jan 14 09:40 AM
Sonbhadra/Lucknow, Jan 14 (IANS) Ram, Ramayana and global warming - the association may sound odd, until you realise how the religious context helped an NGO in Uttar Pradesh combat the ill effects of climate change.
The NGO Raunak Evam Jagruk Samaj Sanstha (REJSS) in Sonbhadra district, some 250 km from Lucknow, conducts recitation of the Ramayana epic in parts of Uttar Pradesh, holds prayers for Lord Ram and distributes saplings as prasad (consecrated offering) among the devotees.
'You can say it's our religious formula to protect the environment and fight against global warming. Planting trees is something simple everyone can do to reduce carbon dioxide, a principal greenhouse gas that causes global warming,' REJSS director Arvind Singh Chattan told IANS on phone from Sonbhadra.
'You know the importance of prasad amongst Hindus, who traditionally accept it after prayers as they believe the prasad has been blessed by the almighty. Unlike the usual prasad that usually comprises different fruits, sweets, panchaamrit (made from curd, milk and dry fruits), we provide saplings as prasad to the devotees, who readily accept them and plant them taking into account the religious context,' he added.
REJSS launched its Ram, Ramayana and Global Warming programme six months ago and has already distributed over 18,000 saplings.
'We started our programme in June 2009 and till now we have successfully conducted it in several districts including Varanasi, Chandauli, Mirzapur and Sonbhadra,' said Dimple Singh, a member of REJSS.
'Though for the last five years we have been organising environmental awareness programmes in different schools of Uttar Pradesh, frankly speaking we were not able to involve the commoners to work towards environment protection. Later, we decided to connect religion with environment, as there is no denying that people of our country, particularly Hindus, are governed by religion,' she added.
According to REJSS members, earlier their environmental programmes remained confined to school students, but now it has representation from all walks of life.
'Be it children, youth or elders, all turn up in huge numbers whenever we organise religious gatherings. In fact, most of the time we hand over the saplings to devotees as they come in the camp and bow their head before the almighty,' said another member of REJSS, K.P. Singh.
In the coming weeks, REJSS will hold its programme in new parts of Uttar Pradesh -- the dictricts of Lucknow, Kanpur, Unnao, Shahjahanpur and Hardoi. REJSS buys the saplings with funds raised by the public.
'Residents in different districts, primarily Sonbhadra and Varanasi, voluntarily contribute for the campaign. For collecting funds, REJSS members visit door-to-door and the residents donate money depending upon their income,' said Ranbeer Dogra, a resident of Robertsganj town in Sonbhadra.
Arvind Giri, a resident of Sonbahdra's Chopan town, said: 'The initiative taken by REJSS will surely be of immense help in expanding the green cover of the state. In my view their drive is a unique mix of religion and science that would definitely ward off a number of environmental problems.'
IANS
Read more: http://www.time.com/time/#ixzz0ckkohqSg
He is on full ventilation," Debashsis Sharma, Superintendent of the AMRI Hospital in Salt Lake, where the 95-year-old former West Bengal chief minister is admitted, said. Basu's lung, kidney and haemo-dynamic system had failed yesterday and heart and liver functions had been affected.
His pressure is now under control to an extent, Sharma said. The medical board is meeting at 10 am and a decision would be taken on whether he would be given fresh dialysis, he said.
Basu's family members were called by the hospital late last night as his blood pressure sank suddenly. The blood pressure was stabilised to an extent after administering a new medicine.
On Thursday, President Obama proposed a new fee on banks to cover $117 billion in expected losses in the Troubled Asset Relief Program (TARP).
But who would really pay the Financial Crisis Responsibility Fee?
Some bank analysts believe the money would come out of shareholders' pockets, which could make bank stocks look less appealing. Bank lobbyists, meanwhile, say any new fee would get passed right along to businesses and consumers. But Mr. Obama says the cost of the fee should be swallowed by the bankers themselves – many of whom are about to receive large bonuses.
"I'd urge you to cover the costs of the rescue, not by sticking it to your shareholders or your customers or fellow citizens with the bill, but by rolling back bonuses for top earners and executives," Obama said in announcing the plan.
Despite the president's plea, bank lobbyists still say the proposed fee is likely to be passed along to consumers and businesses. The lobbyists have quickly labeled the plan, which Congress must vote on, a new tax.
"Taxes, like all other operating expenses, are included in the pricing structure," says Scott Talbott, chief lobbyist at the Financial Services Roundtable in Washington, which lobbies for the 150 largest financial-services firms. "It could put upward pressure on goods and services, hitting consumers, business, and other banks."
