Tax law
Axis Bank, India's third-largest private sector bank, has introduced a facility allowing customers to pay income tax at ATMs across the country. Initially available at select ATMs in major centers, the service will be expanded to cover all 5,600-plus ATMs nationwide. This initiative, backed by the Central
Tax law
The Union Budget 2011 is set to be tabled by finance minister Pranab Mukherjee on Monday, with the middle class eagerly awaiting proposals to raise the first slab of income tax and maintain existing prices of domestic LPG. As the fiscal deficit is already on the higher side, experts feel
Tax law
Indian Finance Committee Chairman Yashwant Sinha has suggested increasing the income tax exemption limit from the current Rs 160,000 (US$3,545) to Rs 200,000 (US$4,432) in the upcoming budget to provide relief to the common man struggling with high inflation. Sinha, a former Finance Minister,
Tax law
The United States Attorney's Office for the Northern District of Ohio announced that an Ohio man residing in Switzerland, Edward Gurary, has been charged with filing false personal income tax returns for the years 2004 through 2008. According to court records, Gurary failed to report interest income earned
Tax law
A new website, [www.withholding-tax-refund.com](http://www.withholding-tax-refund.com), aims to help non-resident alien workers in the US obtain tax refunds to which they are entitled. Under the J-1 visa program, taxes are withheld by the IRS, but workers often fail to claim their refunds due to complexity and
Tax law
Senator Ron Wyden (D-OR) expressed concerns about the tax-rate compromise and emphasized the need for tax reform, stating that the proposed extension of the Bush tax cuts for two years would create a culture of procrastination in the Senate and hinder efforts to reform the tax code. In an interview
Tax law
As the Senate prepares for a test vote on the White House tax compromise, Democrats in both chambers are weighing their options on the estate-tax provision. House progressives are planning to fight the deal, while Republicans are refusing to consider any changes or scuttling the deal. Representative Chris Van Hollen,
Tax law
Rep. Chris Van Hollen, Assistant to the Speaker of the House and a lead negotiator for House Democrats in tax talks with the administration, expressed serious reservations about the deal reached between President Obama and Republicans. In an interview with Peter Cook of Bloomberg News, Van Hollen stated that House
Tax law
Representative Michele Bachmann (R-MN), chairwoman of the House Tea Party Caucus and a tax lawyer, expressed her concerns about the recent tax cut compromise, which includes extending the Bush-era tax cuts and unemployment benefits. The deal, valued between $700 billion and $900 billion, has a hefty price tag that may
Tax law
The Rajasthan High Court has ruled that the conversion of grey cloth into finished calendered cloth does not constitute manufacturing under the Income Tax Act, 1961, and therefore, an assessee is not entitled to initial depreciation under section 32(1)(vi). The court also held that the provision of tea
Tax law
Tax Commissioner Cory Fong and state legislators are working on legislation to protect North Dakota taxpayers from potential state income tax increases resulting from the expiration of the Bush tax cuts. The standard deduction provision for married filers, which eliminates some of the penalty associated with filing a joint return,
City councils
The proposed Vikings stadium in Blaine is facing new opposition from an unexpected source: the Blaine City Council. Councilman Dick Swanson, who is also running for an Anoka County commissioner's seat, has requested that the council enforce state laws requiring a referendum on the countywide sales tax that
