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.
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 development is expected to pave way for greater transfer pricing cooperation between the two countries, enhance investment flow
Tax Guru Anil Rego answers your personal income tax queries
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".
The share of non-resident Indians (NRIs) and overseas investors in Indian mutual funds has been declining over time, despite adding half-a-trillion rupees to holdings over the last five years. Mutual fund holdings for the segment went up from Rs 0.95 trillion as of December 2018 to Rs 1.54 trillion as of December 2022, shows Business Standard analysis of data from the industry body Association of Mutual Funds in India (Amfi). Their share in overall mutual fund assets has fallen from 4.2 per cent to 3.9 per cent during the same period.
rediffGURU and financial planning expert Colonel Sanjeev Govila will answer your personal finance-related questions.
Decision-making is stretched because of differences in views between ministries.
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.
The department plans to give taxpayers the facility of applying for tax refunds and tax credits through ATMs.
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.
'My protest was in the interest of the nation.' 'I am just doing my duty as a citizen of this country.'
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".
Individuals can now get a new Permanent Account Number through Aadhaar-based e-signature facility.
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.
Mayawati recently appointed her brother Kumar as national vice president of the Bahujan Samaj Party.
An angry Banerjee slammed a minister, a former Trinamool Congress mayor and a few bureaucrats for their "below-par performance".
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".
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.
A robust dispute settlement system would help the government unlock tax revenues, and also aid ease of doing business.
Move to address MNCs' taxation woes; UK likely to be the next.
Clarity on the roadmap necessary to assess its likely impact on near-term fiscal health and investment.
'Now the political boss decides, and the ED acts.'
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.
New norms for issuance of PAN card requiring verification of original documents have been put on hold.
Without Form 16, tax computation becomes cumbersome
A department committee, set up to look at ways to expand the TDS net, is scheduled to meet in Hyderabad to discuss the proposal. hile some services like contracts, construction and rentals are under the TDS net, a large number of services like beauty treatment, connectivity between mobile operators, event management, credit rating agencies, market research firms and authorised automobile service stations are not.
Despite Uber facing a ban across many states, including Karnataka and Maharashtra, for Lingaraju, a driver employed by the company in Bengaluru, it is business as usual.
Ironically, West Bengal, which has been seeking a postponement of the GST roll-out, has fared better among most other states.
In a major drive to help taxpayers file returns, the Income Tax Department on Tuesday offered to provide expert services at door-steps in the four metros and some major cities like Bangalore, Jaipur and Patna.
The new AIS is expected to make the taxpayer's task of filing ITR easier and faster, points out Bindisha Sarang.
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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".
In its essence, GST is a national level system of value added taxation of goods and services, says Shankar Acharya.
With wages rapidly rising in China, all is still not lost. Wage costs in India are significantly lower and this fact could still help us turn the tide in our favour.
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.
Services attract highest foreign direct investment, despite Make in India push.
Several BJP-backed state governments have unveiled schemes targeting the poor, women, farmers and students, following the party's setback in the Lok Sabha polls.
