The Supreme Court had on January 17 set aside a ruling of the Gujarat high court that allowed Essar Oil the tax benefit.
The regulations will only apply to the share purchases that have been done after October 1, 2004
The income tax authorities on Thursday conducted raids at seven places in Mumbai, a senior official said.
A day after it received Rs 32,403 crore GST demand, Infosys on Thursday said Karnataka state authorities have withdrawn the 'pre-show cause' notice to the company and directed it to submit further response to the Directorate General of GST Intelligence (DGGI) on the issue. India's second largest IT company had made headlines on Wednesday after GST authorities slapped a Rs 32,403 crore notice on it for services availed by the company from its overseas branches for five years starting 2017.
Six years after the rollout of the biggest indirect tax reform in India, Goods and Services Tax (GST) revenue of Rs 1.5 lakh crore every month has become a new normal and tax officers are focusing on dealing with fraudsters who are adopting newer modus operandi to game the system, causing loss to the exchequer. To apprehend black sheep, who operate as syndicates and create fake entities on the basis of forged documents to claim input tax credit (ITC), tax officers have started using data analytics, artifical intelligence and machine learning aiming to curb evasion, which was over Rs 3 lakh crore since inception of GST. It was over Rs 1 lakh crore in 2022-23. Thinktank Global Trade Research Initiative (GTRI) said the most critical pending GST reform is upgradation of GST Network to prevent fake supplies and fraudulent claims of Input Tax Credit (ITC).
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Top management of firms should be summoned for a few specified reasons and after written justification at a senior level.
In nation-wide raids on Wednesday, Income Tax sleuths swooped down on offices of Indian Premier League franchisees Kolkata Knight Riders, Chennai Super Kings, Deccan Chargers and Kings XI, and companies handling broadcast rights of the cash-rich cricket League.
An interim report on the action has also been sent by the field investigation wing of the income tax department to the Central Board of Direct Taxes in Delhi, the administrative body for the department.
If a foreign company pays interest on loan for carrying out operations in India it will be allowed tax exemption under the Income Tax Act, 1961, a tax tribunal has ruled.
Notably, Pakistani journalist Ali, cited the BBC documentary on the 2002 Gujarat riots and said he "regretted" that no US official had criticized it, while the US State Department highlighted the close relationship between the two countries, especially over shared values.
The tax imposed on buyback of shares and employee stock options is different in case of listed and unlisted companies, says Sudipto Dey
Spanish soccer champions Real Madrid said on Wednesday they are confident their star player Cristiano Ronaldo, who faces accusations of committing tax fraud in the country, acted legally.
Ministry of External Affairs officials summoned the Acting Deputy Chief of Mission Gloria Berbena at its office in South Block in Delhi and lodged a strong protest against a US State Department official's remarks on Kejriwal's arrest.
Through history, the Mela has held different meanings for ascetics, the colonised, colonisers, and tourists, but all have been moved by its grandeur points out Atanu Biswas.
Justice Yashwant Varma issued notice on the challenge to the CIC order by the Income Tax Authority and sought the stand of the RTI applicant Girish Mittal, saying that "the matter requires consideration."
More than 24 prominent charitable institutions in the country - from private trusts, educational societies, statutory authorities, and cricket associations - may soon face tax scrutiny after a Supreme Court (SC) ruling set the limits to which tax exemption can be claimed. Most of these are highly profitable but get tax exemption due to their 'charitable organisation' status. The revenue department is preparing a standard operating procedure to scrutinise their books and evaluate if they can continue to claim tax exemption in the context of the recent SC ruling
GST collections jumped 15 per cent to nearly Rs 1.68 lakh crore in November, the finance ministry said on Friday. Goods and Services Tax (GST) mop-up was over Rs 1.45 lakh crore in November 2022.
Nokia said the freezing of the fixed assets would not have any impact on the day-to-day operations of the company.
Tax department sends notices saying they are liable to pay MAT.
"Reaching an international agreement on how large digital companies are taxed has been a priority for the chancellor since he took office," said a spokesperson for his UK treasury office. "The chancellor's consistent position has been that it matters where tax is paid, and any agreement must ensure digital businesses pay tax in the UK that reflects their economic activities. That is what our taxpayers would expect and is the right thing," the spokesperson said.
A minimum of 50 per cent tax may be levied on unexplained bank deposits made using the banned currency notes up to December 30 along with a 4-year lock in period for half of the remaining amount under the amendments to tax law the government plans to bring in Parliament shortly.
The Explanatory Memorandum to the Budget said the identification number would be mentioned in each correspondence sent or received by the department to enable tracking of documents and minimise taxpayers grievances.
Billionaire Bill Gates, in a 2019 interview, supported bringing back a regulation in the US to require the super-rich to pay a 55 per cent tax when they inherit their family fortune. Proponents of an inheritance or estate tax say it reduces inequality and creates a meritocratic society by chipping away at the enormous advantages the children of the wealthiest families enjoy by an accident of birth. Many large economies levy such a tax on their richest citizens; India does not.
Tax payers got of Rs 17,600 crore (rs 176 billion), representing a 52.01 per cent growth over Rs 11,578 crore (Rs 115.78 billion) given in the first three months of last fiscal.
E-commerce giants such as Amazon, Netflix and Flipkart, whose headquarters are not in India, potentially have to pay the additional levy of 2 per cent from April 1.
In a sign that people are paying additional tax demanded by the government, the income-tax authorities collected Rs 90,500 crore (Rs 905 billion) under this head during 1996-2005.
British telecom giant Vodafone Group plc on Friday won an arbitration against the Indian government over a demand for Rs 22,100 crore in taxes using retrospective legislation.
Supreme Court Chief Justice SH Kapadia has ruled on Friday that the tax deparment has no jurisdiction over Vodafone's purchase of mobile assets in India.
'Many non-resident taxpayers faced issues in filing Form 10F since the portal didn't allow those who didn't have PAN to file the form.'
This fresh case pertains to the tax assessment done by the I-T department for the year 2009-10.
On the basis of her committee's report, the UCC in Uttarakhand established mandatory registration for marriages and live-in relationships, banned polygamy, and provided equal inheritance rights for women.
Reserve Bank Governor Shaktikanta Das on Tuesday said the fiscal-monetary coordination was at its best during the last six years even as he thanked Prime Minister Narendra Modi for giving the opportunity to head the monetary authority of the country. Das, in a series of posts on X, on his last day of his six-year term as RBI Governor, also thanked the Finance Minister, various stakeholders and his colleagues at the central bank.
Finance Ministry, Assocham on Tuesday sought a taxation friendly environment for the startups
Setting at rest the uncertainty about overseas investments, Finance Minister Pranab Mukherjee on Friday said that persons investing in stock markets through participatory notes (P-Notes) will not have to pay taxes in India.
Taxmen also claimed that the signature of Siddhartha on the letter being circulated on the social media under his name "does not match" with the record available with the department.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your personal income tax queries.
Besides income and deductions, it is mandatory to mention some other specific details in your individual returns.
A taxpayer who does not revise their return within the stipulated deadline would be stuck with the original return, including its errors.
No tax clearance required for overseas jobs
