« General » Open DEMAT Account in 24 hrs  Income Tax Department regrets issuing erroneous notices to taxpayers: Know the details  Income Tax Return: Miss THIS ITR filing deadline and you will be fined Rs 10000  Tax contribution of petroleum sector set to drop rapidly in FY 2024-25  Missed reporting foreign assets in ITR? File revised return to avoid Rs 10 lakh penalty  Tax regime shift: Is filing ITR under old regime still valid after default new regime?  Income Tax Department Targets Bogus Refund Claims, Issues Notices To Taxpayers  IT firms bullish on higher spending due to tax cuts  How to calculate capital gains tax on sale of land?  Don't fall for fake notices! How to verify your income tax communication  I decided to shift to the new tax regime. Will I lose benefit on interest income of my PPF account?  Income Tax Return: How to prepare for hassle-free tax compliance? Here is a 10-point checklist «  I-T dept gains with fatter tax collection... Unreasonable demands... » State government levies take sting off tax breaks for cars January, 07th 2009 The Centre proposes, the state disposes. The Central governments plan to revive demand for the ailing car industry with excise duty cuts totalling 8 per cent is coming undone because of state-level levies that substantially negate the price effect. Atleast six states, including Andhra Pradesh, Tamil Nadu, Karnataka and Gujarat have increased road taxes after excise duties on small cars were slashed by 4 percentage points in February 2008. Some 10 states including Delhi are looking to hike road taxes again after the second round that came as part of the stimulus package last month. So, the price tag in the showroom means very little. The industry needs a big bang approach and the government has already done its bit by affecting the CENVAT (Central value added tax) cut in December. In many cases however, it could be negated by states raising registration and road taxes or imposing new taxes, said Dilip Chenoy, Director General, Society of Indian Automobile Manufacturers (SIAM). In the last one year, a number of states have tried to transfer the benefits of central excise cut to their coffers. Gujarat for example, imposed a 20 per cent surcharge on VAT in April, while Tamil Nadu and Karnataka raised road tax by 2 per cent in June and August.