A division bench of the Madras high court on Tuesday expunged the adverse remarks made by a single judge against top Tamil actor Vijay on the issue of entry tax over the import of a luxury car from England in 2012.
To decide whether capital gains on surrender of call options are taxable
By setting up Central Technical Committee, the Central Board of Direct Taxes aims to bring clarity on contentious legal issues and reduce litigation by adopting a consistent approach on them.
The income tax department has a steep collection target of Rs 9.8 lakh crore during 2017-18, rising 15.7 per cent from a year ago.
Every bank offers a different slab of minimum balance to customers, based on which 'free services' are provided
India Inc on Thursday pitched for continuation of reforms while ensuring tax and policy stability in the forthcoming Budget to prop up the economy hit hard by the COVID-19 pandemic. In the virtual pre-Budget consultation held with Finance Minister Nirmala Sitharaman, industry chambers said that government measures will help firmly entrench the nascent signs of recovery being currently seen in private investment. Capital expenditure by the government through enhanced infrastructure spending should in the meantime continue to support growth, CII president TV Narendran said.
Cairn files notice against India in $1.6 billion tax dispute.
The recent ruling by the Authority of Advance Rulings making back-office services provided by a company to global firms taxable under GST, has sent shockwaves through the information technology and business process outsourcing industry.
Vedanta to file notice of claim in Cairn India tax case.
He will succeed K K Venugopal, whose term will end on September 30.
Budget may allow use of advance-pricing agreements for past cases.
The previous United Progressive Alliance government had undertaken some decisions, like introduction of retrospective tax amendments and GAAR, which had dented investor sentiments.
UK-based Cairn Energy PLC on Tuesday said it will drop litigations to seize Indian properties in countries ranging from France to the US, within a couple of days of getting a USD 1 billion refund resulting from the scrapping of a retrospective tax law.
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After setting up a committee under N Rangachary last year to look at taxation issues regarding the sector, the government has issued several notifications in the last eight months.
The National Stock Exchange (NSE) has made a fresh attempt at settling a regulatory investigation into the misuse of Trading Access Point (TAP) software at the bourse. The Securities and Exchange Board of India (Sebi) rejected a similar application in 2022. "NSE and its employees have filed a consolidated settlement application dated May 4, 2023, with Sebi.
The comments came in response to a Whitehouse.gov petition with more than 200,000 signatures calling on Trump to release his tax returns.
Under new government, tax office to explore ways to reduce disputes.
This is, say tax experts, the first time that a car race circuit has been held to be the permanent establishment of an assessee.
The peak rate of 30% applies on annual income of individuals above Rs 10 lakhs.
CBDT on Thursday put out a special and detailed 10-point mannual, which includes several annexures to ensure a speedy disposal of litigations.
'The kind of tax which will be generated from the second pillar may far outweigh what we may be losing in the first pillar.'
The Institute of Chartered Accountants of India has shortlisted the changes it hopes to see in Budget 2017.
The indirect tax department on Thursday hinted that Vijay Mallya, owner of the grounded Kingfisher Airlines, may face prosecution in a service tax evasion case.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
India is on the brink of overhauling its tax system, implementing the BEPS project and seeing a further evolution of the GST at the same time as a general election. This makes 2019 an exciting and challenging year, note Maulik Doshi and Jigar Doshi.
The Narendra Modi government's alacrity in promoting ease of tax administration, a critical component in the ease of doing business index, has set in motion several incremental policy and administrative reforms, says Mukesh Butani.
Pushing people to litigation is a major source of tax uncertainty.
Markets regulator Sebi on Thursday said it has lined up three properties of Saradha Group of Companies for an auction on December 16, at a reserve price of Rs 5.21 crore. The move is part of Sebi's efforts to recover money raised by the company from the public through illicit schemes. In a notice, the Securities and Exchange Board of India (Sebi) said the auction will be conducted between 11 am to 12 pm on December 16, 2022. The properties to go under the hammer include land parcels located in West Bengal.
Faced with prospect of its assets across the globe being seized just like Pakistan and Venezuela, the government decided to scrap retrospective taxation but the international embarrassment could have been avoided had 'attached' shares of Britain's Cairn Energy Plc not been sold, according to tax and legal experts. On Thursday, the government introduced a Bill in Parliament to scrap the tax rule that gave the tax department power to go 50 years back and slap capital gains levies wherever ownership had changed hands overseas but business assets were in India. The 2012 legislation was used to levy a cumulative of Rs 1.10 lakh crore of tax on 17 entities, including UK telecom giant Vodafone, but substantial punitive action was taken only in the case of Cairn.
No violation of rules or regulations were found in the transfer of land by businessman Robert Vadra's Skylight Hospitality to realty major DLF, the Haryana government has told the Punjab and Haryana high court in Chandigarh.
A taxpayer, who feels unsatisfied by an order of a tax assessment officer or thinks it is irrational, can petition the committee which will be publicised in the media by the respective tax regions.
India will reduce tax on businesses to 25 percent over four years.
The government has notified a host of procedural changes in the GST rules, including levy of interest for wrongful utilisation of ITC and turnover threshold for filing annual returns for the 2021-22 fiscal. The changes were vetted by the Goods and Services Tax (GST) Council at its meeting last week. With the amendments notified by the Central Board of Indirect Taxes and Customs (CBIC), businesses have also been allowed to make tax payments on the GSTN portal by using IMPS and UPI payment modes.
'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.'
Finance Minister Arun Jaitley is likely to slash corporate tax rate by about one per cent and may put an end date for certain exemptions availed by the industry.
The government introduced new tax rules on Wednesday aimed at reducing litigation with multinational firms over cross-border transactions the government considers tax avoidance schemes.
Tata Sons has moved the Supreme Court against an estimated Rs 300-crore (Rs 3-billion) sales tax demand from the Maharashtra state government.
Face Rs 1,000-cr minimum alternate tax demand
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