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Article: INDIAN NEWSPAPER HIGHLIGHTS - OCT 1, 2009.
- Article from:
- AsiaPulse News
- Article date:
- October 1, 2009
CopyrightCOPYRIGHT 2009 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NEW DELHI, Oct 1 Asia Pulse - Highlights of today's newspapers:
THE ECONOMIC TIMES:
- The tax department has willy-nilly become a party-pooper bang in the middle of India's month-long festive season, characterised by indulgences in food, festivity and gifting. The Central Board of Direct
Taxes (CBDT) has given effect to the budget declaration to tax all gifts in kind worth over Rs 50,000 (US$1,047) from October 1, the apex body on direct taxes said on Wednesday.
Any such gift, including real estate, cars and diamond jewellery, will attract income tax from Thursday. Until now, income tax was levied only on cash gifts above Rs 50,000.
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