Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
Prime Minister Narendra Modi's desire to showcase India as a destination for manufacturing is well understood.
The specter of how the Munambam issue was exploited during the November by-elections is proof of the price Kerala is paying for its emergent politics. Controversies become the stuff of slow-burn and brinkmanship. The former promises mileage; the latter searches for an advantage, notes Shyam G Menon.
The government has slapped a notice of Rs 5 crore demand on trusts run by Ramdev in connection with alleged service tax evasion while organising their yoga camps.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
FinMin does not expect tax or non-tax revenue to reach anywhere close to the targets set in the interim Budget. Sources say that the challenge before the new government will be either to accept the reduced projection and tailor the Budget accordingly or set a more ambitious target.
Atishi will have a brief tenure in office as assembly elections in the national capital are due in February.
Telecom service providers have doubled down on their demands for a proposed fair-share charge (FSC) to be levied on major over-the-top (OTT) service providers, opening up the 6 GHz spectrum band and increasing the number of testing labs for telecommunication products. Telecom industry body Cellular Operators Association of India (COAI) on Wednesday said these were the topmost demands for Prime Minister Narendra Modi-led National Democratic Alliance (NDA) government. The industry body wants this additional capital expenditure to be borne by these Large Traffic Generator (LTGs) OTTs as a proposed fair-share charge.
The CBDT has now laid down parameters specifying the manner in which any communication issued by any income-tax authority relating to assessment, appeals, orders, statutory or otherwise, exemptions, enquiry, investigation, verification of information, penalty, prosecution, rectification and approval to the assessee will be dealt with.
The two leaders had a complex relationship yet formed a partnership and even after their parting of ways, the two admired each other in their efforts for India's freedom.
A day after Finance Minister Nirmala Sitharaman flagged technical glitches on the income tax department's new e-filing website, IT major Infosys said it expects the system to stabilise in the course of this week. On Tuesday, Sitharaman had asked Infosys and its chairman Nandan Nilekani to fix technical glitches being encountered on the income tax department's new e-filing website, after users flooded her Twitter timeline with complaints.
The Enforcement Directorate on Friday arrested the special secretary of the Chhattisgarh excise department in a money laundering case linked to the alleged Rs 2,000 crore liquor syndicate scam in the state.
Vodafone had however sought Rs 4,759.07 crore in tax refund from for AYs - 2014-15, 2015-16, 2016-17 and 2017-18.
Mihir Tanna, Associate Director, S K Patodia & Associates, will answer your personal income tax queries.
'Each state and central government body may be asked to update its system to ensure PAN is used as a common identification to access its services.'
It's not unusual for the tax departments to freeze bank accounts and there have been instances of the authorities recovering the outstanding from the bank, though such course of action is not common.
Their favourite alternatives: Malaysia, Vietnam and the Philippines. Note, India is missing from that list. And this is despite an attractive financial incentive scheme for OSAT players. The reason, said a senior executive of a US chip company who had a meeting in Taiwan just a few weeks ago, is that "they want more predictability in government policy because they plan to put in big money."
Tax shortfall: Finmin asks banks to deposit March TDS by month end.
Bihar became the first non-NDA state and overall second after the BJP-ruled Assam to pass GST bill.
The Centre's revenue from GST registered a decline of 10 per cent in 2017-18 compared to revenue of subsumed taxes in 2016-17.
The government will investigate every Indian name appearing in an unprecedented leak of financial records, known as the 'Pandora Papers', which alleged that many world leaders have secret offshore stores of wealth.
The CBI had registered a preliminary enquiry in 2016 which was later converted into a regular case, they added.
If advance tax revenue fails to meet the expected growth, these PSUs could be asked to pay taxes on past demands raised against them.
During a review, the EC found that the performance of some officers was "unsatisfactory" and they were found "complacent, if not complicit" in various matters, including the illegal supply of liquor as a possible poll inducement, sources said.
IT companies see this as a huge opportunity.
Over Rs 16 crore in cash has been seized till now by EC-appointed surveillance teams and check squads in five poll-bound states, with Rajasthan topping the chart with the recovery of Rs 7.13 crore.
New ITR forms indirectly force small businesses to maintain books of accounts, something that wasn't needed earlier, says Anupam Jain.
The allegations of DDT evasion is connected to some transactions the Indian entity has made while buying shares of the company from the Mauritius and US companies of Cognizant.
FBT was an unpopular tax and withdrawn before the General Elections in 2009
The BBC is not driven by an "agenda" but by purpose and will not be put off reporting impartially and without fear or favour, the UK-headquartered media organisation's chief has said days after the income tax department survey operation at its New Delhi and Mumbai offices.
CBDT has sought explanation from B R Balakrishnan, former director-general of I-T (investigation wing) and former principal chief commissioner of I-T for Karnataka and Goa, who had ordered attachment of CCD's shares when he was in charge of the Bengaluru region. He retired last month.
As Centre cedes power to states in indirect tax, it wants to all ystaffers' worry of little work.
The bankers also alleged that the Rs 594-crore claim at this point of time is a clear-cut tactics of UBHL to delay the process of justice, knowing fully well that the case is on the verge of disposal.
The collections from Goods and Services Tax (GST) grew by 15 per cent to over Rs 1.49 lakh crore in December 2022, indicating improved manufacturing output and consumption demand, besides better compliance. This is the 10th month in a row that the revenues have remained above the Rs 1.4 lakh crore mark. The collection in November was about Rs 1.46 lakh crore. "The gross GST revenue collected during December 2022 is Rs 1,49,507 crore, of which CGST is Rs 26,711 crore, SGST is Rs 33,357 crore, IGST is Rs 78,434 crore (including Rs 40,263 crore collected on import of goods) and cess is Rs 11,005 crore (including Rs 850 crore collected on import of goods)," the ministry said in a statement.
The finance ministry has initiated an internal survey of the faceless regime to examine its effectiveness.
'GST will increase the volume of taxation, there is no tax on tax and therefore makes goods, commodities and services little cheaper and far more convenient.'
More companies with unconventional business models to get into messy legal hassles in India.
Kingfisher House is one of the prime real estates of the airline.
Reliance General Insurance Company (RGIC), a subsidiary of Reliance Capital, finds itself in a bind as the Directorate General of GST Intelligence (DGGI) has issued multiple Show Cause Notices (SCNs) amounting to Rs 922.6 crore. This development comes at a time when Reliance Capital is currently undergoing a debt resolution under the National Company Law Tribunal (NCLT) process in which the Hinduja group has emerged the winner. The Hinduja acquisition is currently awaiting the Supreme Court's approval after the Torrent group, the winner of the first round, challenged the second auction conducted by the lenders of Reliance Capital.
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