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.
A taxpayer paying rent to his/her spouse is entitled to claim HRA benefit under relevant sections and within prescribed limits.
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.
The petition was mentioned on Tuesday by Income Tax counsel Beni Chatterjee and Vodafone lawyer Fereshte Sethna before a bench headed by Chief Justice Mohit Shah.
Harshvardhan Nawathe, who won the Rs 1-crore (Rs 10 million) prize money on quiz show 'Kaun Banega Crorepati', continues to face queries on his tax liability even nine years after he emerged as the winner of the popular television reality show.
To decide whether capital gains on surrender of call options are taxable
In a freewheeling chat with Rediff.com readers former CBI director and author Joginder Singh talks about issues haunting the probe agency, the challenges it faces and its limitations.
Training its guns on Prime Minister Manmohan Singh in the Bofors pay-offs scandal, the Bharatiya Janata Party on Tuesday demanded that he apologise for defending Italian businessman Ottavio Quattrochi. "Mr PM, you tried to give a clean chit to Quattrocchi," BJP spokesperson Ravi Shankar Prasad told reporters, adding this has been found to be false by an income tax tribunal which said that kickbacks of Rs 41 crore were paid to Quattrocchi and Win Chaddha.
Finance Minister Nirmala Sitharaman on Monday reduced the time limit for reopening of income tax assessment cases to three years from six years, while for serious tax fraud cases where concealment of income is Rs 50 lakh or more it would be 10 years.
As an income tax tribunal on Monday said Rs 41 crore as commission were paid to late Win Chaddha, an agent of the Swedish arms manufacturer Bofors, and Italian businessman Ottavio Quattrochchi in the gun deal, the Bharatiya Janata Party on Monday condemned Congress President Sonia Gandhi's plan to fight graft and demanded a Special Investigative Team to look afresh at the whole issue saying there should be no cover-up.
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 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.
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.
DTC task force also favoured doing away with Dividend Distribution Tax by suggesting taxing dividends in the hands of shareholders.
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 recent ruling by Income Tax Appellate Tribunal (ITAT) in the case of Chandrakant Shah stated that if you borrow interest-free money from friends and colleagues neither you nor the lender will have to pay tax.
The government on Thursday brought a bill in the Lok Sabha to withdraw all back tax demands on companies such as Cairn Energy and Vodafone and said it will refund the money collected to enforce such levies.
The scheme offers waiver of interest, penalty, and prosecution for settling tax disputes.
'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.'
Shaw Wallace & Company Ltd, the liquor and beer manufacturer, will go in for 'settlement' of income tax claims on it, amounting to Rs 300 crore (Rs 3 billion), as per provisions of the Income Tax Act.
A robust dispute settlement system would help the government unlock tax revenues, and also aid ease of doing business.
EPFO had approached the finance ministry for help, which advised it to go through the legal procedure.
If advance tax revenue fails to meet the expected growth, these PSUs could be asked to pay taxes on past demands raised against them.
Begin by creating a household budget. Involve all family members in the exercise and cut costs wherever possible.
The tax department is on a spree to ensure more taxpayers in the country use the PAN card.
This Women's Day Week, we celebrate the groundbreaking achievements of Justice Anna Chandy, Justice M Fathima Beevi and Justice Leila Seth.
The Centre had challenged the Income Tax Appellate Tribunal's order, which had held that gifts, including cash and property given by her supporters, was out of love and affection and not taxable.
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The Union government's offer of settling the retrospective taxation case with Cairn Energy may hinge on Vedanta withdrawing the ongoing arbitration from the Singapore Tribunal on the same issue. The government has offered to refund Cairn Energy Rs 7,900 crore that it had collected under the retrospective tax demand on fulfilment of certain conditions, including withdrawal of pending litigation and furnishing of an undertaking to the effect that no claim for cost, damages, interest, etc., would be filed. This condition is also part of the Taxation Laws (Amendment) Bill, 2021, passed by Parliament recently.
Senior tax officials were told to focus on cash collection from the arrears so that the target for FY23 was achieved and the overall revenue position improved.
Tax consultants and chartered accountants have started receiving a flurry of calls from their clients - both corporate and individuals - seeking clarity over changes in the reassessment regime made during the recently concluded Budget Session of Parliament. Tax experts apprehend the amendments may lead to the income-tax (I-T) department sending out more notices. The new provisions, effective from April 1, have extended the scope for tax sleuths to reopen the past assessments.
The Tax Administration Reform Commission submitted report to Jaitley in June 2014.
The company moved the income-tax appellate tribunal and its appeal is pending there.
I-T dept has asked for Rs 5,357 crore ($865 million) alleging the company had suppressed its revenue for FY09 to evade taxes
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