Portfolio investors based out of the US and other countries with which India does not have favourable tax treaties will have to pay a 15 per cent tax on their derivative transactions, after the Budget decided to classify income from all foreign portfolio investment as capital gains.
In a statement, the CBDT, which is the apex policy making body for direct tax policies, said it has never asked IRS Association or these officers to prepare such a report and no permission was sought by them before making the report public. 'It is unequivocally stated that CBDT never asked IRS Association or these officers to prepare such a report.
Tax officials saidsome instances of "asset transfers" are also under their scanner
Ernst & Young is appointed as valuer for Nokia India's Chennai mobile making plant
Vodafone, according to sources, in its response to the Finance Ministry's offer for conciliation, had expressed keenness to settle the long-pending capital gains tax dispute.
A readout of the meeting reportedly said Lord Johnson "made clear that he was keen to see a bigger Infosys presence in the UK and would be happy to do what he could to facilitate that".
The case relates roughly to assessment years 2000-01 to 2002-03 and 2004-05 to 2007-08
A decision by P Chidambaram in his last days as finance minister has annoyed the revenue department.
As per practice a vote-on-account or approval for essential government spending for a limited period is taken in the election year and a full-fledged budget presented by the new government.
Tax Guru Anil Rego answers your personal income tax queries
The former Karnataka minister said the ED has asked him to appear before it in Delhi on Friday by 1 pm and he was considering all legal options.
The central government's clarification on the 2 per cent equalisation levy on foreign digital operators in the Budget, which considerably expands the scope of the levy, might be challenged in court, with several companies contemplating filing a writ petition in the coming few weeks. The writs might be filed on the grounds of the levy's alleged extra-territorial overreach, as it aims to cover those entities that do not have a physical presence in India, going against international taxation rules.
Tata Sons has moved the Supreme Court against an estimated Rs 300-crore (Rs 3-billion) sales tax demand from the Maharashtra state government.
The revenue department is examining the service tax on industry and service providers, particularly in the telecom sector, to ensure that there is no incidence of double taxation, an official of the department said.
With hotels and restaurants being barred from levying service charge, waiters, chefs and other workers are worried they will lose out on money and are planning to approach managements to seek a pay raise. They are also apprehensive that tips given by customers out of goodwill will dwindle. Uttarakhand-native Prakash Singh Koranga, 27, a chef who works at an outlet of popular franchise Moti Mahal Deluxe restaurant in south Delhi, said service charge which gets proportionally divided among the staff acts as an "extra income" and "incentive to give our best at the job".
The development is expected to pave way for greater transfer pricing cooperation between the two countries, enhance investment flow
The I-T department expects that some more revenue would be garnered.
The business would also not be allowed to claim any un-availed input tax credit for "goods lost" or "destroyed".
His value lifestyle brand Zudio signals a coming of age of retail in small town India.
The ED said its investigation also revealed that from 2019 to 2022, the sale of 'unaccounted illicit' liquor was almost 30-40 per cent of the total liquor sale in the state.
The Central Board of Direct Taxes has urged the Income-Tax department to ensure enhanced accountability and probity in public dealings and see to it that honest and tax compliant people are treated with "dignity and courtesy".
The department plans to give taxpayers the facility of applying for tax refunds and tax credits through ATMs.
Decision-making is stretched because of differences in views between ministries.
Banks and friendly neighbourhood jewellers can serve as good channels to provide liquidity for gold deposits with built-in incentives for them, suggests Harsh Roongta.
Mayawati recently appointed her brother Kumar as national vice president of the Bahujan Samaj Party.
Individuals can now get a new Permanent Account Number through Aadhaar-based e-signature facility.
While the responses of the candidates were predictable, depending on which side they belonged to, an interesting point slipped through when Rahul Shewale cited the Dharavi Redevelopment Project as a scheme that would add to Mumbai's importance. No big infrastructural project in Mumbai, he said, could be successful without the Centre's nod.
A robust dispute settlement system would help the government unlock tax revenues, and also aid ease of doing business.
The government has de-frozen the bank accounts of debt-ridden Kingfisher Airlines and Air India after the two air carriers made part-payment of their service tax dues.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
The new AIS is expected to make the taxpayer's task of filing ITR easier and faster, points out Bindisha Sarang.
A combination of factors, including heavy investments in US Treasury bonds and dollar sales at a healthy profit, facilitated the Indian central bank in transferring a record surplus of Rs 2.11 trillion to the government for 2023-24 (FY24). The RBI's dollar purchases increased in FY24, supported by robust capital inflows endorsing the economy's health.
'There are unscrupulous traders who create fake invoices by showing bogus e-way bills, movement of goods.' 'Since the entities registered across different states, and kept on changing their numbers, tracing them was difficult.'
The strike notices were given by workers' unions of various sectors such as coal, steel, oil, telecom, postal, income tax, copper, banks and insurance.
The British government has strongly defended the BBC and its editorial freedom in Parliament after the Income-Tax department's survey operations on the United Kingdom-headquartered media corporation's New Delhi and Mumbai offices over three days last week.
The income tax department has repatriated Sunita Kejriwal, senior Indian Revenue Service officer and wife of Team Anna member Arvind Kejriwal who was recently in the midst of a row with the government over pending service dues.
Move to address MNCs' taxation woes; UK likely to be the next.
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