As per norms, the returns have to be filed online on www.aces.gov.in.
The British mobile phone operator was widely expected to go for an international arbitration after its talks with the Indian government failed to find a solution last year.
Investors are increasingly turning optimistic about shares of new-age companies. From broad-based 'sell' calls, analysts are giving thumbs up to Zomato, Paytm, and FSN e-Commerce Ventures-owned Nykaa as these companies have shifted focus to sustainable profits. The shares of Zomato hit a fresh 52-week high of Rs 126 apiece on the BSE on November 7, having rallied 15.4 per cent in one week.
If you were deputed abroad, filing income tax can be tricky.
Cooperative societies get more tax benefits as compared to individual house owners.
The strike could have put customers to inconvenience, since banking services would have remained disrupted almost the entire next week, and for the government, as tax payments for 2006-07 have to be made by March 31.
The Economic Offences Wing of the Delhi Police has filed an FIR against former BharatPe co-founder Ashneer Grover, his wife Madhuri Jain Grover and family members Deepak Gupta, Suresh Jain and Shwetank Jain for an alleged Rs 81 crore fraud after a complaint by the fintech unicorn. The FIR, a copy of which has been seen by PTI, was filed under eight sections of the Indian Penal Code, including 406 that deals with criminal breach of trust, 420 (cheating and dishonesty), 467 and 468 (forgery). BharatPe in the complaint alleged that Grover and his family caused damages of about Rs 81.3 crore through illegitimate payments to bogus human resource consultants, inflated and undue payments through passthrough vendors connected to the accused, sham transactions in input tax credit and payment of penalty to GST authorities, illegal payment to travel agencies, forged invoices by Madhuri Jain and destruction of evidence.
Wipro said it is 'exploring all legal options at its disposal to seek redressal' against any such move by the authorities.
Prosecutors sue Barcelona for allegedly buying refereeing favours
According to Barclays Capital, the government's decision to lower the withholding tax on foreign borrowings could produce an additional $2 billion per year inflow in the medium term -- a material sum against annual balance of payments forecasts (around $15 billion deficit).
Scrutiny of Google's code of conduct in the Indian Android ecosystem is far from over with several start-ups preparing to appeal against the company's revised policies of service fee on in-app purchases and subscriptions, according to sources in the know. This comes days after the National Company Law Appellate Tribunal (NCLAT) granted partial relief to the tech giant, reversing four of the 10 key non-monetary directives that would have forced Google to allow uninstalling of its pre-installed apps on Android devices. Paytm, BharatMatrimony, and ShareChat are among the start-ups that are likely to file grievances against the tech major for alleged non-compliance with the Competition Commission of India's (CCI's) cease-and-desist order on Play Store policies.
The Supreme Court will decide whether a non-resident company is liable to pay advance tax on fee charged by it for providing services in India.
Encouraging results for PayTM (One97 Communications) for the 2022-23 financial year (Q4FY23) have led to a surge in the company's stock price, gaining nearly 5 per cent during Monday's trade. PayTM reported Q4FY23 revenues at Rs 2,330 crore, up 51 per cent on year-on-year (YoY) basis (13.2 per cent quarter-on-quarter or QoQ), led by monthly transaction user (MTU) growth of 27 per cent and average revenue per user or ARPU growth of 19 per cent YoY. MTU is defined as users with at least one transaction/month.
The Vivad Se Vishwas scheme provides for settlement of disputed tax, disputed interests, disputed penalty or disputed fees in relation to an assessment or reassessment order on payment of 100 per cent of the disputed tax and 25 per cent of the disputed penalty or interest or fee.
The Indian Cricket Board (BCCI) paid a whopping Rs 50 crore as income tax for the year 2013-14, its monthly disclosure on spending has revealed. Giving details of spendings exceeding Rs 25 lakh on its official website, the BCCI also revealed that it paid service tax of Rs 2.74 crore. India's Under-19 and A team coach Rahul Dravid was paid half of his professional fees during the month gone by and the figure for that stood at Rs 1.30 crore. Besides, the Assam Cricket Association was paid Rs 3.37 crore as part of its annual dues for the year 2014-15.
Spanish prosecutors have won a series of cases against high profile footballers and coaches for tax fraud in recent years, including Lionel Messi, Cristiano Ronaldo and Jose Mourinho.
Few options that can help you plan taxes wisely.
Sources said I-T deparment has sent a notice to Vodafone for not paying capital gains tax, arguing that the company should have deducted tax at source while making payment to Hong Kong-based Hutchison Telecom International Ltd.
Three key instruments that can help you meet your financial goals, while also allowing you to enjoy tax deductions are ELSS, term cover and health cover.
Asked to share details of income from all its 16 zones, especially through tatkal, ticket cancellation and bed roll charges
Indian bonds remained volatile over the past week on uncertainties over the maiden offshore sovereign bonds issuance, according to a report by DBS Group Research.
The Central Board of Direct Taxes (CBDT) has proposed a new common income-tax return (ITR), with greater focus on disclosing income from virtual digital assets or crypto assets and foreign equity and debt instruments held by resident Indians. For non-resident Indians, the draft ITR seeks exhaustive details ranging from nature of business, permanent establishment (PE), business connection, whether the entity has significant economic presence (SEP) in India, along with the number of users in India. The ITR protocol for NRIs could widen the scope of the SEP principle that was introduced in the Finance Bill 2018-19, and the explicitly defined 'business connection' to include provision of download of data or software, if aggregate payments from such transactions exceed a prescribed amount, or if a multinational's interaction is with a prescribed number of users.
The company says the reminder does not include a deadline for payment.
A court in New Delhi on Friday extended by three days the ED custody of four people arrested in a money laundering case against Chinese smart phone maker Vivo, including the managing director of Lava International mobile company and a Chinese national. The four accused were produced before Additional Sessions Judge Devender Kumar Jangala on completion of their three-day ED custody. On Friday, the agency moved four separate applications seeking extension of their custody by 10 days but the court granted it only three more days for custodial interrogation of the accused.
The Supreme Court had on January 17 set aside a ruling of the Gujarat high court that allowed Essar Oil the tax benefit.
With the inclusion of 14 items, the total number of services in the negative list will go up to 38.
Those evading taxes could soon find tax officials at their doorstep, with a rather insightful account of their big purchases.
The department has calculated and arrived at the figure and may raise two separate demands.
Unlike Income Tax, service tax is not charged automatically.
Sources said about hundreds of companies, including Facebook and Amazon, could seek tax refund because they import software for sale in India.
When the Centre collects money through cess, it can retain the entire fund for the particular scheme.
Section 276CC provides for prosecution and makes tax evasion punishable with rigorous imprisonment of three months to seven years along with a monetary penalty depending on the amount dodged.
The Associated Chambers of Commerce and Industry of India has sought the restoration of Notification in the Finance Bill 2005-06
GST authorities have detected GST fraud of Rs 55,575 crore over the last two years and arrested over 700 persons for causing loss to the exchequer, an official said on Thursday. Over 22,300 fake GST identification numbers (GSTIN) were detected by the officers of the Directorate General of GST Intelligence (DGGI). The government on November 9, 2020, launched a nationwide special drive against unscrupulous entities for availing and passing on Input Tax Credit (ITC) fraudulently by issuing fake/bogus invoices, thereby evading Goods and Services Tax (GST).
Keeping patience while making a financial decision is one thing millennials need to learn, says Naval Goel.
Rates on tax-free bonds are linked to government securities.
