Income upto Rs.2 lakhs per annum has been exempted from the Tax.
Income between Rs 2 lakhs to Rs. 5 lakhs per annum, will draw 10% income tax.
Income between Rs 5 lakhs to Rs. 10 lakhs per annum, will draw 20% income tax.
Income above Rs. 10 lakhs per annum will draw 30% income tax.
http://marketlive.in/market-beat/income-tax-slab-changes-in-union-budget-2012/
This after what their fancy accountants and Financial consultants cooked up the Books. Imagine what could have been the Tax Liability otherwise.
And these companies get relief package from the Federal Government and distribute Bonuses till Obama intervened.
WASHINGTON—With federal income taxes due in a few weeks, Sen. Bernie Sanders, the Vermont independent allied with Democrats, on Sunday released a list of ten big profitable U.S. companies paying little or no taxes. Sanders wants to close the loopholes that make this tax avoidance legal. Some people call the income tax system with generous loopholes for big companies corporate welfare or corporate entitlements. As Congress returns to work this week–after yet another break–to negotiate over big budget cuts–with social safety net programs facing reductions–Sanders is pushing for corporations to pay more of a fair “share.”
The Bernie Sanders Ten, per release….
1) Exxon Mobil made $19 billion in profits in 2009. Exxon not only paid no federal income taxes, it actually received a $156 million rebate from the IRS, according to its SEC filings.
2) Bank of America received a $1.9 billion tax refund from the IRS last year, although it made $4.4 billion in profits and received a bailout from the Federal Reserve and the Treasury Department of nearly $1 trillion.
3) Over the past five years, while General Electric made $26 billion in profits in the United States, it received a $4.1 billion refund from the IRS.
4) Chevron received a $19 million refund from the IRS last year after it made $10 billion in profits in 2009.
5) Boeing, which received a $30 billion contract from the Pentagon to build 179 airborne tankers, got a $124 million refund from the IRS last year.
6) Valero Energy, the 25th largest company in America with $68 billion in sales last year received a $157 million tax refund check from the IRS and, over the past three years, it received a $134 million tax break from the oil and gas manufacturing tax deduction.
7) Goldman Sachs in 2008 only paid 1.1 percent of its income in taxes even though it earned a profit of $2.3 billion and received an almost $800 billion from the Federal Reserve and U.S. Treasury Department.
8) Citigroup last year made more than $4 billion in profits but paid no federal income taxes. It received a $2.5 trillion bailout from the Federal Reserve and U.S. Treasury.
9) ConocoPhillips, the fifth largest oil company in the United States, made $16 billion in profits from 2007 through 2009, but received $451 million in tax breaks through the oil and gas manufacturing deduction.
10) Over the past five years, Carnival Cruise Lines made more than $11 billion in profits, but its federal income tax rate during those years was just 1.1 percent.
Income Tax Avoiders.
Sanders compiled a list of some of some of the 10 worst corporate income tax avoiders.
1) Exxon Mobil made $19 billion in profits in 2009. Exxon not only paid no federal income taxes, it actually received a $156 million rebate from the IRS, according to its SEC filings.
2) Bank of America received a $1.9 billion tax refund from the IRS last year, although it made $4.4 billion in profits and received a bailout from the Federal Reserve and the Treasury Department of nearly $1 trillion.
3) Over the past five years, while General Electric made $26 billion in profits in the United States, it received a $4.1 billion refund from the IRS.
4) Chevron received a $19 million refund from the IRS last year after it made $10 billion in profits in 2009.
5) Boeing, which received a $30 billion contract from the Pentagon to build 179 airborne tankers, got a $124 million refund from the IRS last year.
6) Valero Energy, the 25th largest company in America with $68 billion in sales last year received a $157 million tax refund check from the IRS and, over the past three years, it received a $134 million tax break from the oil and gas manufacturing tax deduction.
7) Goldman Sachs in 2008 only paid 1.1 percent of its income in taxes even though it earned a profit of $2.3 billion and received an almost $800 billion from the Federal Reserve and U.S. Treasury Department.
8) Citigroup last year made more than $4 billion in profits but paid no federal income taxes. It received a $2.5 trillion bailout from the Federal Reserve and U.S. Treasury.
9) ConocoPhillips, the fifth largest oil company in the United States, made $16 billion in profits from 2007 through 2009, but received $451 million in tax breaks through the oil and gas manufacturing deduction.