But some financial analysts think that banks would be hard pressed to pass along the fee. That's because smaller banks would be excluded from the fee, which means they would be able to compete for consumers' accounts, says Douglas Roberts at Channel Capital Research in Shrewsbury, N.J.
For example, in the area of New Jersey where Mr. Roberts lives, three or four new banks have formed in the past year, he says. "They won't have the burden of that additional fee," he says.
The fee isn’t the only thing that the White House is pressing big banks on. They’re also under pressure to make more loans. In the past, Obama has invited the CEOs of the largest financial institutions to the White House, where he’s scolded them about the tightened credit.
This fee would only make the lending situation worse, Mr. Talbott argues.
"There will be less money available to make loans," he says. "It would reduce the amount of cash a bank has to lend."
There are also ramifications if the proposed fee is absorbed by shareholders. They might receive lower dividends or see the value of their holdings fall.
"The latter [falling stock values] matters more now than usual, since we want the banks to be able to raise considerable further capital going forward as we work to safeguard the system against future problems," writes Douglas Elliott, a fellow at the Brookings Institution, in an analysis. "This is another argument for keeping the taxation moderate."
Under Obama's plan, the fee would be 15 basis points, or 0.15 percent, of "covered liabilities," defined by the White House as the banks' debt. The fee would apply to banks with a minimum of $50 billion in assets.
The fee would not be imposed on General Motors, Chrysler, Fannie Mae, Freddie Mac, and AIG. These firms received TARP loans but have not paid them back yet.
According to the White House, the new fee would be in place for 10 years or more, depending on how long it takes to recover the TARP losses.
But no one really knows how big the losses are, because the TARP program runs for another four years, as Talbott notes. The automobile companies may become significantly profitable by then. The real estate market may rebound.
"This tax is premature. The program is not closed yet," says Talbott.
Maya launches Rs 7312 crore schemes on her birthday!
Chief Minister Mayawati, celebrating her 54th birthday amid dance and music, announced 263 welfare and developmental schemes worth Rs 7312 crore on Friday.
Wearing pink salwar suit and long overcoat with a sparkling necklace, beaming Mayawati walked into the conference hall to receive greetings from the ministers and officers. However there was no cake-cutting ceremony.
The school kids, for the first time, sang and danced with special light and sound effect. Mayawati later lauded her Principal Secretary Shailesh Krishna for organizing beautiful cultural programme, which highlighted the performance of the government during the last two years.
The programme ended well before the solar eclipse began at 11.57 am. Addressing the gathering Mayawati said the government had launched large number of schemes for the welfare of the poor and downtrodden.
Laying stress on timely completion of the schemes the Chief Minister said instructions had been issued for full transparency in the work. In order to reach out to poorest of poor not getting benefits of centrally sponsored schemes under BPL (below poverty line) and Antyodayaya, Mayawati said the government had formulated "UP Chief Minister Mahamaya Gharib Arthik Madad Yojana" under which Rs 300 cash per month would be given to 30 lakh families in the first phase.
Mayawati said while a special cell had been constituted in Chief Minister secretariat to properly monitor the scheme, the selection of the families would be done at open meetings of gram sabha members and district officers. The six monthly installments would be directly deposited to the beneficiaries account.
In view of the past messy experience during previous regime the government now seems to be quite cautious in this cash distribution scheme. Assailing the Congress-led UPA government for not providing special Rs 80,000 crore package the chief minister said cash scheme would be fully state sponsored and at least six months would be taken in release of first installment.
She said objections would be invited before releasing the final list of beneficiaries. The projects, of which either foundation stones were laid or dedicated, included 50-bedded critical care units at Chatrapati Shahuji Maharaj medical university, drinking water, sewage and drainage schemes, housing scheme for poor, trauma center at Sanjay Gandhi Post Graduate Institute of Medical Sciences, new building of social welfare corporation, several power sub-stations, power segregation plan for farm sector and roads and over bridges.
Vice President Joe Biden, trying to turn the focus of the race away from the president's embattled health care bill, joined the fray, sending an e-mail to Democrats assailing the Republican candidate for opposing Obama's just-announced plan to tax large Wall Street firms.
The late-game White House aggressiveness reflected a sudden deep concern among Democrats that they could lose a seat the party has controlled for more than half a century — and with it the 60th Senate vote that is all that has kept alive the health care overhaul that Obama has spent his entire first year pushing toward passage.
Beyond that, a poor outcome for Coakley on Tuesday would make moderate Democrats ever more nervous about backing Obama on other issues out of concern about their own re-election chances in November, undercutting his presidency just as he's beginning his second year.
On defense and on the attack, Coakley made the same argument as Biden Friday as she tried to appeal to an anti-government, pro-populism electorate. "I'm standing with Main Street on this one. Scott Brown stands with Wall Street," she said.
