« Top Headlines » Open DEMAT Account in 24 hrs  ITR Filing and Income Tax Audit Deadline Extended: 5 Critical Things Taxpayers Must Know  Filing Belated ITR for AY 2026-27? Know Which Losses You Can Carry Forward and Which You May Lose  CBDT Extends Tax Audit Report Deadline to October 21, ITR Filing Last Date to November 21 for AY 2026-27  CBDT Extends AY 2026-27 ITR Filing Deadline for Tax-Audit Cases: New Dates and Key Compliance Details  Foreign Assets Missing From Your ITR? Income Tax Department Opens One-Time Disclosure Window  Tax Audit Deadline September 30: Why AIS, TDS and GST Figures May Not Match Your ITR and What Taxpayers Should Do  Tax audit deadline September 30: Common mistakes taxpayers should avoid  Your ITR says ‘verified’, but the refund hasn’t arrived? 5 reasons why your money could be stuck  Missed the ITR Deadline but TDS Refund Is Due? Here’s How You Can Still Claim Your Money  ITAT Cuts ?4.85 Lakh Penalty After ?14.02 Lakh Interest Income Was Missed in ITR  ITR filed under old regime, tax calculated under new regime; Delhi ITAT gives taxpayer relief «  Legal sector liberalisation hits Bar Council wall... Higher rate of tax on foreign companies... » Revenue dept moots 8% excise on processed food items October, 10th 2006 Department wants 16% excise on soft drinks, chocolates retained. The revenue department has suggested a uniform excise duty of 8 per cent for all processed food items except soft drinks, chocolates and malted food, for which it wants the rate retained at 16 per cent. The duty cuts have been mooted as part of an action plan to promote agri-business. The Vijay Kelkar task force on indirect taxes had recommended a uniform excise duty of 6 per cent on all processed food products. The GoM for promotion of agri-business feels high taxation on processed agricultural products is acting as a disincentive for private sector investment and distorting the competitiveness of food products. While primary agricultural commodities are mostly exempted, processed commodities are subjected to a central sales tax of 4 per cent and value added tax of 12.5 per cent. Apart from VAT, these products are subject to other taxes like entry tax and octroi. In addition, central excise is levied on all branded products. There are various anomalies in these schemes of things too. For instance, while jalzeera is exempt from excise, it is levied at a rate of 16 per cent on nimbu-pani. Similarly, sugar confectionery (with cocoa) attracts 16 per cent excise, while excise on the same products without cocoa is 8 per cent. Ice cream does not attract excise, while ice cream mixes and gulab jamun mixes are levied excise at 16 per cent and 8 per cent, respectively. On the proposal to cut customs duty on food processing machinery to 5-10 per cent from the present 20-40 per cent, the department has said it is difficult to do so as it will hurt the interests of the domestic capital goods industry. However, it is willing to cut customs duty on specific machines that are not manufactured domestically. The department has rejected the proposal to drop customs duty to 5-10 per cent from the present 25-44 per cent on packaging material as these are general use items in various industries.