The government plans to implement the Direct Taxes Code (DTC) from 2011-12 after addressing all concerns relating to controversial proposals like taxation of retirement benefits, weeding out incentives for housing sector and changes in the Minimum Alternate Tax (MAT). The proposals in the Code are only “illustrative” and are open for discussion and there is [...]

The government today said IT firm Satyam Computer Services, its founder B Ramalinga Raju and his family-promoted firm Maytas Group along with its other group companies owe Rs 541 crore in income-tax dues. In a written reply to the Lok Sabha, Minister of State for Finance S S Palanimanickam said, “As of now, the outstanding [...]

The Income Tax department’s task force-based approach towards recovery of arrears seems to have paid rich dividends. The recovery of arrears in 2008-09 was Rs 10,016 crore, official sources said, adding that this was the highest since financial year 2004-05, when a special drive for collection of arrears was launched. Tax outstanding becomes arrears when [...]