Brown countered at a campaign event later: "There's only one candidate in this race who's a tax cutter — and it's not Martha Coakley."
Democrats control 60 votes in the Senate, enough to thwart a Republican filibuster of Obama's near-complete health care plan. If Coakley wins, she has said, she will vote, as Kennedy did, with the 57 other Democrats and two independents who side with them. Brown has made clear he would vote against the health plan, which all other Republicans oppose, giving Senate Republicans the 41st vote they need to block the legislation.
"If Scott Brown wins, it'll kill the health bill," said Rep. Barney Frank, D-Mass.
Secretary of State William F. Galvin, Massachusetts' top election official, said certifying Tuesday's results could take more than two weeks, maybe enough time for Democrats to push Obama's signature legislation through Congress before Brown could take office. Sen. Paul G. Kirk Jr., the interim appointee to Kennedy's seat, says he will vote for the bill if given the chance.
Reversing course from earlier in the week, the White House hastily arranged Obama's trip to campaign with Coakley — even as Democratic leaders in Congress struggled along with the president to nail down a deal on the historic legislation overhauling the country's system of medical care.
Until now, Obama's involvement in the Massachusetts race has been limited to taping an online video and automated phone messages asking Bay Staters to vote for Coakley. "She'll be your voice and my ally," the president promised.
What changed from earlier in the week when the White House announced that the president wouldn't travel to Massachusetts? "He got invited," said White House Press Secretary Robert Gibbs.
That invitation, Gibbs said, came Friday, one day after a Suffolk University survey signaled a possible death knell for the 60-vote Senate supermajority the president has been relying upon to pass his health care bill and other initiatives through Congress before November's midterm elections
The poll showed Brown, a Republican state senator, with 50 percent of the vote. Coakley had 46 percent. That amounted to a statistical tie since it was within the poll's 4.4 percentage point margin of error, far different from the 15-point lead that Coakley, the Massachusetts attorney general, enjoyed in a Boston Globe survey released last weekend.
Private, internal polling for both Republicans and Democrats showed a tight race, as well. Momentum was clearly on Brown's side following a final debate in which he was widely seen as beating Coakley on Monday.
The Suffolk University survey showed that Brown backers include some disaffected Democrats. It also showed similarities between his supporters and the Republicans and independents who shaped recent GOP victories in the Virginia and New Jersey gubernatorial races last fall. The supporters are showing a high degree of enthusiasm for their candidate, a relative unknown who has never run statewide, while Democrats have shown little passion for Coakley although she cruised in the four-way Democratic primary with nearly 50 percent of the vote.
The election comes the day after the three-day Martin Luther King Jr. holiday weekend — and on the last day of Obama's first year in office. Snow is forecast for Monday, and many locals head south for warmer weather or north to go skiing during the shortened workweek.
On Friday, Republican and Democratic heavyweights campaigned for both candidates.
At a rally in Boston's North End, former New York Mayor Rudolph Giuliani urged voters to elect Brown for his anti-terror credentials.
"His election, I believe will send a signal — and a very dramatic one — that we're going in the wrong direction on terrorism," said Giuliani, who opposes the administration's decision to have the trial of Sept. 11 terror suspects in New York City.
Former President Bill Clinton was making two appearances in Massachusetts despite his duties as a special envoy to earthquake-ravaged Haiti, another sign of the stakes. "You just have to decide if you want to pick the person who gets to shut America down," Clinton told voters at one stop.
Sen. John Kerry, recovering from hip replacement surgery, took the stage at one event with the help of Kennedy's cane. And Kennedy's widow, Vicki Kennedy, planned to join Coakley at her first canvassing event in Boston on Saturday.
Kennedy, who died Aug. 25 of brain cancer, also was elected to the Senate in a special election on Nov. 6, 1962. He took office the next day, Nov. 7. It was the seat his brother, John F. Kennedy, vacated when he became president in 1961. The Democrats have held the seat since JFK was elected in 1952.
Obama, Dems near deal on health care
Senate majority leader says negotiators are 'pretty close'
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WASHINGTON - President Barack Obama and top congressional Democrats closed in on agreement Friday on cost and coverage issues at the heart of sweeping health care legislation, their marathon White House bargaining sessions given fresh urgency by an unpredictable Massachusetts Senate race.
Negotiators are "pretty close," Senate Majority Leader Harry Reid said after returning to the Capitol in late afternoon.
A White House statement said there are "no final agreements and no overall package." But no further meetings were scheduled, and Rep. Jim Clyburn, D-S.C., the third-ranking House Democrat, said, "Something should be going to CBO very soon, indicating that aides were drafting the decisions made around the table in the White House Cabinet Room. The Congressional Budget Office is the official arbiter of the cost and extent of coverage that any legislation would provide.
