Tax laws News

Republican presidential nominee Donald Trump has admitted greatly benefiting from "unfair" US tax laws, saying that he used them "brilliantly" to his advantage, but promising to change them if he becomes the President.

Government has extended by one year the tenure of a high level committee set up under former Chief Economic Advisor Ashok Lahiri to suggest steps to sort out taxation problem being faced by the trade and industry.

To simplify Income Tax laws, the government today set up a committee under a former Delhi High Court judge to identify clauses that lead to litigations and suggest modifications to bring predictability and certainty in tax laws.

Finance Minister Arun Jaitley on Monday asserted that legitimate tax demand cannot be considered "tax terrorism" because India is not a tax haven.

Some announcement in this regard is likely to be made by Finance Minister Arun Jaitley in his Budget on February 28, sources said.

Italy`s government halted an overhaul of tax laws on Sunday after a controversy erupted over whether the proposed measures might annul the 2012 tax fraud conviction of former leader Silvio Berlusconi.