The new system would be especially beneficial for Qualified Foreign Investors.
Increase in surcharge will adversely impact fund managers planning to shift to India. As a matter of fact several fund professionals based in India could also relocate to other jurisdictions, resulting in a brain drain.
The US is pressing for taxing digital economy through the 'marketing intangibles' principle and the UK through a 'user-base' principle.
To get same tax treatment as FIIs; rules on search & seizure and consent settlement cleared
The PMGKY will not allow declarants to use claims made for refunds for advance taxes paid, tax deducted at source and tax collected under the scheme.
The development is expected to pave way for greater transfer pricing cooperation between the two countries, enhance investment flow
The income tax department on Monday released rules for equalisation levy - a tax on online advertisements that would come into effect from June 1.
'We have promised to ensure reduced tax rates.'
GAAR will not override the recently revised double taxation avoidance agreements with Mauritius and Singapore.
Short-term capital gains tax of 30% is likely to be levied if bitcoin is held for less than three years and 20% if held for longer than 36 months.
Clarifying on reports that it cannot scrutinise tax returns of political parties, CBDT said: "There are enough provisions in the Income Tax Act to scrutinise the accounts of the political parties and these political parties are also subject to other provisions of income tax including filing of return."
Honest tax payers need not worry about the new black money law, says finance minister Arun Jaitley.
Noted jurist Ram Jethmalani on Tuesday accused in the Supreme Court the National Democratic Alliance government and the previous United Progressive Alliance dispensation of failure to bring back black money stashed abroad and criticised leaders including Prime Minister Narendra Modi, Bharatiya Janata Party President Amit Shah and Finance Minister Arun Jaitley on the issue.
Jaitley sets condition of 50% assets for applicability of capital gain tax.
The government must rein in its tax officers.
Treats gains on sale of as capital gains, not business income, spares him from huge tax liability.
The pandemic has brutally highlighted the inadequacy of India's administrative systems. And, the government has demonstrated its culpable inability to speed up vaccination in a timely manner, says Jaimini Bhagwati.
Generally,profit of a partnership firm is divided among its partners in sync with their partnership deal.
India is often viewed as an aggressive tax jurisdiction by domestic and overseas taxpayers, and making the charter as part of the Act may help restore confidence among taxpayers.
Court cases likely over interpretation of the new levy proposed in the Budget for digital economy.
'We have not issued notices randomly.' 'We have done the risk profiling of individuals, and sent to those whose profile has not matched with their declared income.'
The rules will affect Indian companies that take most decisions about their foreign subsidiaries.
The new scheme came into effect on Thursday. However, even after a scrutiny assessment, appeals will continue to be done through personal representation.
The black money law provides for tax and a penalty of 120 per cent of assets' value.
Earlier, Arun Jaitley had said 60 prosecutions had been launched on the 'HSBC list'.
Providers write to Sebi, FinMin; launches may hit pause.
Ninety-nine companies, which also include some unlisted ones, have more than Rs 100 crore each of minimum alternate tax credit on their books, cumulatively adding up to Rs 75,000 crore. By utilising MAT credit, many companies will be able to bring down their effective tax cost.
Never before in post-reforms India have Union Budgets seen a steady reduction in fiscal deficit for five consecutive years, points out A K Bhattacharya.
The Income Tax Act empowers the CBDT to capture information in respect of payments to non-residents, whether taxable or not
New ITR form may be simpler, but some changes could stump you.
If you are making any drastic changes, make sure there is adequate documentation
'The corporate tax cuts will obviously result in lower tax payments by companies,' says Central Board of Direct Taxes member Akhilesh Ranjan who retires after 37 years in government service.
One of the key concerns of foreign investors is how the general anti-avoidance rule would apply in case an investor is availing benefits under double taxation avoidance agreement.
On day 1, says retrospective taxation should be avoided; Sets up special investigation team to unearth black money.
Measures may include tax slab and rate revisions for individuals, companies.
The new tax regime proposed by the Modi government may not have acceptance from all corners.
Under new government, tax office to explore ways to reduce disputes.
The onus to explain that the gold jewellery was inherited or bought from known sources of income would be on the owner.
The Central Board of Direct Taxes has said the government has not introduced any new provision regarding the chargeability of tax on jewellery.
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