10) Over the past five years, Carnival Cruise Lines made more than $11 billion in profits, but its federal income tax rate during those years was just 1.1 percent.
The Radia tapes controversy relates to the taped and released telephonic conversations between Nira (also Niira) Radia, a professional lobbyist and politicians, corporates and industrialists, officials, bureaucrats, aides and journalists that were taped by the Indian Income Tax Department in 2008-09. The tapes led to government and public accusation that these calls documented planning of the 2G spectrum scam, along with other criminal and unconstitutional malpractices. Nira Radia runs apublic relations firm named Vaishnavi Corporate Communications and also operates through subsidiaries such as Neucom, Noesis Strategic Consulting Services and Vitcom Consulting whose clients, among others, include Ratan Tata’s Tata Group,Mukesh Ambani’s Reliance Industries and Prannoy Roy’s NDTV.
nira radia photos, nira radia images, nira radia wallpapers, nira radia stills, nira radia pics, nira radia pictures
After getting authorization from the Home Ministry, the Indian Income Tax department tapped Radia’s phone lines for 300 days in 2008-2009, as part of it’s investigations into alleged large scale money laundering, tax evasion and financial malpractices by Niira Radia.
A Hindi web portal Bhadas4media took up this story as early as May 2010 when on 07 May 2010, the first article was published. and requests for information under the Right to Information Act’
In November 2010, OPEN magazine carried a story which reported transcripts of some of the telephone conversations of Niira Radia with senior journalists, politicians, and corporate houses, many of whom have denied the allegations. The Central Bureau of Investigation has announced that they have 8000 recordings of phone conversations by Radia in relation to the 2G spectrum sale.
nira radia photos, nira radia images, nira radia wallpapers, nira radia stills, nira radia pics, nira radia pictures
In the recorded conversations between Nira Radia and prominent figures, several prominent figures are heard in conversation with Radia:
Please follow link for details, for audio and video
The Radia tapes controversy relates to the taped and released telephonic conversations between Nira (also Niira) Radia, a professional lobbyist and politicians, corporates and industrialists, officials, bureaucrats, aides and journalists that were taped by the Indian Income Tax Department in 2008-09. The tapes led to government and public accusation that these calls documented planning of the 2G spectrum scam, along with other criminal and unconstitutional malpractices. Nira Radia runs a public relations firm named Vaishnavi Corporate Communications and also operates through subsidiaries such as Neucom, Noesis Strategic Consulting Services and Vitcom Consulting whose clients, among others, include Ratan Tata’s Tata Group,Mukesh Ambani’s Reliance Industries and Prannoy Roy’s NDTV.
After getting authorization from the Home Ministry, the Indian Income Tax department tapped Radia’s phone lines for 300 days in 2008-2009, as part of it’s investigations into alleged large scale money laundering, tax evasion and financial malpractices by Niira Radia.
A Hindi web portal Bhadas4media took up this story as early as May 2010 when on 07 May 2010, the first article was published. and requests for information under the Right to Information Act’
In November 2010, OPEN magazine carried a story which reported transcripts of some of the telephone conversations of Niira Radia with senior journalists, politicians, and corporate houses, many of whom have denied the allegations. The Central Bureau of Investigation has announced that they have 8000 recordings of phone conversations by Radia in relation to the 2G spectrum sale.
In the recorded conversations between Nira Radia and prominent figures, several prominent figures are heard in conversation with Radia:
http://results-2010.com/tag/nira-radia-tapes-profile
Related:
The investigation part is much more, which has not yet come out,” Pillai said. “The parts that have come out aren’t really connected to the investigation.”
The leaked tapes raised questions about media ethics based on conversations between prominent mediapersons and political powerbrokers on the formation of the Cabinet last year, the feud between the Ambani brothers and the controversial allocation of 2G mobile phone spectrum in 2008.
Pillai said the government is closely scrutinizing potentially illegal movement of funds in and out of India. But he did not throw light on the persons being probed or the likely charges against them.
The Central Bureau of Investigation handed over taped conversations of Radia, trying to secure tax concessions and manage favours for top industrialists, to the Supreme Court.
The CBI has said in an affidavit that it would complete the 2G spectrum probe by March 2011, and that it is examining transcripts relating to Radia’s phone calls and documents. The Enforcement Directorate (ED) grilled Radia for more than eight hours in November.
http://ibnlive.in.com/news/brace-for-taxgate-not-radiagate/136690-3.html?from=tn
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