A special bench of the Delhi Income Tax Appellate Tribunal has ruled that the income tax that an employer pays on behalf of its employee is a non-monetary benefit in kind and, therefore, exempt from tax.
Computerisation of the Income-Tax Department has played a key role in raising tax compliance and higher tax collections over the past few years.
If you disagree with the notice, be ready to explain.
Foreign portfolio investors (FPIs) from Mauritius may face higher scrutiny after the amendment in the India-Mauritius tax treaty introduced a principle purpose test (PPT) to prevent treaty abuse by taxpayers. The Mauritius government had in February decided to amend the double taxation avoidance agreement (DTAA) with India to align with the Organisation for Economic Co-operation and Development's proposal on base erosion and profit shifting. Although the agreement between India and Mauritius was signed on March 7, the protocol of the amendment was made public for the first time on Wednesday, said legal experts.
Finance Minister Nirmala Sitharaman on Monday reduced the time limit for reopening of income tax assessment cases to three years from six years, while for serious tax fraud cases where concealment of income is Rs 50 lakh or more it would be 10 years.
Questions on the efficacy of the government's drive towards filing of more returns by individuals and on whether raising tax exemption levels has led to reduced compliance in filing of returns by those who go out of the tax net, says A K Bhattacharya.
The department found various expatriates were acting as business heads for Indian operations and certain employees were actively involved in concluding sales for the foreign entities of GE in India.
Vodafone pleaded in High Court that IT department had no jurisdiction in the transfer pricing case because the said transaction was not international and did not attract tax.
The income tax department has found alleged manipulation of account books for reducing taxable income in India by Chinese telecom company Huawei whom it raided recently, sources said on Thursday. The searches were conducted on February 15 at the main business and residential premises of "key office bearers" of a multi-national group, engaged in distribution of telecom products and providing captive software development services, the CBDT said in a statement. Sources identified the company as Huawei.
The income tax department estimates total collection to be between Rs 10.5 trillion and Rs 10.7 trillion against the revised target of Rs 11.7 trillion.
The police search comes just a couple of days after a group of SFI activists allegedly trespassed into the Kochi office of the news channel and intimidated the staff.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your income tax queries.
The reduced growth is largely because of consumption slowdown and tax rate cuts.
Engineering and construction major Larsen & Toubro (L&T) reported a 25 per cent rise in net profit attributable to the owners of the company for the January-March quarter of 2024-25, owing to higher revenues and an exceptional gain. For the quarter under review, L&T posted a consolidated net profit of Rs 5,497.3 crore, while revenue rose 10.9 per cent year-on-year (Y-o-Y) to Rs 74,392.28 crore.
The Income Tax department on Friday conducted separate 'survey operations' at the premises of online news portals Newsclick and Newslaundry in New Delhi, officials said.
The ultra-rich invest differently -- embracing growth, compounding, and long-term clarity to build wealth with purpose and discipline, explains Ramalingam Kalirajan.
The income tax department on Wednesday conducted a survey operation against Delhi-based think-tank Centre for Policy Research (CPR) and global NGO Oxfam India apart from a media foundation as part of a probe related to alleged FCRA contravention in funds received by them, official sources said.
The exemption from MAT does not apply retroactively.
On his 200th birth anniversary, Utkarsh Mishra traces the life, thought, and legacy of Dadabhai Naoroji, the Grand Old Man of India.
Cash deposits of up to Rs 2.5 lakh by housewives post demonetisation will not come under I-T scrutiny as the Income Tax Appellate Tribunal (ITAT) has held that such deposits cannot be treated as income of the assessee. Ruling on an appeal filed by an individual, the Agra bench of ITAT said the order would act as a precedent for all similar cases. The appellant, a housewife Uma Agrawal of Gwalior, had declared total income of Rs 1,30,810 in her income tax return filed for fiscal 2016-17.
Income Tax officials surveyed the British broadcaster's offices in Mumbai and Delhi.
Taxpayers can now file their returns, grievances and matters related to vigilance online
Amendments will be tabled in Parliament for approval by Monday or Tuesday.
Observing that review under the garb of reassessment was not permissible in law, the Bombay High Court has granted relief to mega star Amitabh Bachchan by dismissing an appeal filed by the Income Tax Commissioner who reopened the actor's assessment proceedings for 2002-03.
Miss the March 31, 2018 deadline to file belated tax return for FY16, and risk an I-T notice and a hefty fine.
Multinational software firms like Microsoft, SAP and Oracle -- which license software and earn royalty on it from Indian customers -- are facing the heat from assessing officers if they have not paid taxes on the gross royalty income. According to a ruling by New Delhi-based commissioner Income Tax (Appeal), Microsoft has to cough up over Rs 700 crore in taxes and interest for the period 1999 to 2005.
Based on the holding period, the profit you make is liable to short-term or long-term capital gains tax, experts tell Tinesh Bhasin.
With the reality of coalition politics staring the BJP in its face, this was inevitable, points out Ramesh Menon.
Finance Minister Arun Jaitley on Friday said as many as 37,506 tax dispute cases were pending before various Income Tax Appellate Tribunals having a financial implication of Rs 1.45 lakh crore at end March 2015.
In a relief to actor Shah Rukh Khan, the Income Tax Appellate Tribunal has overturned an order of the tax authorities to add Rs 2.28 crore he had lent his wife as interest free loan to buy flat and jewellery to his net wealth.
'Planning for the transfer of assets to the next generation is an important aspect of financial and estate planning.'
Treats gains on sale of as capital gains, not business income, spares him from huge tax liability.
'If taxpayers have not filed a belated ITR, they will be allowed to file an updated ITR from April 1, 2024.'
Proper documentation can help take half the pain out of filing your income tax return, says Amar Pandit.
The point to note is that since the new rebate is up to a taxable income of Rs 5 lakh, if anyone earns even little more (say, even Rs 100 more) than this amount, he would have to pay all the taxes, according to the existing slabs.
The Delhi High Court Tuesday said the Income Tax department is bound by its assurance to maintain confidentiality of the material seized during a survey operation at news portal Newslaundry's premises and to ensure that it is not leaked.
The Enforcement Directorate (ED) on Tuesday raided a dozen locations including the head office of the Congress party-owned National Herald newspaper in New Delhi as part of an ongoing money laundering probe, officials said.
Non-compliance can also result in legal complications and disputes with the tax authorities.
