'Tax officials view most taxpayers as evaders.' 'The I-T department has a perverse incentive to raise unreasonable demands since the one-fifth tax collected counts towards officials' collection targets,' observes Harsh Roongta.
The government appears serious about its intent to do away with the sore points in the taxation laws.
The CBI on Tuesday pleaded for the withdrawal of proceedings against Italian businessman Ottavio Quattrocchi in the over two-decade-old Bofors pay off case, saying it has got no fresh instructions from the government in the wake of the Income Tax Appellate Tribunal order.The ITAT order, which had on Monday said that kickbacks of Rs 41 crore were paid to late Win Chaddha and Quattrocchi in the Howitzer gun deal, was placed before the court.
As on April 1, income tax arrears have increased to Rs 43 trillion from Rs 24 trillion on April 1, 2023.
The taxation of payments by Indian companies for importing defence material and oil and gas equipment from various countries like Russia, Ireland, Greece and Georgia will now become easier following an Income Tax Appellate Tribunal order.
The ITAT is mulling e-courts, or simply hearing of cases through webcast, to clear the backlog of cases in smaller towns.
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 Bombay high court in an order said bakshish can be considered as business expenditure. Observing that paying over and above the contractual amount to sugarcane harvesting workers was "necessary incidence of business," the division bench of Justices F I Rebello and J P Deodhar upheld a decision of Income Tax Appellate Tribunal.
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.
Containing fiscal deficit and stable policies were crucial for the country to attract higher foreign investment, Commerce and Industry Minister Arun Jaitley said on Thursday.
Indian Hotels, which owns the chain of Taj hotels and East India Hotels, may gain from a tax court ruling that allows hoteliers to claim depreciation and tax benefits on imported cars which are used to ferry tourists.
The taxman is rapidly catching up with foreign companies operating in India through agents. After Star, Morgan Stanley and Sony, it was the turn of UK-based Rolls Royce to be asked to pay taxes on a part of profits earned from Indian operations.
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.
Called Signature Villa, the property was gifted to him by Nakheel Public Joint Stock Company. The dispute was over whether this was a gift or payment for services Khan had rendered to the company.
The department found various expatriates were acting as business heads for Indian operations and certain employees were actively involved in concluding sales for the foreign entities of GE in India.
A bench of Justices BV Nagarathna and N Kotiswar Singh, which issued notice on the plea of the Congress against the March 13 high court order, however, said the ITAT can proceed on the political party's appeal.
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.
The Budget proposed abolishing the under-performing, authority of advance ruling, to replace it with a two-member board of advance ruling.
The issue dates back many years when the actor and others proposed bringing Sony TV channel to India.
The counting of votes in Delhi election 2020 is currently underway. Early trends suggest that Aam Aadmi Party is on course to a victory. The victory is befitting as February 11 -- is also Kejriwal's wife Sunita's birthday.
Cash deposits of up to Rs 2.5 lakh by housewives post demonetisation will not come under I-T scrutiny as the Income Tax Appellate Tribunal (ITAT) has held that such deposits cannot be treated as income of the assessee. Ruling on an appeal filed by an individual, the Agra bench of ITAT said the order would act as a precedent for all similar cases. The appellant, a housewife Uma Agrawal of Gwalior, had declared total income of Rs 1,30,810 in her income tax return filed for fiscal 2016-17.
Treats gains on sale of as capital gains, not business income, spares him from huge tax liability.
Govt to scrap 8 appellate tribunals; National Company Law Appellate Tribunal to take over Competition Appellate Tribunal's duties
Granted 6-month relief, subject to interim payments and guarantee, on Rs 3,700-cr demand for alleged transfer pricing in FY09.
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.
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.
Justice Beevi was admitted to the private hospital a few days ago due to age-related ailments and breathed her last on Thursday afternoon around 12.15 pm, an official source said.
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.
'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.'
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.
Taxpayers seeking to save tax from the sale of gold (including inherited) should reinvest the capital gains in residential property to avail of the benefit provided by Section 54F.
This Women's Day Week, we celebrate the groundbreaking achievements of Justice Anna Chandy, Justice M Fathima Beevi and Justice Leila Seth.
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