AIG bailout probe widens to include Paulson
House committee also calls N.Y. Fed chair Friedman to testify
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WASHINGTON - A House committee is broadening its probe of secretive bank bailouts to include former Treasury Secretary Henry Paulson and former Federal Reserve Bank of New York Chairman Stephen Friedman.
The Committee on Oversight and Government Reform has invited Paulson and Friedman to testify about their roles in the bailout of American International Group Inc., according to Chairman Edolphus Towns, D-N.Y.
Lawmakers want to know more about deals that funneled billions from AIG to banks including Goldman Sachs Group Inc. Friedman is a Goldman director and resigned from the New York Fed after concerns he had conflicts of interest.
Obama's tax on banks would nibble around the edges of real reform
Posted by Jon Talton
Top of the News: President Obama is proposing a tax on the biggest banks to more fully repay the government for the TARP bailout. That the bankers and their apologists are screaming bloody murder makes it seem like a good idea.
The one cogent argument against it that I've run across comes from the New Yorker's James Surowiecki, who worries that it could undermine the banks' capital base while the financial system is still shaky. Unfortunately, the big banks invite a tax by promising to hand out billions in bonuses, including to many of the same people who cooked up the crash.
My problem is that the tax idea, while politically popular, nibbles around the edge of real reform. That would include an orderly process and timetable for breaking up the biggest banks and industry consolidation in general; using the pieces of the big banks to rebuild larger, midsize banks nationwide; re-erecting a wall between investment and retail banks; regulating all derivatives and hedge funds; outlawing many "creative" "products" such as credit-default swaps; cleansing industry control of the regulators, and providing much greater transparency of the capital markets.
Also: severely limit lobbying by the big banks. And reinstate fair taxation of the rich -- there goes the bonus problem. Some vigorous prosecutions of banksters and serious jail time would do wonders to focus minds on Wall Street.
Oh, and at the risk of sounding like Ron Paul: Audit the Fed. The big banks offloaded who-knows-how-many toxic "assets" onto the Federal Reserve, and the Fed still resists showing the public exactly who benefited from trillions of dollars in lending "facilities" during the crisis.
The Back Story: It takes time to get a true reading on holiday retail sales -- the snapshots during the season are invariably optimistic and usually wrong. Now a more realistic picture is emerging.
According to the Federal Reserve's new Beige Book, sales were better than abysmal 2008 but "far below" 2007 levels. According to the Commerce Department, December sales were off 0.3 percent vs. November. Economists had predicted a 0.5 percent increase. For all of 2009, sales dropped 6.2 percent, the biggest decline since records began to be compiled in 1992.
Pointing to (potentially misleading) quarterly gains, Commerce Secretary Gary Locke tried to be a good soldier for an administration that now, fairly or not, owns this downturn. "While the overall trend is in the right direction, today's retail sales data show that we have more work to do." Well, the last part is true, at least.
Today's Econ Haiku:
They'll say anything
With taxpayers on the line
You can bank on it
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Published: Saturday January 16, 2010 MYT 11:20:00 AM
London mayor warns of exodus of top bankers
LONDON: London Mayor Boris Johnson has warned that thousands of high earning bankers will flee London because of the government's tougher taxes on bonuses.
In a letter to Treasury chief Alistair Darling released on Friday, Johnson sought an urgent meeting to discuss the introduction of new tax rates for top earners and a temporary 50 percent levy on bank bonuses above 25,000 pounds ($40,700).
"You have made unilateral changes to taxation that risk damaging London's competitiveness and its status, alongside New York, as the world's leading financial-services center," Johnson wrote in the letter.
He estimated that around 9,000 bankers may relocate abroad, with knock-on effects on London's legal, accountancy, publishing and media industries and a reduction in the tax resources available to fund public services.
"The government is doing nothing more than fast-tracking the departure of this talent pool out of Britain and into the welcoming arms of our competitors," he added.
However, some lawmakers and analysts said Johnson's warning was undermined by plans announced by U.S. President Barack Obama on Thursday to tax U.S. banks to recoup the public bailout of foundering firms at the height of the financial crisis.
Obama is proposing a tax of 0.15 percent on the liabilities of large financial institutions. It would apply only to those companies with assets of more than $50 billion - a group estimated at about 50.
New York Mayor Michael Bloomberg said Obama's plan might drive some financiers, and the large amounts of tax they pay, out of the city.
"If you tax Wall Street, you're taxing all of our firefighters, police officers and teachers because we just cannot afford to keep all of them working if our tax revenues go down and that's what would happen," Bloomberg said Friday on his weekly radio show.
