« Top Headlines » Open DEMAT Account in 24 hrs  Mock Test Papers Series - I & II for Students appearing in CA Foundation January 2027 Examination.  Income Tax Rules 2026: CBDT Introduces Revised Form 161 for Penalty Waiver, Clarifies Misreporting Categories and Taxpayer Relief  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 «  Tax as penalty is not valid... Ficci wants infrastructure tax incentive back... » Use FDI to expand tax base: Shome November, 15th 2006 The government should look at foreign direct investment as an avenue for expanding the tax base, suggested Parthasarthi Shome, advisor in the office of the Finance Minister.    Shome today suggested a cost-benefit assessment of the effects of foreign direct investment in terms of its benefits versus the losses that result from revenue foregone through the tax sops that are given to attract foreign capital.    Ultimately, we have to look at whether we are able to expand the tax base. The government is continuing its effort to expand the base, he said.    Ficci President Saroj Kumar Poddar suggested a modification in the tax system to remove constraints on in-bound and outbound investments.    In order to encourage Indian companies which had overseas subsidiaries to repatriate their earnings, he said the receipt of dividend and capital gains should be exempted from tax or taxed on a concessional basis.    Poddar also said the government needed to clarify that transactions in respect of such Indian assets would not be regarded as transfer for the purpose of capital gains under Section 47 of the Income Tax Act.    He urged expansion of the scope of Authority of Advance Ruling to cover transactions undertaken by resident assessees.    Ficci also suggested that Dividend Distribution Tax (DDT) needed to be brought within the ambit of double taxation avoidance agreements.    A re-look at transfer pricing norms and provision of a 100 to 300 per cent penalty on the tax payable on the amount of adjustment was also mooted by the industry body.    Jeffrey Owens, director, OECD Centre on Tax Policy and Administration, pointed out that a major challenge existed for Indian corporates with regard to how their overseas subsidiaries were taxed.