The government will settle almost all the retrospective tax cases this month, closing a chapter that plagued India's reputation as an investment-friendly destination, a top official said on Friday. A 2012 amendment that gave taxmen powers to go back 50 years and slap capital gains levies wherever ownership had changed hands overseas but business assets were in India, was used to raise Rs 1.1 lakh crore demand against multi-nationals such as telecom group Vodafone, pharmaceuticals company Sanofi and brewer SABMiller, now owned by AB InBev, and Cairn Energy Plc. Such demands brought uncertainty in the minds of investors.
Mauritius has rejected compensation of Rs 500 crore to plug loopholes in double taxation avoidance treaty. Mauritius accounts for nearly half of all foreign direct investment (FDI) inflows to India. With the tightening of tax laws, India attempted to amend the treaty. Due to the treaty, India was suffering over Rs 4,000 crore loss annually for some years in terms of revenue foregone on account of the capital gains exemption for investors routing their funds through Mauritius.
New business premium (NBP) growth of life insurers in March is expected to be weak owing to the high base effect in the year-ago period due to revision in taxation norms for high-value policies, insurers said. In the Budget, Finance Minister Nirmala Sitharaman proposed that insurance policies (excluding unit-linked insurance plans or Ulips) with an aggregate premium exceeding Rs 5 lakh would be taxed. This rule came into effect on April 1, 2023. In March 2023, the NBP of life insurance companies witnessed a strong growth after the tax announcement. Premiums rose by 14.45 per cent year-on-year (Y-o-Y) to Rs 59,608.83 crore in March 2023 from Rs 52,081.12 crore.
Agra has long been known for the Taj Mahal, but it is also a manufacturing hub filled with micro, small and medium enterprises (MSMEs) that make everything from electronic components to metal products, from paints and chemicals to footwear. And five years after the introduction of the Goods and Services Tax (GST), the MSMEs here complain that while the indirect tax regime has been transformative, cutting out the need to file multiple taxes, its biggest drawback has been the delay in credit refunds. Whoever you speak to - MSME owners, tax lawyers, or industry bodies like the National Chambers of Industries and Commerce (NCIC), Agra Footwear Manufacturers and Exporters Chamber (AFMEC) and Agra Shoe Manufacturers Association (ASMA) - they all emphasise that the GST continues to face some key challenges.
'Personal income tax collections have been high on account of impressive advance tax mop-up.'
Central Board of Direct Taxes officials claim the figure has surpassed indirect taxes for the first time.
A group to study simplification of laws relating to income tax has recommended removal of redundant provisions and use of simple language.
Kingfisher has said it is in talks with foreign carriers for bringing in FDI, a move that is expected help it overcome financial troubles.
Taxpayers are advised to furnish their bank details and electronic clearing system number in their tax returns, so that their refunds can be credited to bank accounts electronically, an official said. "With the Refund Banker scheme in place all over the country shortly, the Income Tax Department envisages no difficulty in processing refund cases," the official said.
The Vivaad se Vishwas Tak scheme will be one area where some much-needed revenue can be collected by the government. The scheme can be more successful if some specific steps are taken, says investment advisor Harsh Roongta. This results in a very high tax demand. Investment advisor Harsh Roongta takes you through the maze of appeals and counter appeals.
Income tax officials on Monday conducted surveys at offices of engineering major Larsen & Toubro and media firm Zee Group for alleged GST evasion, an official of the tax department said. When contacted, L&T neither confirmed nor denied the development, while the media group has confirmed the tax survey. The tax official said surveys have been carried out at many L&T premises in the city, and in case of Zee, the surveys are underway at all its offices across the country since morning.
'If there is a push towards a Marxist oriented government it will be dangerous.' 'We have seen this in Nepal and Myanmar and it will be a concern for India if it is surrounded by countries with such political dispensations.'
"Thenga mila hai", scoffed Yadav using the Hindi slang to repudiate the ED's claim of huge recovery in the raids conducted in connection with the land for jobs scam
Will stop work on February 20.
Rising energy demand could tilt India's energy basket towards fossil fuels from coal to oil, natural gas.
The government is exploring legal options, including bringing an Ordinance, to tackle the problem of income-tax litigation on reassessment notices under old, time-barred norms, according to official sources. This has come in the wake of writ petitions filed by companies and individuals in recent weeks to challenge the validity of the notices issued by the tax department between April 1 and June 30 and under the old norms.
