The Insurance Regulatory and Development Authority has clarified that only the premium collected for providing health cover in the case of unit-linked health insurance policies will be eligible for tax benefits.
The company, which is one of the strategic partners for WEF annual meeting at Davos, hosted one of the first company receptions for this year's meeting on January 22.
Bharatiya Janata Party President Nitin Gadkari, who was asked by the Income Tax department to appear before it on Monday in connection with the probe into alleged dubious investments in Purti group of companies, has sought more time to present his case.
Cyprus has said the Indian government has agreed to withdraw a notification that suspended tax benefits for investments from the island nation.
I-T, FinMin approach Switzerland and France for access to full transaction activity of these entities from the period accounts were opened.
The court said the company had misinterpreted the assurance of the tax department that it would set aside its earlier order seeking Rs 617 crore.
Giving the ruling in the case of US-based LMCC, the Authority for Advance Ruling said, 'Payments made to LMCC in the form of interest up to the date of conversion of bonds into equity shares are nothing but interest paid on the money advanced to the applicant... and it is accordingly liable to be taxed as LMCC's income.' The ruling was sought by an Indian NBFC which had asked the AAR whether the interest it paid to LMCC on the bonds it issued was taxable here.
The tax authorities challenged a Gujarat high court judgement that had dismissed their appeal holding that Karnik could not be held guilty of even deemed concealment. A Bench headed by Justice D K Jain, while posting the matter for final hearing, rejected Karnik's counsel P K Manohar's plea to allow him to file a counter affidavit.
Tax department sends notices saying they are liable to pay MAT.
The Budget has changed the rules for Indian citizens and persons of Indian origin visiting India. Instead of 182 days, the number of days has been reduced to 120. You will be treated as a resident of India for tax purposes if you stay in the country for more than 120 days in a financial year and 365 days in the past four years. One consequence of the change will be that people of Indian origin who reside outside India will be able to spend a smaller number of days in the country if they wish to keep their non-resident status intact, points out Sanjay Kumar Singh.
This year, the government made quoting of Aadhaar mandatory for filing income tax returns as well as obtaining a new PAN.
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 two media groups have been critical of the Covid-19 management in the country and have done numerous news stories on the subject during the second wave of the pandemic that hit the country between April and May.
Sebi's action on Sahara is showing results, but problems remain.
The new provision under the Income-Tax Act may enable the authorities to seize trustees' personal assets if there's a breach of objectives governing registered charitable trusts.
With big data analyses, your investments, spends and big purchases are being tracked more closely now by the income tax department.
The Pension Fund Regulatory and Development Authority (PFRDA) has sought income tax exemption for the New Pension Scheme at par with other schemes like Public Provident Fund (PPF).
The Central Board of Direct Taxes has brought out a notification in this regard recently, which stipulates that any interest earned beyond Rs 3,500 (in case of individual accounts) and Rs 7,000 (in case of joint accounts) will be taxable from the running fiscal.
The last date for filing returns of individual taxpayers has been extended by two months to September 30 from the earlier date of July 31.
Indians having undisclosed property abroad will have to pay tax and penalty.
The US has been widely criticised for using pressure tactics to secure information from other countries, without reciprocity.
The name of the successful bidder was not disclosed.
The Indian government as respondent in Sanjay Bhandari extradition case has sought permission from the London high court to appeal against the discharge of the defence sector consultant wanted in Delhi to face charges of alleged tax evasion and money laundering.
If advance tax revenue fails to meet the expected growth, these PSUs could be asked to pay taxes on past demands raised against them.
A bench of Justices Surya Kant and JK Maheshwari set aside the pre-arrest bail granted to Indian Revenue Service officer Santosh Karnani on an appeal by the Central Bureau of Investigation.
It is now mandatory for corporate entities to file their tax returns through electronic-filing system, a mechanism developed as part of government's efforts to foster 'friendlier' relations between tax authorities and assesses.
This is important because he is to be seen as a sure winner before criss-crossing the state to campaign for candidates of the party or an alliance, highlights N Sathiya Moorthy.
Former Bharatiya Janata Party president Nitin Gadkari was on Thursday questioned for over four hours by income tax authorities in connection with the probe into alleged dubious investments in Purti Group of companies. Gadkari, who was earlier slated to appear on Friday, was quizzed by Geetha Ravichandran, director of I-T (Investigations) at the I-T office in central Nagpur's Sadar area, sources said.
In a statement, the prosecutor's office said Ronaldo had knowingly used a "business structure" created in 2010 to hide his income in Spain from his image rights.
Accordingly, the Central Board of Direct Taxes has asked its officials in the field to check every deduction claimed by banks against each claim. The CBDT action has been prompted by a recent assessment of banks carried out by the Comptroller and Auditor General.
Income Tax officials surveyed the British broadcaster's offices in Mumbai and Delhi.
Income tax officials have directed property dealers and registration authorities to prepare a list of top property deals that have taken place in the last three years.
The recommendation, if implemented, is likely to face opposition from the government's key support base among Hindu traders and businesspersons.
Around Rs 16 crore (Rs 160 million) of concealed income has been found from searches on the seven premises of diamond merchant and film producer Bharat Shah in Mumbai, Income Tax authorities said on Thursday. The searches started on March 13 by a team of about 50 officers. Offices owned by Shah in Mehta Bhavan at Opera house and his apartment in Swapna Lok building in Napean sea road were among the premises that were searched.
The Delhi High Court Tuesday said the Income Tax department is bound by its assurance to maintain confidentiality of the material seized during a survey operation at news portal Newslaundry's premises and to ensure that it is not leaked.
If you were deputed abroad, filing income tax can be tricky.
Terming a search and seizure operation conducted by the Income Tax department as a 'serious invasion of the privacy and freedom of the citizen,' the Delhi high court has said that such exercises cannot be a 'roving or fishing exercise' by the department.
The details that have been shared include identification, account and financial information, including name, address, country of residence and tax identification number, as well as information concerning the reporting financial institution, account balance and capital income.
The Income tax department to come down heavily on errant taxpayers from India Inc.
A Mumbai court has issued a letter of request to a Swiss court to allow income tax authorities to probe accounts of stud-farm owner Hasan Ali, who is alleged to have deposited billions of dollars there.
