The Delhi high court on Wednesday upheld an order of the Income Tax Appellate Tribunal (ITAT) refusing to stay a notice issued by the Income Tax department to the Congress party for recovery of outstanding tax of more than Rs 100 crore.
Understanding tax residency rules and maintaining proper documentation is imperative to ensure smooth tax compliance.
After four failed reform drives, a new plan aims to rescue India's debt-laden power discoms through privatisation, accountability and long-term financial fixes.
This may benefit high net-worth individuals who use the services of portfolio managers to sell and buy securities.
The tax burden on foreign banks , which avail of funds from their parents for operations in India, may go up substantially following a recent order passed by the Mumbai Income Tax tribunal in the case of UAE-based Mashreq Bank.
Treats gains on sale of as capital gains, not business income, spares him from huge tax liability.
The direct tax arrears and disputes have cost the exchequer dear locking up over Rs 1,13,000 crore (Rs 1,130 billion) in revenue till now, which if recovered would almost wipe off the fiscal deficit of the Centre.
Billionaire Anil Agarwal's mining group Vedanta on Monday said it has withdrawn cases in the Delhi high court as well as before an international arbitration tribunal to settle a Rs 20,495 crore retrospective tax dispute with the government. Post slapping of a Rs 10,247 crore tax demand on UK's Cairn Energy Plc for alleged capital gains made on a 2016 internal reorganisation prior to the listing of its India business, the Income Tax Department had sought Rs 20,495 crore in taxes (including penalty) from Cairn India for failing to deduct tax on capital gains made by its British parent. Cairn India was in 2011 bought by Agarwal's group and subsequently, the firm was merged with Vedanta Ltd.
Rahman had received Rs 3,47,77,200 from Libra Mobile during 2010-11 in his individual capacity as an artiste which must have been considered for taxation and this was not considered by the Assessing Officer in the reassessment order.
The party has contested the reassessment proceedings, claiming they were barred by limitation.
'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.'
This has affected all political activity of the party, Maken said at a press conference.
If you are merely letting out the property and enjoying the rent as an individual or as a company, in most cases, you will need to mention rental income under the head 'income from house property' in the income-tax return form, points out Tinesh Bhasin.
Simplifying GST rates, removing exemptions, easing disputes, and speeding up refunds can boost investment in India and offer the best reply to Trump's tariffs, observes V S Krishnan, former member, Central Board of Indirect Taxes and Customs.
The Budget proposed abolishing the under-performing, authority of advance ruling, to replace it with a two-member board of advance ruling.
Finance Minister Pranab Mukherjee said the government is examining the decision of the Income Tax tribunal in the Bofors case and will decide the future course of action later.
Taxman will not breathe on you if you have taken a cash loan from a family member, provided you can explain the reasons for doing so, as per a recent tax tribunal ruling.
If a couple is registered as joint owners of a property, the tax authorities expect both of them to show their income or capital gains from the house in their tax returns, says Arvind Rao, a chartered account and certified financial planner
An income tax tribunal held that the PoA could not be construed as an instrument of transfer concerning any right, title, or interest in the immovable property.
The International Monetary Fund (IMF) has slapped 11 new conditions on Pakistan for the release of the next tranche of its bailout programme and warned that tensions with India could heighten risks to the scheme's fiscal, external, and reform goals, according to a media report on Sunday.
The CJI said tax judiciary plays a very important role in resource mobilisation of the country and expressed concern over pendency of cases.
In a setback to megastar Amitabh Bachchan, the Supreme Court on Wednesday allowed the Income Tax department to reopen a tax case against him pertaining to his income for the assessment year 2001-02.
Vodafone pleaded in High Court that IT department had no jurisdiction in the transfer pricing case because the said transaction was not international and did not attract tax.
Under the Income Tax Act (I-T Act), the income of a minor child is clubbed with that of one of his/her parent, whoever earns more.
The Bofors ghost returned to haunt the Congress party with an income tax tribunal saying that kickbacks of Rs 41 crore were paid to late Win Chaddha, an agent of the Swedish arms manufacturer and Italian businessman Ottavio Quattrocchi in the Howitzer gun deal and that they are liable to pay tax in India on such income.
The Supreme Court had ruled in Vodafone's favour in 2012.
The issue dates back many years when the actor and others proposed bringing Sony TV channel to India.
Tribunal ruling in I-T's favour may open floodgates to claims against other MNCs.
Prime Minister Narendra Modi on Wednesday underscored tax reforms of the past six years to say India has moved from tax terrorism to tax transparency. Speaking at the inauguration of an office-cum-residential complex of the Income Tax Appellate Tribunal at Cuttack, Modi highlighted the reduction in the corporate tax rate, simplified rate structure for individual taxpayers, faceless appeals and quick refunds.
Those earning over Rs 50 lakh a year need to disclose all jewellery and cash in their returns, says Tinesh Bhasin.
Selling property below market value can lead to litigation. Tinesh Bhasin offers tips on how to avoid it.
State-owned MTNL will soon reap a tax refund windfall, as the Income Tax department has been asked to return a whopping Rs 1,233 crore (Rs 12.33 bilion) to the telecom PSU
The new limits for filing appeals by the Income Tax department before the Income Tax Appellate Tribunal (ITAT), high courts and the Supreme Court have been revised to Rs 3 lakh, Rs 10 lakh and Rs 25 lakh, respectively, from Rs 2 lakh, Rs 4 lakh and Rs 10 lakh.
Although the Singapore-based World Sports Nimbus has decided to file an appeal against the CIT (Appeals) order with the Income Tax Appellate Tribunal, the tax case will have wide implications for foreign companies telecasting live cricket matches. In the present case, assessing officer imposed a tax liability of Rs 6 crore (Rs 60 million) on Nimbus on the income it had earned by telecasting live cricket matches during 2002 to 2005.
The Supreme Court will decide whether a non-resident company is liable to pay advance tax on fee charged by it for providing services in India.
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