The last two I-T teams left the premises, one each in Odisha and Jharkhand, carrying with them a number of seized "incriminating documents" and data cloned from electronic gadgets in the early morning hours.
Over 100,000 small and medium-sized businesses are non-compliant with e-invoicing norms under the goods and services tax (GST) regime, a mandatory requirement for businesses with an annual turnover of over Rs 5 crore. E-invoicing provides real-time access to invoices that are prepared by the supplier on the purchase of goods, allowing faster accessibility to input tax credit, thereby limiting the manipulation of fake credit as it has to be generated before the transaction. "The default has been reported mainly in businesses with a turnover between Rs 5 crore and Rs 20 crore," a senior official informed
The Badrinath-Kedarnath Temple Committee on Wednesday dismissed Jyotirmath Shankaracharya Swami Avimukteshwaranand's allegations that 228 kg gold bought for lining the Kedarnath temple's internal walls is missing, and asked him to approach authorities if he had any evidence.
The tax forces young startups to part with a portion of the capital they have raised from investors due to disagreements over the valuation of the company by Income Tax officials.
The future of Rishi Sunak as Britain's Prime Minister and leader of the Conservative Party hangs in the balance as polling booths opened across the United Kingdom on Thursday, with millions expected to turn out to cast their votes in the general election.
The move triggered sharp reaction from the opposition, which has accused the state's BJP government of trying to stifle freedom of expression.
ED officials said that Subhash was produced before a special PMLA court on Sunday morning and was sent to judicial custody.
Finance Minister Nirmala Sitharaman on Tuesday reviewed with Infosys officials the technical glitches that continue to mar the new income tax e-filing portal. Sitharaman, along with Minister of State for Finance Anurag Thakur, revenue secretary Tarun Bajaj, CBDT chairman Jagannath Mohapatra and other senior ministry officials, went point by point on the issues facing the new portal with officials of Infosys - the vendor which developed the site. While there was no official word on what transpired at the meeting, a statement issued by the Institute of Chartered Accountants of India (ICAI) said "the technical glitches shall be addressed fast". ICAI representatives attended the meeting on Tuesday.
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.
The details that have been shared include identification, account and financial information, including name, address, country of residence and tax identification number, as well as information concerning the reporting financial institution, account balance and capital income.
The direct tax collections are likely to fall short of the revised Budget target by Rs 650 billion and, in fact, were Rs 150 billion lower than the original estimate for the fiscal
Jharkhand Congress in-charge Avinash Pandey on Sunday said that a clarification has been sought from party MP Dheeraj Sahu in connection with the recovery of huge cash from premises linked to him.
'Those satisfied with returns and not expecting further rally could be booking profits and also stopping SIPs.'
GST authorities have issued show cause notices worth Rs 1 lakh crore to online gaming companies for tax evasion so far, a senior official said on Wednesday. The official, however, said there is no data yet of foreign gaming companies registering in India since October 1. The government has amended the GST law, making it mandatory for overseas online gaming companies to register in India from October 1.
In the event of the BJP's poor performance in the assembly polls this year and in early 2025, Modi's hold will get further weakened because he will no longer remain the invincible electoral persona tightly controlling the machine at his disposal, asserts Nilanjan Mukhopadhyay.
The government is mulling changes in the income tax laws to bring cryptocurrencies under the tax net, with some changes that could form part of the Budget next year, a top official said. Revenue secretary Tarun Bajaj said that in terms of income tax, some people are already paying capital gains tax on the income from cryptocurrency, and in respect of Goods and Services Tax (GST) also the law is "very clear" that the rate would be applicable as those in case of other services.
Like the UPA government, probably the NDA government also feels that hardships caused to taxpayers are just collateral damage and that taxpayers are too few and even those few don't have a vote (non-individuals) or don't vote, says Harsh Roongta.
According to officials, this year there has been a three-fold increase in the total seizure, which was Rs 322 crore in 2021, Rs 347 crore in 2022 and Rs 1,021 crore so far in 2023.
Service Tax Commissioner Gautam Bhattacharya asked India Inc to be more pro-active in sharing inputs with government officials.
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