"Now people aren't going to give up their American citizenship, but companies can move some of their business overseas very easily," he added,
Amid calls for British Prime Minister Gordon Brown to impose similar levies on British banks, John Mann, a member of the ruling Labour Party, said the new U.S. tax had "delegitimized" claims bankers will flee abroad to avoid levies in Britain.
"I think it is an excellent plan and it opens up the possibility for the rest of the world - including this country - to do something similar," said Mann, who sits on the influential cross-party Commons Treasury Committee.
"Bankers can't now use the excuse that they will go abroad, because if America is doing it - and that's where most of the big investment banks are - then there is nowhere else to go," he added.
Brendan Barber, the general secretary of the Trades Union Congress, said that Johnson was suggesting that senior bankers should have a "veto on any policy they do not like."
"All they need to do is threaten to leave, and Boris would have us cave in," Barber said.
"But they have cried wolf too often. And as the U.S. shows, every advanced country is now starting to demand that banks and bankers pay their fair share of putting right the damage of the recession they have caused."
Brown's spokesman Simon Lewis said that the Treasury was studying Obama's proposals, but stressed that individual countries' responses would depend on their particular circumstances.
"The interventions made by the UK and US governments were very different," Lewis said.
Britain took stakes in the banks it bailed out, forking out some 850 billion pounds in taxpayer money, substantially more than the $100 billion cost of U.S. intervention.
Britain could potentially make a profit if it sells those stakes at the right time, likely some time off yet.
"We took stakes in banks and we therefore expect to recoup that investment, as the prime minister has made clear, by realizing our investment at the right moment," said Lewis. - AP
Latest business news from AP-Wire
Bonuses
Banker Bonus Taxes From D.C. To London
Parmy Olson, 01.15.10, 01:10 PM EST
Will a bonus tax really spark a banker exodus from London? Obama's latest TARP levy makes that unlikely.
LONDON -- Boris Johnson is standing up for his fellow man--that is, the kind of man who wears pinstriped suits and knows the difference between a CDO and a bond spread.
London's floppy-haired mayor wrote an impassioned letter to the British Treasury on Friday, warning that the government's planned-50% tax on banker bonuses worth more than 25,000 pounds ($40,700) would spark an exodus among the city's financial elite.
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rssHe estimates that around 9,000 bankers could relocate abroad, hurting not only the financial services industry here but firms that service the sector, including legal, accounting and media firms.
"You have made unilateral changes to taxation that risk damaging London's competitiveness and its status, alongside New York, as the world's leading financial-services center," Johnson wrote in the letter addressed to Treasury head Alastair Darling, adding that the government was "fast-tracking the departure of this talent pool out of Britain."
His words might have had more bite if President Barack Obama hadn't introduced the idea of a tax on banks just a day earlier. (See "The Truth About The TARP Tax.")
Though Obama's TARP tax isn't as specifically targeted as the British levy on bonuses, it aims to recoup some of taxpayer funds that went into bailing out some of the country's biggest banks during the financial crisis; the President wants them to repay about $117 billion in TARP funds.
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John Mann, who sits on the cross-party Commons Treasury Committee and is a member of the ruling labor party, said the U.S. tax had "delegitimized" claims like Johnson's, that bankers would flee abroad.
"Bankers can't now use the excuse that they will go abroad, he said, "because if America is doing it--and that's where most of the big investment banks are--then there is nowhere else to go."
Banks with operations in both the U.S. and London like Goldman Sachs ( GS - news - people ), JPMorgan Chase ( JPM - news - people ), Citigroup ( C - news - people ) and Barclays ( BCS - news - people ) will be subject to both taxes. But hey, Bermuda's a nice place to do business. Just ask a hedge fund manager.
The Associated Press contributed to this article.
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Bonuses 2009: Why US Banks Deserve the Taxation Prepared by Obama
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Banks had at least six months to prepare a sensible solution to the "problem" of the 2009 bonuses. For that to happen, they had to accept the situation they were in, and recognize the social and political outrage surrounding them. They could at least show some concern about the fate of their clients, especially small and medium enterprises and households which they are slowly but surely suffocating.
Instead of trying to come with a constructive solution to attenuate a loss of trust and confidence in their leadership and institutions, they failed to accept that their exceptional earnings did not become to them.
The exceptional level of activity of the bond markets around the world ($ 2 trillion) was made possible by the fact that interest rates were maintained artificially low by the Federal Reserve Board. In a context of low interest rates, corporations took advantage of lower yields to consolidate their indebtedness, and, if I believe what many CEOs and CFOs are telling me, make sure that they no longer depend from erratic decisions by bank managements.
