Should the Income-Tax Act have been simultaneously amended to exclude Sikhs and Jains from the definition of HUF once they were declared a minority by the government? Sanjeev Nayyar discusses the curious dichotomies in our laws.
The Gandhis and senior Congress leader Oscar Fernandes have challenged the Delhi high court's September 10 verdict by which their plea against the re-opening of their tax assessments for 2011-12 was dismissed.
The division bench of Justices F I Rebello and D G Karnik on Monday reserved orders as to whether the Birla group's petition is admissible or not. The order will be passed on Tuesday. In the present case, the issue is whether the Birla group is liable to pay capital gains tax on the share-purchase transaction worth $150 million with AT&T Mauritius (subsidiary of AT&T).
Some of his directives had the Supreme Court judges disclose their assets whereas the row over the discovery of cash from a sitting judge's official residence paved way for inquiry.
A taxpayer paying rent to his/her spouse is entitled to claim HRA benefit under relevant sections and within prescribed limits.
The raids in as many as 38 premises in different parts of the state led to concealment of income which is likely to exceed Rs. 300 crore, the Income Tax department said in a release.
Income Tax Department has slapped fresh tax notice on Nokia India, tax authorities said.
The income-tax department on Thursday nudged black money holders to make "honest" disclosures under the tax amnesty scheme -- Pradhan Mantri Garib Kalyan Yojana -- warning that non-declaration could attract 77.25 per cent tax and penalty along with prosecution.
Section 276CC provides for prosecution and makes tax evasion punishable with rigorous imprisonment of three months to seven years along with a monetary penalty depending on the amount dodged.
The government has detected over Rs 1 lakh crore of undisclosed income in the last financial year, a figure more than double as compared to the search and seizure action undertaken by the Income Tax department during 2012-13 to check black money.
US-based technology major IBM is contesting a claim of the revenue department which has increased the company's taxable income substantially to around Rs 11,000 crore (Rs 110 billion).
The Income Tax department on Tuesday issued an advisory asking taxpayers not to share their personal financial details over email or phone.
Acknowledging that the investigation wing of the Income Tax Department was exempted from the purview of Right To Information Act, the CIC said such blanket ban would 'dis-enthuse' whistle-blowers which may not be in the 'best interest of state revenues'
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.
The income tax department estimates total collection to be between Rs 10.5 trillion and Rs 10.7 trillion against the revised target of Rs 11.7 trillion.
Statements of five 'Angadiya' firm operators have also been recorded by the ED to establish the "money trail" of this alleged Rs 45 crore bribe amount.
Extending the deadline for the third time, the government on Wednesday allowed individuals to file income tax returns for 2019-20 fiscal till January 10. The deadline for companies and individuals who need to get their accounts audited too have been extended by 15 days till February 15, the finance ministry said in a statement. The due date for filing income tax return (ITR) by individuals and companies was December 31, 2020, and January 31, 2021, respectively.
An online tax accounting system for paying taxes will be flagged off on Tuesday, as part of reforms to make the procedures simpler and faster.
Income tax online return accounts of certain people have been unauthorisedly accessed, the Finance Ministry has warned.
The Mahanagar Telecom Nigam Ltd will get a tax refund of Rs 264 crore (Rs 2.64 billion) from the Income-Tax Department.
The Bombay High Court had last week dismissed Vodafone International's petition challenging the Indian tax authorities demand of Rs 12,000 crore (Rs 120 billion) in tax over the Hutchison deal.
The highest collection target has been given to Mumbai at Rs 4.39 trillion, followed by Delhi and Bengaluru.
Most taxpayers will benefit from being in the old tax regime, assuming they optimise their salary for tax benefits and claim the deductions available to them.
The Central Board of Direct Taxes (CBDT) has proposed a new common income-tax return (ITR), with greater focus on disclosing income from virtual digital assets or crypto assets and foreign equity and debt instruments held by resident Indians. For non-resident Indians, the draft ITR seeks exhaustive details ranging from nature of business, permanent establishment (PE), business connection, whether the entity has significant economic presence (SEP) in India, along with the number of users in India. The ITR protocol for NRIs could widen the scope of the SEP principle that was introduced in the Finance Bill 2018-19, and the explicitly defined 'business connection' to include provision of download of data or software, if aggregate payments from such transactions exceed a prescribed amount, or if a multinational's interaction is with a prescribed number of users.
Advance tax pay-up by India Inc presents a rosy picture, despite a massive fall in April IIP numbers and a likely fall in the remaining months of Q1; with the largest lender SBI leading the pack with Rs 1,100 crore (Rs 11 billion) against Rs 850 crore (Rs 8.50 billion) in the year-ago period.
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.
The move would help in further promoting ease of doing business in the country.
The Supreme Court will decide whether domestic companies must deduct tax at source on salaries paid to their expatriate staff and if tax can be levied on these employees on wages given abroad by foreign joint venture partners of the Indian firms.
The tax department surveyed the office of the news portal located at Sarvodaya Enclave in south Delhi on Friday along with that of another digital news platform Newsclick in Saidulajab area (south Delhi) on charges of alleged tax evasion.
'File all the supporting documents in response to the allegation since there is a possibility of the proceedings getting dropped at that stage if the reply is satisfactory.'
A taxpayer who does not revise their return within the stipulated deadline would be stuck with the original return, including its errors.
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 income-tax department has created various functionalities under its Project Insight, which will provide the 360-degree profile of taxpayers, including new and non-filers to gauge their accountability and tax liability. The tax department had on March 15 put out instructions for tax officials for accessing the insight.
Tina Ambani, wife of Reliance ADA Group chairman Anil Ambani, on Tuesday appeared before the Enforcement Directorate (ED) in Mumbai for questioning and recording her statement in connection with an investigation linked to the alleged contravention of the foreign exchange law, official sources said. Anil Ambani had recorded his statement in the case on Monday under sections of the Foreign Exchange Management Act (FEMA) and he is expected to appear before the central agency again later this week for completion of the exercise.
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