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Under the Vivad se Vishwas scheme, the MNCs will have to bring in disputed amount to India, else, the entire money will be considered as loan from subsidiaries on which interest will have to be paid.
DDT is levied on dividends that a company pays its shareholders out of its profits. It is currently charged at the rate of 20.55 per cent, including a surcharge and education cess. Government may instead tax the shareholders receiving dividends, in a bid to help improve investor sentiment by addressing the multiplicity of taxes and bring down the effective tax rates for companies.
At present, the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, covers only resident Indians. The Finance Bill has expanded the definition of assessees to include NRIs.
The ministry said it was an anti-abuse provision amid growing instances of NRIs shifting their stay in low or no-tax jurisdiction to avoid tax payment in India.
The scheme offers waiver of interest, penalty, and prosecution for settling tax disputes.
The report, floated recently, comes a few days after the government cancelled the registration of Bengaluru-based NGO Infosys Foundation for alleged violation of norms in receiving foreign grants.
Cess upto 2 per cent will be levied
'Genuine' share transfer gets relief; CBDT lists three scenarios where tax would be levied
This will bring down capital gains especially in case of property transactions.
To decide whether capital gains on surrender of call options are taxable
The Committee will 'examine the assessment orders, appellate orders and scrutiny report for the appeal to the ITAT related to orders. . . and give its recommendations for different income groups, separately for corporate and non- corporate assesses", CBDT said.
The govt could allow start-ups and e-commerce cos to appropriate initial brand building expenses over several years for accounting benefits
The proposed move to withdraw the DDT would help encourage investments by addressing multiple taxation of income and bringing down the effective tax rate on companies, which is among the highest in the world.
The move followed after certain startups complained about facing harassment and the taxman breathing down their neck on the angel tax issue.
Non-compliance, underreporting or misreporting will attract a penalty of 50-200 per cent. The authorities may during assessment even tax assets that are 15-20 years old
Revenue foregone on account of corporation tax exemptions is estimated to grow by 16 per cent in 2018-19 (FY19) versus 8.7 per cent in the previous year and 12 per cent in 2016-17, show the Budget documents.
After the IT giant declared a bonus, investors selling shares may have to shell out 4-5 times more tax
A normal assessment notice is served under Section 148.
In simple terms, it refers to a deduction allowed in income tax, irrespective of expenses incurred or investment made by assessees.
Breather for FIIs: MAT assessments, fresh notices put on hold.
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The 'in substance' agreement with India under Foreign Account Tax Compliance Act was concluded on April 11, the US Treasury said.
Fresh PoEM guidelines will affect pharma, energy, automobiles, manufacturing and software companies.
The CBDT asks ministry of corporate affairs not to oppose its application to restore the companies struck off by the Registrar of Companies, as it would prevent the board from launching tax recovery proceedings against them.
'A bold, progressive step forward,' Kotak Mahindra Bank CEO Uday Kotak said of Nirmala Sitharaman's corporate tax breaks.
You can electronically verify returns and regularise these by August 31.
The tax computation compares the original cost, along with the stock value on January 31, and grants benefit of the higher of the two.
The department gets data of high-value transactions under the Annual Information Return.
Amendments will be tabled in Parliament for approval by Monday or Tuesday.
E-proceeding of tax scrutiny has certain technical and practical issues which need to be addressed before making the system fully electronically driven.
You need not worry even if there is a mismatch between your income and deduction in Form 16/16A and Form 26AS, says Ashley Coutinho
The US has been widely criticised for using pressure tactics to secure information from other countries, without reciprocity.
CBDT circular issued last month had raised multiple taxation concerns.
The development is expected to pave way for greater transfer pricing cooperation between the two countries, enhance investment flow
The proposed ban on cash transactions above Rs 3 lakh may hit luxury goods, jewellery sales and real estate.
With filing possible only online, there is no scope for any error.
The rules will affect Indian companies that take most decisions about their foreign subsidiaries.
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