The issue dates back many years when the actor and others proposed bringing Sony TV channel to India.
Finance Minister Arun Jaitley on Friday said as many as 37,506 tax dispute cases were pending before various Income Tax Appellate Tribunals having a financial implication of Rs 1.45 lakh crore at end March 2015.
The Vivaad se Vishwas scheme is a replica of the Sabka Vishwas (Legacy Dispute Regulation) Scheme, 2019 (SVLDRS) for indirect tax litigation. The hope is that this would unlock revenue blocked in long-drawn litigation at various forums. Sources in the department say the total value at stake in these disputes would be Rs 5-6 trillion.
Cash deposits of up to Rs 2.5 lakh by housewives post demonetisation will not come under I-T scrutiny as the Income Tax Appellate Tribunal (ITAT) has held that such deposits cannot be treated as income of the assessee. Ruling on an appeal filed by an individual, the Agra bench of ITAT said the order would act as a precedent for all similar cases. The appellant, a housewife Uma Agrawal of Gwalior, had declared total income of Rs 1,30,810 in her income tax return filed for fiscal 2016-17.
DTC task force also favoured doing away with Dividend Distribution Tax by suggesting taxing dividends in the hands of shareholders.
'I am doing the drive in making sure that people pass this on. So the drive is not with distrust. The drive is just in case.' 'Just in case it doesn't get passed on, I am here.'
Edtech firm Think and Learn, which owns Byju's brand, has not paid the July salary to employees as the company was unable to access its accounts due to a temporary stay granted by the Supreme Court on the NCLAT's decision, a top official said on Tuesday. On August 2, the National Company Law Appellate Tribunal (NCLAT) approved the Rs 158.9 crore dues settlement with BCCI and set aside insolvency proceedings against Byju's.
I-T dept has asked for Rs 5,357 crore ($865 million) alleging the company had suppressed its revenue for FY09 to evade taxes
Granted 6-month relief, subject to interim payments and guarantee, on Rs 3,700-cr demand for alleged transfer pricing in FY09.
The company moved the income-tax appellate tribunal and its appeal is pending there.
In a relief to actor Shah Rukh Khan, the Income Tax Appellate Tribunal has overturned an order of the tax authorities to add Rs 2.28 crore he had lent his wife as interest free loan to buy flat and jewellery to his net wealth.
Govt to scrap 8 appellate tribunals; National Company Law Appellate Tribunal to take over Competition Appellate Tribunal's duties
The Vivaad se Vishwas Tak scheme will be one area where some much-needed revenue can be collected by the government. The scheme can be more successful if some specific steps are taken, says investment advisor Harsh Roongta. This results in a very high tax demand. Investment advisor Harsh Roongta takes you through the maze of appeals and counter appeals.
A taxpayer paying rent to his/her spouse is entitled to claim HRA benefit under relevant sections and within prescribed limits.
The counting of votes in Delhi election 2020 is currently underway. Early trends suggest that Aam Aadmi Party is on course to a victory. The victory is befitting as February 11 -- is also Kejriwal's wife Sunita's birthday.
Now with the Prime Minister insisting on quick resolution of all pending grievances, it is highly likely that all backlogs of complaints will be resolved very soon.
The Tax Administration Reform Commission submitted report to Jaitley in June 2014.
Total number of tax disputes in SC cross 10,000
The revenue department has not seen a single deposit, owing to the outbreak of the COVID-19 pandemic.
A robust dispute settlement system would help the government unlock tax revenues, and also aid ease of doing business.
The Nobel laureate filed an application before the High Court.
The order, which came on Monday, stated that revenue authorities cannot split the agreement when the parties to the agreement considered the royalty and technical knowhow as a single package.
The scheme offers waiver of interest, penalty, and prosecution for settling tax disputes.
Justice Beevi was admitted to the private hospital a few days ago due to age-related ailments and breathed her last on Thursday afternoon around 12.15 pm, an official source said.
Vodafone, according to sources, in its response to the Finance Ministry's offer for conciliation, had expressed keenness to settle the long-pending capital gains tax dispute.
The Finance Ministry is of the opinion that Vodafone might drag its tax dispute to court.
This Women's Day Week, we celebrate the groundbreaking achievements of Justice Anna Chandy, Justice M Fathima Beevi and Justice Leila Seth.
'To save the LTCG, it's always better that the owner of the property that was sold also becomes the title holder in the new one.'
The contentious issue that Tata Trusts is challenging is the date of the order, which makes it liable to pay a much higher amount of tax under the new tax provision introduced in June 2016 concerning charitable trusts.
Selling property below market value can lead to litigation. Tinesh Bhasin offers tips on how to avoid it.
The Bengaluru-headquartered company said the 'draft assessment order' from tax authorities for 2008-09 fiscal has arised primarily due to denial of deduction under section 10A of the Income Tax Act, 1961, in respect of profit earned by its undertaking in the Software Technology Park at Bengaluru.
'Individuals can consider dividing ownership of properties between related persons to ensure that the sale transactions are below the Rs 50 lakh limit and therefore not subject to TDS.'
Authorities will allow the country's taxpayers to access the mutual agreement procedure (MAP) for cross-border disputes. This is even if they had settled the case under the direct tax dispute resolution scheme - Vivad se Vishwas - without deviating from the outcome of the scheme, said the Central Board of Direct Taxes (CBDT) on Monday. However, non-resident taxpayers, who opted for the resolution scheme, cannot go for MAP on the same issue, it clarified. MAP is an alternative dispute resolution mechanism under the tax treaties where competent authorities of two countries enter into discussions to resolve tax-related disputes.
Jailed former Tamil Nadu Chief Minister J Jayalalithaa, denied bail by Karnataka high court following her conviction and four year sentence in a graft case, on Thursday moved the Supreme Court for bail.
The Bombay High Court on Thursday stayed a new income tax demand of Rs 3,000 crore (Rs 30 billion) on Vodafone India Services in an alleged transfer-pricing case from 2010-11.
If advance tax revenue fails to meet the expected growth, these PSUs could be asked to pay taxes on past demands raised against them.
When submitting house rent allowance receipts, claiming that you pay rent to a close relative like parents, siblings or spouse, ensure that you have supporting documents to substantiate it.
The case relates roughly to assessment years 2000-01 to 2002-03 and 2004-05 to 2007-08
Under the I-T Act, if a person has more than one property, one of them may be treated as given on rent even if it is vacant
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