Not only did those super profits not belong to them but to the authorities and the public, but they also managed to take advantage of that situation to disentangle themselves from the bailout, not for financial reasons, but to make sure they could pay the $ 150 billion they intend to allocate as 2009 bonuses. The negotiation of the TARP conditions was so favorable to the banks that it puts the authorities in a conundrum.
Facing that situation, the Treasury is caught between two evils: either they refuse to be repaid and maintain the banks under close surveillance. In that case, they continue to be criticized for using taxpayers' money. Or they accept the repayment, and just get some interest, losing their leverage to transform the way bankers are compensated.
Based on the Financial Stability Board recommendations, the regulators should and could impose that a substantial part of the 2009 earnings be put in reserve to consolidate the equity position of the banks in front of the future challenges. We are not yet out of the woods. Between the risks connected to consumer finance, credit cards, commercial real estate and residential mortgages, a financial crisis are not excluded this year.
And then, what happens? Will they dare to ask the Government to step in after having put $ 150 billion in their individual pockets? Will they cry that they did not see it come? Will the regulators continue, Mr. Bernanke at the Fed as the first one, state that there are no systemic risks anymore and no assets inflation? Are we blind about what lies ahead?
The arrogance, cynicism and irresponsibility of the banks this year is appalling. They did nothing to support any form of consumer or SME financing: they strangle every day, through credit cards and otherwise, households and companies. The Private Equity Funds are up in arms not to pay ordinary income taxes on their carried interest while they did not invest while they want only to pay capital gain taxes?
President Obama is right to be outraged, and we all are. Time has come to settle the account. The lack of civism of banks deserves nothing else than a substantial tax on the income they did not earn by their efforts, and a subsequent reduction of the bonuses of bankers who effortless benefitted from the generosity of the Government and the low interest rates of a benevolent Federal Reserve.
http://www.huffingtonpost.com/georges-ugeux/bonuses-2009-why-us-banks_b_421880.html
Business News
US to serve formal notice to China over Google
Observing that China needs to explain about internet freedom, the Obama Administration said it would serve a formal demarche to the Chinese Government over the spat with Google.
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Kraft Foods chief Irene Rosenfeld has a long weekend ahead of her and may leave Cadbury shareholders unsatisfied at the end of it.
- Yahoo knew of attacks before Google, kept mumReuters - 07:21 AM
Yahoo Inc knew it had been a target to sophisticated Chinese cyber attacks on U.S. corporations before Google alerted the company to them, a source familiar with the matter said, but chose to remain silent after its bigger rival went public.
- China plays down Google dispute but U.S concernedReuters - 06:53 AM
China sought on Friday to play down a threat by Google Inc to quit the country on hacking and censorship concerns, but the United States said it will formally express concern over the cyber attacks the Internet search giant said originated in China.
- US to serve demarche to China on GooglePTI - 05:59 AM
Lalit K Jha Washington, Jan 16 (PTI) Observing that China needs to explain about internet freedom, the Obama Administration today said it would serve a formal demarche to the Chinese Government over the spat with Google.
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In a meeting held at the Writer's Building on Friday, State chief secretary Ashok Mohan Chakrabarti discussed the possibilities of building a deep sea port.
India
- Suzuki to end hybrid development with GMReuters - 09:19 AM
Suzuki Motor Corp said it would end joint development projects with General Motors for hybrid and fuel-cell technologies as part of an operational review following its alliance with Volkswagen AG.
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- India-Nigeria trade, investment pacts to be finalised by JuneIE - 05:04 AM
India and Nigeria have engaged in bilateral trade negotiations with three potential agreements in the offing for this year.
- Higher fee, interest income boost private bank profitsIE - 05:04 AM
Despite low credit offtake and fears over higher marked-to-market provisioning in the securities portfolios, listed private banks have churned out better results for the third quarter ended December 2009. A strong growth in fee-based revenue and net interest income boosted the profits of private banks, enabling them to successfully tackle the impact of low credit offtake.
- To allow high rises or not?IE - 05:04 AM
Suburbs around Delhi such as Gurgaon, Noida, Indirapuram and Faridabad get power supply ranging from 16 to 20 hours a day.
International
- US stocks posts biggest one-day loss of 2010IANS - 06:33 AM
New York, Jan 16 (DPA) US stocks Friday ended the week by posting the largest one-day drop of 2010, fuelled by lower-then-expected quarterly revenue from banking giant JP Morgan Chase.
- U.S. House hearing to target Asian auto barriersReuters - 01:30 AM
The U.S. House of Representatives will hold a hearing next week to examine Japanese and South Korean trade barriers "that shut out U.S. autos" and consider what action the United States should take in response, a senior lawmaker said on Friday.
