TAXATION


The Central Board of Indirect Taxes and Customs (CBIC) has clarified that extension of time limit for tax-related matters as per recent Supreme Court order is restricted only to quasi-judicial and judicial matters relating to petitions, applications, suits and appeals and will not impact...

Read More



Moneylife Digital Team 21 July 2021
The Central Board of Direct Taxes (CBDT) extended till 15 August 2021, the date for submission of form 15CA and form 15CB. Taxpayers can now submit their form 15CA, 15CB online or in manual format with authorised dealers till 15th August.   Due to glitches on the new income tax...

Read More



In a major relief for jewellers, the Karnataka Authority for Advance Ruling (AAR) has held that in case of resale of second-hand gold jewellery, jewellers have to pay GST only on the profit earned from such sale.   The ruling was made in reference to the application filed by Aadhya...

Read More



Moneylife Digital Team 16 July 2021
Infosys, which has been facing scathing criticism from taxpayers over the continuous glitches on the much-touted new income tax (I-T) portal ever since its launch on 7th June, is said to be still working on resolving all the issues.    During the company's first quarter (Q1) earnings...

Read More



The big crackdown on fake GST input tax credit (ITC) filers launched by tax sleuths over the last couple of years has provided rich dividends with the CGST zones and the Directorate General of GST Intelligence (DGGI) booking about 8,000 cases of fraud involving fake input tax credit (ITC) of...

Read More



In what can increase tax liability on companies that have undergone mergers and acquisitions in recent years, the Central Board of Direct Taxes (CBDT) has notified new set of rules on tax treatment of goodwill where depreciation provisions have been used.   The new rules that frame...

Read More



Moneylife Digital Team/IANS 08 July 2021
UK's Cairn Energy has secured an order from a French court to seize about 20 properties in Paris belonging to Indian government for recovering a portion of $1.2 billion from India against the backdrop of the arbitration victory of the company. In December 2020, an international...

Read More



Moneylife Digital Team 07 July 2021
Taxation of equity shares is easy – if the shares are sold after a year, any capital gains arising from such sale are taxed at 10% after crossing a threshold of Rs1 lakh. Shares sold in a year or less are taxed at a flat rate of 15%. But this taxation is applicable for listed shares. What...

Read More



India's gross GST revenue collection fell below the psychological mark of Rs 1 lakh crore for the first time this year, clocking Rs92,849 crore in June 2021, as collections fell due to disruptions caused by the fresh wave of Covid-19.   Though the GST revenues during June 2021 are...

Read More



Buyers will have to deduct tax at source at 0.1% of the amount paid for goods for all purchases made during the year post 30 June 2021 if the value of purchases or advance payments during the year between April and June exceeds Rs50 lakh.   In a clarification issued by the Central...

Read More



On completion of four years of GST implementation in India on Thursday, the Confederation of All India Traders (CAIT) said that, much against the declared spirit of GST as Good & Simple Tax, GST (goods and services tax) has become a 'colonial taxation system' not compatible with the ground...

Read More



In a big relief to the taxpayers, the Central Board of Direct Taxes (CBDT) has decided not to frequently assess the tax filing status of individuals and companies, and complete the process of preparing the list of non-filers only once at the beginning of an assessment year.   The...

Read More



Moneylife Digital Team 25 June 2021
The union government on Friday announced tax exemption for expenditure incurred on COVID treatment and ex-gratia amount received on death. Granting further relief in difficult COVID times, it also extended dates of several compliances.    Govt announces tax exemption...

Read More



Moneylife Digital Team 23 June 2021
While the income tax (I-T) department is still struggling with its newly launched portal, fraudsters are sending emails to taxpayers about the unavailability of the old e-filing portal.   However, this message sent from a Gmail email ID is spam and it is advisable to never open such...

Read More



As part of the efforts to ease the compliance burden of taxpayers, the Central Board of Direct Taxes (CBDT) has issued a new functionality that would disclose if a person is liable to pay taxes at a higher rate for non-filing of returns with just a click of the button.   Accordingly,...

Read More



Moneylife Digital Team 18 June 2021
The new portal of income-tax (I-T) department was expected to replace the existing e-filing portal, and to create a strong technology backbone by enabling a host of new functionalities to the taxpayers including enhancement of look, feel and user experience. However, the new I-T portal is...

Read More



Moneylife Digital Team 16 June 2021
Senior officials from the ministry of finance (FinMin) will have an interactive meeting with Infosys Ltd on 22nd June to discuss the current technical glitches and grievances in the new income tax (I-T) e-filing portal. Other stakeholders including members of Institute of Chartered...

Read More



Moneylife Digital Team 15 June 2021
When the Union government announced launch of new website of income tax (I-T) department, taxpayers were expecting some better functionality and ease. However, as if the delayed launch were not enough, the new portal, www.incometax.gov.in, continues to frustrate taxpayers with technical...

Read More



The Goods and Service Tax Council has constituted a group of ministers (GoM) to examine the possibility of levy of GST based on capacity of manufacturing units and special composition schemes in certain evasion prone sectors with reference to current legal provisions.   The Council...

Read More



In view of the hardship being faced by taxpayers on account of the severe Covid-19 pandemic and on consideration of representations received from various stakeholders, the government has decided to provide further relief to taxpayers by extending various time limits of...

Read More

Free Helpline
Legal Credit
Feedback