Guilty could face rigorous imprisonment for 10 years while penalty will be 300 percent of the tax evaded
MFs feared the budget proposal will hurt them as majority of assets under management comes under the debt category
An evasion of service tax of Rs 50 lakh and above has now been made a cognisable offence after the passage of current fiscal Finance Bill on 10 May.
With the BJP escalating confrontation, top Congress leadership on Tuesday deliberated upon the future of the ongoing Budget session amid speculation that it could be cut short.
The Finance Bill brought much-needed relief to Dalal Street and foreign investors after the finance minister P Chidambaram clarified that tax residency certificate (TRC) is enough proof for a foreign investor to claim tax benefits in India
CPI(M) on Tuesday described the disruption of Parliamentary proceedings as "match-fixing" between BJP and Congress and said the Opposition's demand for Prime Minister Manmohan Singh's resignation over the coal allocation issue was meaningless.
The chamber appealed to political parties to sit together and agree at least on minimum economic agenda. The country is faced with a situation where even the Budget and the Finance Bill got passed without a debate in Parliament, it said.
Opposition, including BJP, Left and other parties, on Tuesday walked out of Lok Sabha, charging the government with indulging in one scam after another and saying they would not be party to the passage of the Finance Bill and the Railway Budget.
There will be no wealth tax on farm land even in urban localities, says Finance Minister P Chidambaram.
The Parliament is likely to pass the Finance Bill for 2013-14 today with 12 amendments.
Sensex opened 19608.32, up 1. 15 percent, Nifty opened at 5959.65, up 0.94 percent.
The Bharatiya Janata Party on Monday said they will allow the Finance Bill 2013-14 to be passed in the Lok Sabha on Tuesday, as they did not want a "constitutional crisis" to arise.
Failure to pay excise duty and service tax could lead to arrest of defaulters, as per the provisions proposed in the Finance Bill 2013 introduced by Finance Minister P Chidambaram in the Lok Sabha.
Although the reassurances from the finance minister soothed some of the concerns, foreign investors called the poorly worded amendment damaging to India's appeal.
With the Finance Minister, Pranab Mukherjee abandoning the idea of dropping the proposal that would amend ...
Once the changes go through, Vodafone could be an immediate beneficiary as it won't have to pay about Rs 7,900 crore penalty.
India signaled it wants to levy a heavy retroactive tax on some international mergers. This retrospective amendment to tax Vodafone like cases only makes doing business in India harder and cumbersome.