TAXATION


Chandramouli Mohan 16 May 2025
The Hidden Cost of Falling Short Imagine this: You’re juggling bills, groceries and school fees and one month you dip below your bank’s minimum balance requirement. Next thing you know, your bank slaps you with a penalty. Annoying, right? But wait—there’s more! On top of this penalty, you’re...

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Moneylife Digital Team 12 May 2025
In a significant development signalling a potential thaw in strained trade relations, US and China have signed a deal to roll back recently imposed tariffs for a 90-day period, beginning 14 May 2025. The announcement, made in Geneva following high-level trade talks, marks the first direct...

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In a significant ruling, the Mumbai bench of the income-tax appellate tribunal (ITAT) has dismissed the appeals filed by journalist Rana Ayyub Shaikh and upheld the addition of over Rs1.23 crore under section 56(2)(x) of the Income Tax (I-T) Act, citing that the donations collected via...

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Matthew Kish (The Oregonian/OregonLive) 08 May 2025
This article was produced by ProPublica in partnership with The Oregonian/OregonLive.   In May 2015, President Barack Obama gave a big speech about dropping trade barriers with other nations. He delivered it on a sunny day at Nike’s world headquarters in Oregon.   “Sometimes when we talk...

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Moneylife Digital Team 02 May 2025
India’s goods and services tax (GST) collections surged to an all-time high of Rs2.37 lakh crore in April 2025, marking a 12.6% year-on-year (yoy) increase from Rs2.10 lakh crore in April 2024, official data revealed.   This record-breaking revenue, which includes Rs1.9 lakh crore from...

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Moneylife Digital Team 30 April 2025
In a sharp rebuke to the income tax (I-T) department, the Bombay High Court (HC) has set aside a reassessment-related order passed against Modern Realty Pvt Ltd, observing that the assessing officer (AO) had failed to properly consider the taxpayer’s objections, rendering the process legally...

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Moneylife Digital Team 24 April 2025
In a notable decision involving alleged offshore assets, the Mumbai bench of the income-tax appellate tribunal (ITAT) has quashed a reassessment order against Kalpana Dilip Mehta, legal heir of the late Dilip Dalpatlal Mehta. The case centred around a Rs19.48 crore addition based on a purported...

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Moneylife Digital Team 14 April 2025
In a significant ruling, the Mumbai bench of the income-tax appellate tribunal (ITAT) has dismissed the income-tax (I-T) department’s appeal challenging tax relief granted to SDN Company over a Rs126.98 crore addition made under Section 56(2)(viia) of the I-T Act.   "If the entire transaction...

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Moneylife Digital Team 04 April 2025
In a historic measure to counter higher duties on American products imposed globally, US president Donald Trump announced reciprocal tariffs on around 60 countries. While India levies a 52% average import tariff on  American goods, the US has now imposed a 27%  discounted tariff on India's...

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Moneylife Digital Team 04 April 2025
In a significant ruling that could impact thousands of non-resident Indian (NRI) investors, the Mumbai bench of the income-tax appellate tribunal (ITAT) held that capital gains from mutual fund (MF) units earned by Singapore-based Anushka Sanjay Shah are not taxable in India, due to the...

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Moneylife Digital Team 01 April 2025
The Trump administration in the US has announced a 25% tariff on imports of automobiles and some components to protect its industry, supply chains and national security. However, given India’s relatively small share in exporting vehicles and components to the US, the 25% tariff on imports by...

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Moneylife Digital Team 01 April 2025
In a significant ruling, the Mumbai bench of the income-tax appellate tribunal (ITAT) recently held that income additions cannot be made solely based on a statement given by a builder's accountant. The decision reinforces the principle that unverified third-party statements cannot be the sole...

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Globally, share buybacks are an extremely popular mechanism for companies to return capital to shareholders, right-size their balance sheets and signal confidence in their financial health. For example, Apple has done buybacks worth US$430bn (billion) over the past five years, boosting its...

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Moneylife Digital Team 27 March 2025
The Union ministry of finance (MoF) has clarified that income-tax (I-T) officials will not have direct access to personal emails, social media accounts and bank details of taxpayers. However, in cases of search and seizure operations, authorised officers may gain access to electronic records if...

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Moneylife Digital Team 25 March 2025
In a significant ruling, the Mumbai bench of the income tax appellate tribunal (ITAT) provided relief to Anil Dattaram Pitale concerning the taxability of a new, bigger-sized flat received in a redevelopment project. The tribunal set aside the addition made under section 56(2)(x) of the...

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Moneylife Digital Team 18 March 2025
The Indian government’s tax coffers appear robust as direct tax collections for the financial year 2024–25 surged by 13.13% to reach Rs21.27 lakh crore as of 16 March 2025. This significant rise comes, despite muted growth in corporate advance tax collections during the fourth quarter,...

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Moneylife Digital Team 10 March 2025
Tax professionals have voiced growing concerns over the massive backlog of 549,042 income-tax (I-T) appeals that remain pending before the commissioner of income-tax (appeals) (CIT-A) and the national faceless appeal centre (NFAC), with some of these appeals languishing for over five years....

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The corporate boards in the recent weeks are feeling nervous where no goods and services tax (GST) demand of any substantial sum has been received by the company!    GST demand is an affirmation that an entity is carrying on a bona fide business, that it is not a zombie or a fake, like,...

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Moneylife Digital Team 28 February 2025
India's insurance sector is bracing for a protracted legal confrontation with tax authorities after the goods and services tax (GST) adjudicating authority (AA) recently confirmed a Rs2,400 crore demand against HDFC Life Insurance. This ruling could establish a precedent that might push the...

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Sahyaja MS (Bar  and   Bench) 18 February 2025
The Volkswagen group on Monday told the Bombay High Court that the 1.4 billion tax dispute with the Indian Customs authorities is a "life and death" battle for the company's operations in India.   Senior Advocate Arvind Datar, appearing for Volkswagen, said that Customs' decision to classify...

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