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- China, India top over-performers in improving trade logisticsIANS - Fri, Jan 15
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Markets
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Investors sold shares globally and stepped up bids for safe-haven bonds and the U.S. dollar after JPMorgan & Co reported deep losses on loans and its revenue fell short of Wall Street's expectations.
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Profits from top U.S. technology companies like IBM and financial companies like Goldman Sachs Group Inc next week could help stocks gain as long as investors see room for more profit growth.
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Taxation in India
From Wikipedia, the free encyclopedia
| This article does not cite any references or sources. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. (September 2007) |
Taxes in India are levied by the Central Government and the State Governments. Some minor taxes are also levied by the local authorities such the Municipality or the Local Council.
The authority to levy a tax is derived from the Constitution of India which allocates the power to levy various taxes between the Centre and the State. An important restriction on this power is Article 265 of the Constitution which states that "No tax shall be levied or collected except by the authority of law."[1] Therefore each tax levied or collected has to be backed by an accompanying law, passed either by the Parliament or the State Legislature.
Contents[hide] |
[edit] Central Board of Direct Taxes
The Central Board of Direct Taxes (CBDT) is a part of the Department of Revenue in the Ministry of Finance, Government of India. The CBDT provides essential inputs for policy and planning of direct taxes in India and is also responsible for administration of the direct tax laws through Income Tax Department. The CBDT is a statutory authority functioning under the Central Board of Revenue Act, 1963.
[edit] Constitutionally established scheme of Taxation
Article 246[2] of the Indian Constitution, distributes legislative powers including taxation, between the Parliament and the State Legislature. Schedule VII[3] enumerates these subject matters with the use of three lists;
- List - I entailing the areas on which only the parliament is competent to makes laws,
- List - II entailing the areas on which only the state legislature can make laws, and
- List - III listing the areas on which both the Parliament and the State Legislature can make laws upon concurrently.
Separate heads of taxation are provided under lists I and II. There is no head of taxation in the Concurrent List (Union and the States have no concurrent power of taxation).[4] The list of thirteen Union heads of taxation and the list of nineteen State heads are given below:[5]
| S. No. | Parliament |
|---|---|
| 1 | Taxes on income other than agricultural income (List I, Entry 82) |
| 2 | Duties of customs including export duties (List I, Entry 83) |
| 3 | Duties of excise on tobacco and other goods manufactured or produced in India except (i) alcoholic liquor for human consumption, and (ii) opium, Indian hemp and other narcotic drugs and narcotics, but including medicinal and toilet preparations containing alcohol or any substance included in (ii). (List I, Entry 84) |
| 4 | Corporation Tax (List I, Entry 85) |
| 5 | Taxes on capital value of assets, exclusive of agricultural land, of individuals and companies, taxes on capital of companies (List I, Entry 86) |
| 6 | Estate duty in respect of property other than agricultural land (List I, Entry 87) |
| 7 | Duties in respect of succession to property other than agricultural land (List I, Entry 88) |
| 8 | Terminal taxes on goods or passengers, carried by railway, sea or air; taxes on railway fares and freight (List I, Entry 89) |
| 9 | Taxes other than stamp duties on transactions in stock exchanges and futures markets (List I, Entry 90) |
| 10 | Taxes on the sale or purchase of newspapers and on advertisements published therein (List I, Entry 92) |
| 11 | Taxes on sale or purchase of goods other than newspapers, where such sale or purchase takes place in the course of inter-State trade or commerce (List I, Entry 92A) |
| 12 | Taxes on the consignment of goods in the course of inter-State trade or commerce (List I, Entry 93A) |
| 13 | All residuary types of taxes not listed in any of the three lists (List I, Entry 97) |
| S. No. | State Legislature |
|---|---|
| 1 | Land revenue, including the assessment and collection of revenue, the maintenance of land records, survey for revenue purposes and records of rights, and alienation of revenues (List II, Entry 45) |
| 2 | Taxes on agricultural income (List II, Entry 46) |
| 3 | Duties in respect of succession to agricultural income (List II, Entry 47) |
| 4 | Estate Duty in respect of agricultural income (List II, Entry 48) |
| 5 | Taxes on lands and buildings (List II, Entry 49) |
| 6 | Taxes on mineral rights (List II, Entry 50) |
| 7 | Duties of excise for following goods manufactured or produced within the State (i) alcoholic liquors for human consumption, and (ii) opium, Indian hemp and other narcotic drugs and narcotics (List II, Entry 51) |
| 8 | Taxes on entry of goods into a local area for consumption, use or sale therein (List II, Entry 52) |
| 9 | Taxes on the consumption or sale of electricity (List II, Entry 53) |
| 10 | Taxes on the sale or purchase of goods other than newspapers (List II, Entry 54) |
| 11 | Taxes on advertisements other than advertisements published in newspapers and advertisements broadcast by radio or television (List II, Entry 55) |
| 12 | Taxes on goods and passengers carried by roads or on inland waterways (List II, Entry 56) |
| 13 | Taxes on vehicles suitable for use on roads (List II, Entry 57) |
| 14 | Taxes on animals and boats (List II, Entry 58) |
| 15 | Tolls (List II, Entry 59) |
| 16 | Taxes on profession, trades, callings and employments (List II, Entry 60) |
| 17 | Capitation taxes (List II, Entry 61) |
| 18 | Taxes on luxuries, including taxes on entertainments, amusements, betting and gambling (List II, Entry 62) |
| 19 | Stamp duty (List II, Entry 63) |
Any tax levied by the government which is not backed by law or is beyond the powers of the legislating authority may be struck down as unconstitutional.
