The Standing Committee on Finance (2019-20) has recommended to the Centre to abolish tax on Long Term Capital Gains for all investments in startups which are made through collective investment vehicles (CIVs) such as angel funds, alternate investment funds (AIF), and investment...
  • The Supreme Court has dismissed a special leave petition filed against an order of Bombay High Court that rejected anticipatory bail of the petitioner held guilty of circular trading in goods and services tax (GST), says a report from, a portal associated with...
  • The Bangalore bench of the Income Tax Appellate Tribunal (ITAT) has dismissed an appeal by the income tax department to count Rs152 crore as undisclosed income of the founders of Flipkart, including Sachin and Binny Bansal, when they exited during 2012. Citing a news report,...
  • Tax collection at source (TCS) on foreign remittances will only be applicable on the amount in excess of Rs 7 lakh in a financial year and not on the total amount.   The TCS on foreign remittances kicks in from October 1. Under the provisions, any amount sent abroad to purchase...
  • The Central Board of Direct Taxes (CBDT) has come up with a new functionality -- ITR Filing Compliance Check - for scheduled commercial banks to check IT return filing status of permanent account numbers (PAN) in bulk mode and to track the status of non-filers.   In a statement on...
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