India is growing fast, but to keep growing strong, the government must make more things at home, create jobs, and spend money wisely, suggests Rajiv Memani, regional managing partner, Africa-India Region, EY.
The Supreme Court of India has struck down key provisions of the 2021 Tribunals Reforms law, citing violations of separation of powers and judicial independence. The court restored earlier directions on tenure for tribunal members.
'Repeated adjournments are one of the largest contributors to lengthy litigation cycles.'
'We want to clear these pending refunds so that no issues arise once the new I-T Act takes effect.'
'Always keep accurate and transparent records of the source of the investment or property's funding: Loan agreements, transfer records of the property, and bank statements of co-owners if available.'
'As a result of delays, the desired reliefs are not coming for taxpayers.'
The government has notified October 1 as the starting date for direct tax dispute resolution scheme Vivad Se Vishwas 2.0. Vivad Se Vishwas scheme 2.0 was originally announced in Budget 2024-25 presented in July for resolution of certain income tax disputes pending appeal.
'How can one expect fair elections in such a situation when funds to the tune of Rs 270 crore have been freezed or taken away by the Income Tax authorities from Congress party's accounts'
Last week, the ITAT had dismissed the Congress' appeal against the imposition of penalties for discrepancies in tax returns for previous years.
This Women's Day Week, we celebrate the groundbreaking achievements of Justice Anna Chandy, Justice M Fathima Beevi and Justice Leila Seth.
The Delhi high court on Thursday rejected petitions by the Congress challenging the initiation of tax reassessment proceedings against it for a period of four years by tax authorities.
An income tax tribunal held that the amount received by Google Ireland from Google India towards marketing and distribution rights of the AdWords programme is not royalty, and hence, cannot be taxed at the hands of the assessee (Google Ireland). The ruling by the Bengaluru-based Income Tax Appellate Tribunal (ITAT) may have repercussions on similar transactions by multinationals, feel experts. Explaining the case, Amit Maheshwari, tax expert at AKM Global, said Google Ireland had received Rs 8,662.93 crore under the Google Reseller Agreements.
As on April 1, income tax arrears have increased to Rs 43 trillion from Rs 24 trillion on April 1, 2023.
With this latest notice, the Income Tax department has raised a total demand of Rs 3,567 crore from the Congress.
'Tax officials view most taxpayers as evaders.' 'The I-T department has a perverse incentive to raise unreasonable demands since the one-fifth tax collected counts towards officials' collection targets,' observes Harsh Roongta.
A bench of Justices BV Nagarathna and N Kotiswar Singh, which issued notice on the plea of the Congress against the March 13 high court order, however, said the ITAT can proceed on the political party's appeal.
Justice Beevi was admitted to the private hospital a few days ago due to age-related ailments and breathed her last on Thursday afternoon around 12.15 pm, an official source said.
Taxpayers seeking to save tax from the sale of gold (including inherited) should reinvest the capital gains in residential property to avail of the benefit provided by Section 54F.
The CJI said tax judiciary plays a very important role in resource mobilisation of the country and expressed concern over pendency of cases.
This has affected all political activity of the party, Maken said at a press conference.
The Delhi high court on Wednesday upheld an order of the Income Tax Appellate Tribunal (ITAT) refusing to stay a notice issued by the Income Tax department to the Congress party for recovery of outstanding tax of more than Rs 100 crore.
The party has contested the reassessment proceedings, claiming they were barred by limitation.
Party treasurer Ajay Maken has claimed that "democracy will be over if the action of probe agencies goes unchecked" and said the Congress has full faith in the judiciary.
The Income Tax Appellate Tribunal has accepted BCCI's submission that the latter's objective is the promotion of cricket and it enjoys the power of holding IPL for achieving its objective, reports Indivjal Dhasmana.
Understanding tax residency rules and maintaining proper documentation is imperative to ensure smooth tax compliance.
Billionaire Anil Agarwal's mining group Vedanta on Monday said it has withdrawn cases in the Delhi high court as well as before an international arbitration tribunal to settle a Rs 20,495 crore retrospective tax dispute with the government. Post slapping of a Rs 10,247 crore tax demand on UK's Cairn Energy Plc for alleged capital gains made on a 2016 internal reorganisation prior to the listing of its India business, the Income Tax Department had sought Rs 20,495 crore in taxes (including penalty) from Cairn India for failing to deduct tax on capital gains made by its British parent. Cairn India was in 2011 bought by Agarwal's group and subsequently, the firm was merged with Vedanta Ltd.
A taxpayer paying rent to his/her spouse is entitled to claim HRA benefit under relevant sections and within prescribed limits.
Rahman had received Rs 3,47,77,200 from Libra Mobile during 2010-11 in his individual capacity as an artiste which must have been considered for taxation and this was not considered by the Assessing Officer in the reassessment order.
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.
Tribunal ruling in I-T's favour may open floodgates to claims against other MNCs.
Prime Minister Narendra Modi on Wednesday underscored tax reforms of the past six years to say India has moved from tax terrorism to tax transparency. Speaking at the inauguration of an office-cum-residential complex of the Income Tax Appellate Tribunal at Cuttack, Modi highlighted the reduction in the corporate tax rate, simplified rate structure for individual taxpayers, faceless appeals and quick refunds.
The counting of votes in Delhi election 2020 is currently underway. Early trends suggest that Aam Aadmi Party is on course to a victory. The victory is befitting as February 11 -- is also Kejriwal's wife Sunita's birthday.
The CBI on Tuesday pleaded for the withdrawal of proceedings against Italian businessman Ottavio Quattrocchi in the over two-decade-old Bofors pay off case, saying it has got no fresh instructions from the government in the wake of the Income Tax Appellate Tribunal order.The ITAT order, which had on Monday said that kickbacks of Rs 41 crore were paid to late Win Chaddha and Quattrocchi in the Howitzer gun deal, was placed before the court.
Barely a fortnight after the freeze on its bank accounts was lifted, the airline filed an appeal against the department in the Income Tax Appellate Tribunal at Bangalore, disputing the Rs 370-crore (Rs 3.7 billion) tax demand levied on it for 2010-13.
The ITAT is mulling e-courts, or simply hearing of cases through webcast, to clear the backlog of cases in smaller towns.
The Bombay high court has admitted an appeal filed by the Income Tax authorities, challenging relief granted to Bollywood star Aishwarya Rai Bachchan by the Income Tax Appellate Tribunal.
In spite of having various appellate tribunals and commissions within its establishment, the Income Tax Department has registered a more than two-fold rise in appeals in Supreme Court in cases involving crores of rupees of the exchequer.
The Central Bureau of Investigation on Thursday contended before a Delhi court that there is no change in government's stand on withdrawing the case against Italian businessman Ottavio Quattrocchi in the wake of the Income Tax Appellate Tribunal (ITAT) order in the Bofors pay-offs case.
Finance Minister Pranab Mukherjee said the government is examining the decision of the Income Tax tribunal in the Bofors case and will decide the future course of action later.
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.
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