Taxation

Responding to India Inc's calls for measures to curb "tax terrorism", Finance Minister Nirmala Sitharaman on Friday said that tax authorities do not have to overreach as the tax targets set in the Budget are well within achievable limits.   Sitharaman said that she has met several...
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Five associations representing thousands of chartered accounts (CAs) across India have flagged several serious issues faced by taxpayers in a 16-page report and offered solutions in order to “strengthen taxpayer’ confidence”.   These associations (Bombay Chartered Accounts Society;...
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In a bid to seize illegal cash, the Income Tax Deparmtent has issued a 17-point checklist to tax commisioners across the country to track those who deposited unaccounted cash during demonetisation.   In a directive to the Principal Chief Commissioners of Income Tax and Principal...
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One aspect of tax terrorism deals with what is taxed. Can you tax compensation received for accident or for land acquisition?  Can you tax interest on that compensation, for the number of years you spend getting the compensation in your account? These questions came up recently before the...
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In a bid to clamp down on unauthorised notices and summons issued to individuals and corporates by tax officials, the Central Board of Direct Taxes (CBDT) has announced the introduction of computer-generated Document Identification Number (DIN), which will be be quoted in any notice issued by...
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