In a relief to Indian companies, the Income-Tax Department has decided to suspend collection of taxes if the Mutual Agreement Procedure is invoked by a US-based entity under the Indo-US Double Taxation Avoidance Convention. To avoid hardship to taxpayers, the competent authorities of India and the US had entered into a memorandum of understanding regarding suspension of collection during the pendency of MAP in 2003.
The SIT will ask the RBI for transaction details over 15 years
The I-T Department has moved the SC against the ruling by a quasi-judicial body, which held that foreign firms are not liable to pay tax on assignment amount charged from their Indian subsidiaries if contracts are signed outside India.
Even as IPL franchise owners continue to face the heat from income tax authorities amid allegations of financial irregularities, netizens are making quick bucks after buying their favourite teams in the virtual world.
The Bombay High Court on Wednesday stayed the order of income tax authorities attaching bank accounts of Coca-Cola for recovery of outstanding tax dues to the tune of Rs 77 crore.
The auditor will also investigate into the circumstance under which Coffee Day Enterprises late founder V G Siddhartha had written the purported letter dated July 27, 2019, alleging harassment by the Income Tax department.
Booming demand for chartered accountants services fuelled by a rapidly growing economy has meant that Shetty's experience is not an isolated one.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
The National Commission concluded that the claim had been rightly rejected on grounds of misrepresentation in the proposal form and breach of duty to maintain utmost good faith while applying for insurance coverage.
'What happened was that over a period of time, the data analytics showed that many were claiming it and that it was being misused'
For 2011-12, there were 7,56,741 foreign remittances made from India with money worth Rs 3,56,461 crore (Rs 3,564.61 billion) going out of India
Mumbai, which adds 37 per cent to the total direct tax mop-up, has reported tax collection of Rs 4.93 trillion so far, against the full-year target of Rs 5.35 trillion.
The income tax department will share PAN and bank account details of any entity with 10 investigative and intelligence agencies, including the CBI and NIA, under the integrated counter-terrorism platform NATGRID, according to an official order.
This taxation applies to all types of transfer of property.
Over the last two years, despite an amnesty scheme, only about Rs 2,500 crore of taxes have been recovered.
Income-Tax authorities on Thursday conducted "survey" at the premises of Escorts Group of Hospitals, in the national capital region and Chandigarh, for alleged illegal appropriation of assets to the tune of crores of rupees.
The Guardian reported that accounts filed in Dublin showed that in 2009 Her Majesty's Revenue and Customs settled a dispute with the British telecoms provider over its Irish tax returns.
'Under this government, tax laws have become more draconian, and the government itself is setting stiff, unrealistic targets for tax officials, who have got more powers to harass us,' points out Debashis Basu.
Spanish soccer champions Real Madrid said on Wednesday they are confident their star player Cristiano Ronaldo, who faces accusations of committing tax fraud in the country, acted legally.
Income tax authorities and public service broadcaster Prasar Bharti were given eight weeks time by the Board for Industrial and Financial Reconstruction on Tuesday to resolve the outstanding issues with Amitabh Bachchan Corporation Ltd.
Apart from making your purchases on these platforms expensive, it will also mean sellers will have to face the brunt of reduced cash flows amid already low margins for some. Experts said the proposal, which will take effect on April 1, 2020, and will be inserted as a new section in the Income Tax Act, is expected to affect the working capital of e-commerce companies and reduce cash flows for e-sellers.
The government has decided to provide the tax defaulters another chance to prove their loyalty to the IT department, by implementing a single time amnesty scheme.
The Badrinath-Kedarnath Temple Committee on Wednesday dismissed Jyotirmath Shankaracharya Swami Avimukteshwaranand's allegations that 228 kg gold bought for lining the Kedarnath temple's internal walls is missing, and asked him to approach authorities if he had any evidence.
The rising goods and services tax (GST) and personal income-tax collections may bolster the Narendra Modi government's ability to announce new schemes or enhance existing ones.
The warning came after Nokia Chairman and interim chief executive officer Risto Siilasmaa met Commerce Minister Anand Sharma and tax authorities in a bid to resolve the Rs 21,153-crore (Rs 211.53 billion) liability it faces.
The National Informatics Centre uses AI to automate document analysis and detect fraud in government departments.
The Income Tax department is likely to initiate prosecution against close to 300 people whose names have been submitted to the Supreme Court in connection with the probe into alleged black money accounts in HSBC Bank in Geneva.
Undisclosed foreign assets and funds worth Rs 350 crore detected; these are separate entities from those featured in Panama Leaks and Paradise Papers
Move to address MNCs' taxation woes; UK likely to be the next.
The federal probe agency has also called for documents and the recording of statements of some company executives under provisions of the FEMA, they said.
At that time, nobody would have thought a construction period of three to four years would be grossly inadequate
The government has made pan card mandatory for all transactions above Rs 1 lakh.
The government has ruled out amending the RTI Act to give immunity to political parties from providing information after the recent CIC's landmark order brought them under the ambit of the transparency law.
The Board of Control for Cricket in India, is locked in a legal battle with the Service Tax (ST) department, which has demanded an amount of Rs 536 crore (approx) as taxes on cricket board's earnings from royalty and media rights in the last one decade.
'We are not worried about raids. We have nothing to hide.'
Vadra was asked to join the investigation at the tax authority's office but as he cited COVID-19 restrictions, a team of officials visited his premises in Delhi's Sukhdev Vihar area.
