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Vodafone wins $2.5 bln Tax case – Hutchison deal stands ‘bonafide’ !

by Viral Dholakia on January 20, 2012 |

vodafone-logo

It was an Indian business valued at $11 billion – and a lawsuit that involved Vodafone Group Plc.’s acquisition of 67% stake in Hutchison Essar from Hutchison Telecommunications International Ltd. that took place in Cayman Islands way back in 2007. While the Income Tax department claimed taxes on the grounds of the transaction being …

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No income tax return filing upto Rs. 5 Lakh earnings!

by Arun Prabhudesai
Tax returns

Its Official – If you are salaried and earn less than Rs. 5 Lakh a year – There is no need for you to file income tax returns for assessment year ending 2012. What his means that salaried persons will not have to file returns for earnings in current financial year (2010-2011). Indian Government …

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Pre-Budget Expectations from an Aam-aadmi!

by Viral Dholakia

It’s time for the Union Budget 2011. Undoubtedly, this most awaited annual exercise will bring with it hopes to raise the standard of living of the common people; especially looking at the way the soaring inflation has eroded the value of money. Moreover, most of the debt or fixed-yielding investment avenues are providing negative returns [...]

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Top 10 Tax-saving Instruments for Investors!

by Viral Dholakia
Tax savings options

Let me share with you a small personal tryst with investment in Equity-linked Savings Scheme (ELSS) for tax-saving purposes. Since I track stock markets closely, my preference is usually tilted towards direct equity investments rather than going through the mutual fund route. However, in order to stifle my taxable income, I had to invest …

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Pranab Mukherjee bags “Finance Minister of the Year for Asia 2010” Award!

by Viral Dholakia
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Whenever there is crisis, he is there… So goes the cliché in the political circles with respect to the Indian Finance Minister Pranab Mukherjee. The great leader from the UPA government has served terms at different positions in various portfolios ranging from Industrial Development, Shipping and Transport, Revenue and Banking, Commerce, Planning Commission, External …

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Direct Tax Code [Calculations & Updates]

by Viral Dholakia
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The much-awaited Direct Tax Code (DTC) Bill was approved couple of days back and few more clarifications have come out – some positive, some negative. In fact, there is difference of opinion among various analysts. Some say that the new DTC Bill is nothing but old wine in a new bottle, while other …

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Direct Tax Code Bill approved – Positive for Individuals, Dampener for Corporates!

by Viral Dholakia
TaxCodeBillUpdate[1]

Finally, India is warming up to broadest tax reforms in the form of Direct Tax Code (DTC) and Goods and Services Tax (GST)  . The former is centered around expectations to minimize tax exemptions, but widen tax slab on personal finances; and the latter revolves around evolving an efficient and harmonized consumption tax system in [...]

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Weekly Wrap-up: $35 tablet, Doordarshan DTH, Iphone 4 launch, mobile movies, IRCTC CWG food, Multinational Earnings & more…

by Arun Prabhudesai
popular-posts-india-business

Last weeks biggest news undoubtedly was the launch of low-cost $35 tablet by the Indian Government for Educational purposes. Trak.in saw huge surge of traffic as we managed to bring out this news before anyone else and also procured some exclusive pictures, which were used by many popular blogs like Gizmodo, Wired, the next web [...]

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New GST structure – Whats in it ?

by Viral Dholakia
GST tax stucture

During his Union Budget 2010 Speech, Finance Minister Pranab Mukherjee had pointed out that the prospects for imposing the Direct Tax Code from April1, 2011, was strong. However, he didn’t sound as much confident speaking about the same for the biggest indirect tax reform – The Goods and Services Tax (GST). But, some progress …

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File your Income Tax Return now – Download Online Tax return ITR Forms…

by News Editor

There are so many people that ask me this questions – Why should I file my Tax returns, if I have already paid my taxes. Infact, many wrongly believe that there is no need to file the tax returns at all. This is a completely wrong perception and if you are one of those who [...]

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Buzzing News of the Week – World Cup, Octopus, Indians vs Americans, Tax Collections, Brand Satyam & more…

by Viral Dholakia
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The last week has been packed with surprising events wherein the laggards have made a sort of amazing comeback – be it Re-rating of the depressed Telecom Sector or even FIFA World Cup Favorites having been shown the door by the minnows (not to mention Octopus-led Germany ouster). The Octopus mania does not end with [...]

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Revised Direct Tax Code – What you should know !

by Viral Dholakia
Tax-Code-Bill-Update

The much-awaited revised discussion paper on the Direct Tax Code (DTC) is set in the public domain by the Manmohan Singh government. The earlier discussion paper on the Direct Tax Code Bill was released in August 2009 to receive public feedback and inputs on the proposals. The revised paper is said to have addressed some [...]

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Quote your PAN Card Number mandatorily or attract 20% TDS !

by Viral Dholakia
pan-card-mandatory

Starting from April 1, 2010, if your total income falls under any of the taxable slab, you are required to quote Permanent Account Number (PAN) in your financial transactions. Budget 2009-10 makes it mandatory to quote your PAN number in all correspondences with the tax authorities, a step taken to enhance transparency in the transaction [...]

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Tax implications for a Stock Marketer !

by Viral Dholakia
tax-stock-markets

Financial year 2009-10 will get wrapped-up on March 31. But, before that various business class, self-employed and professional people including those working as employees in different firms; will have to ensure proper due-diligence about their income and expenditures from the point of view of tax treatment of their net taxable incomes. Even stock market traders [...]

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Union Budget 2010: Unraveling Direct Tax Proposals

by Viral Dholakia
Direct-Tax-Proposals

Finance minister Pranab Mukherjee has proposed new tax slabs for the so called ‘aam aadmi’  in the Union Budget 2010. The tax slabs have been revised upwards for various income groups and thus providing windfall gains to middle and upper class people. Motto of Promoting Equality The tax slabs in …

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