[edit] Income Tax Act of 1961
The major tax enactment in India is the Income Tax Act of 1961 passed by the Parliament, which imposes a tax on income of individuals and corporations[6]. This Act imposes a tax on income under the following five heads:[7]
- Income from house and property,
- Income from business and profession,
- Income from salaries,
- Income in the form of Capital gains, and
- Income from other sources
[edit] Other Major Taxation Laws
Other major taxation laws enacted by the Parliament are;
- Wealth Tax Act, which has a regular history of being passed and repealed;
- Service Tax, imposed under Finance Act, 1994, which taxes the provision of services provided by service providers within India or services imported by Indian from outside India;
- Central Excise Act, 1944, which imposes a duty of excise on goods manufactured or produced in India;
- Customs Act, 1962, which imposes duties of customs, counterveiling duties and anti-dumping duties on goods imported in India;
- Central Sales Tax, 1956, which imposes sales tax on goods sold in inter-state trade or commerce in India;
- Transaction Tax, which taxes transactions of sale of securities and other specified transactions;
The major taxation enactments passed by the State Legislatures are in the nature of the following;
- Excise duties on tobacco, alcohol and narcotics;
- Sales tax, on sale of goods within the State;
- Stamp duties, on sale of property situated within the State;
- Entertainment taxes
[edit] Income tax rates
In terms of the Income Tax Act, 1961, a tax on income is levied on individuals, corporations and body of persons. The rate of taxes are prescribed every year by the Parliament in the Finance Act, popularly called the Budget. In terms of the Finance Act, 2008, the rate of tax for individuals, HUF, Association of Persons (AOP) and Body of individuals (BOI) is as under;
For the Assessment Year 2009-10 Taxable income slab (Rs.)
- Up to 1,60,000 - NIL
- Up to 1,90,000 (for women) - NIL
- Up to 2,40,000 (for resident individual of 65 years or above) - NIL
- 1,60,001 – 3,00,000 - 10%
- 3,00,001 – 5,00,000 - 20%
- 5,00,000 Above - 30%
- A surcharge of 10% of the total tax liability is applicable where the total income exceeds Rs 1,000,000.
Note : -
Education cess is applicable @ 3 per cent on income tax, inclusive of surcharge if there is any. A marginal relief may be provided to ensure that the additional IT payable, including surcharge, on excess of income over Rs 1,000,000 is limited to an amount by which the income is more than this mentioned amount.
[edit] Overall taxation
Total tax receipts of Centre & State amount to approximately 18% of national GDP. This compares to a figure of 37-45% in the OECD and explains why the country remains under-developed as evident inter-alia from the poor state of its infrastructure and social services compared to OECD countries. The limited resources of Government affect its ability to pay fair wages to public servants. This may well be the cause of endemic corruption at all levels of government.
Gross tax revenues of the Government of India have grown steadily from around Rs.1 billion in 1945 to over Rs.1 trillion by 1995. They are expected to reach Rs.8 trillion by 2010 at the current rate of growth. Below is a chart of gross tax revenues (before splitting shares of States) of the Government of India assessed by the Finance Commissions from time to time with figures in millions of Indian Rupees.
| Year | Gross Tax Revenues | Excise Duties | Corporation Tax | Customs | Income Tax | Service Tax | Wealth Tax |
|---|---|---|---|---|---|---|---|
| 1945 | 463 | 753 | 736 | 1,023 | |||
| 1950 | 675 | 404 | 1,571 | 1,327 | |||
| 1955 | 1,452 | 370 | 1,667 | ||||
| 1960 | 3,949 | 1,375 | 1,275 | ||||
| 1965 | 16,827 | 8,141 | 3,716 | 4,195 | 2,940 | ||
| 1970 | |||||||
| 1975 | |||||||
| 1980 | |||||||
| 1985 | |||||||
| 1990 | |||||||
| 1995 | 1,060,220 | 458,220
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