TAXATION


Moneylife Digital Team 20 October 2021
Coming down heavily on tax officials, the Bombay High Court (HC) has warned that it will impose substantial cost if the income tax (I-T) department continues to pass orders "without application of mind."   In a strongly worded order, the bench of justice KR Shriram and justice Amit B...

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Moneylife Digital Team 11 October 2021
Updated to include tweet response from GSTN   During September this year, revenues collected for goods and services tax (GST) touched a five-month high at Rs1.17 lakh crore, says the Union ministry of finance. However, a whopping Rs6.14 lakh crore as input tax credit (ITC) remains...

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Moneylife Digital Team 07 October 2021
The issues with the  new income-tax (I-T) website, handled by Infosys Ltd, do not seem to end the harassment and agony being faced by taxpayers and chartered accountants (CAs). The latest in the 'technical glitch' of the I-T website is sending notices to taxpayers under Section 143(1); these...

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Moneylife Digital Team 27 September 2021
The Income Tax (I-T) department last week carried out a search and seizure operation on a group of four major steel rolling mills based at Jalna in Maharashtra. Evidence detected so far indicates that unaccounted income is likely to exceed Rs300 crore and these four companies have already...

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IANS 27 September 2021
In what may pose challenge to companies having wider spread of employees and branches all across the country, an authority for advance ruling (AAR) had said that managerial and leadership services by a corporate office to its group companies and other construction sites registered in...

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IANS 20 September 2021
The government may have extended the due date for filing Income Tax returns on account of the difficulties being reported by the taxpayers in the electronic filing of returns owing to the glitches in the Tax Portal, but taxpayers may still be required to pay additional interest at the rate of...

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Quaid Najmi (IANS) 20 September 2021
In a major revelation, the Income Tax Department on Saturday accused Bollywood actor Sonu Sood of financial irregularities worth over Rs 250 crore by way of unutilised charitable funds, bogus contracts and circular transactions with one of his partner companies, and diverting funds to evade...

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Moneylife Digital Team 13 September 2021
While observing that the formula prescribed by Rule 89(5) of the Central Goods and Service Tax Rules, 2017 (CGST Rules) suffers from anomalies, the Supreme Court says it cannot be a ground to strike down a fiscal rule that has been framed in exercise of the power of delegated...

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Veeresh Malik Veeresh Malik 13 September 2021
The typical urban scenario used to be about a tenant doing the rounds, looking for reasonable accommodation—and then going through a rigorous know-your-tenant (KYT) pre-verification, police verifications and all sorts of post-signing fine print - including dealing with broker commissions as...

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IANS 08 September 2021
For easing the process of authentication of electronic records in faceless assessment proceedings, the Centre has amended Income Tax Rules, 1962, to provide that records submitted through account of the taxpayers in the Income Tax Department's portal shall be deemed to have been authenticated...

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IANS 08 September 2021
In order to provide relief to the taxpayers, the Central Board of Direct Taxes (CBDT) has permitted filing of tax settlement applications for period upto January 31, by September 30.   It has been decided that such application can now be filed before the Interim Board for Settlement...

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IANS 06 September 2021
The faceless scheme was expected to give a facelift to the tax administration in the country providing taxpayers the convenience of filing returns online with least physical interface. As it turns out now that the automation drive of the Income Tax (I-T) Department has gone completely awry...

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Moneylife Digital Team 03 September 2021
The Central Board of Direct Taxes (CBDT) has notified a new rule that mandates senior citizens above 75 years to submit form 12BBA for claiming the benefit of not filing an income tax return (ITR) under section 194P.   The board has notified a new rule 26D, under which senior citizens...

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In a relief for taxpayers, the Central Board of Direct Taxes (CBDT) has extended the due dates for filing of various electronic forms under the Income Tax Act, 1961.   In a statement, the Finance Ministry said that the move comes on the back of difficulties reported by taxpayers and...

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Moneylife Digital Team 27 August 2021
In a case that highlights how transporters could be harassed through the e-way bill system, the High Court (HC) of Tripura directed the tax authorities to release a transport vehicle and machinery detained due to the e-way bill's expiry and other issues. The truck was detained by the state...

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Moneylife Digital Team 24 August 2021
After a well-publicised summons, finance minister (FM) Nirmala Sitharaman asked Salil Parekh, managing director (MD) and chief executive (CEO) of Infosys Ltd to resolve the issues faced by the taxpayers on the Income Tax (I-T) e-filing portal by 15th September. While the government has indeed...

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Moneylife Digital Team 23 August 2021
The Union ministry of finance has summoned Infosys managing director (MD) and chief executive officer (CEO), Salil Parekh on Monday over continuing glitches on the new income-tax (I-T) e-filing portal.   In a tweet at 2pm on Sunday, the I-T department also said that the portal is...

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Moneylife Digital Team 23 August 2021
The Mumbai zonal unit of directorate general of GST (goods and service tax) intelligence (DGGI) has busted an input tax credit (ITC) refund fraud case and arrested the promoter of seven companies which fraudulently availed the ITC of Rs 118 crore as refund against exports from the government...

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The Ministry of Finance has amended the Income Tax Rules to allow resolution professionals appointed by the National Company Law Tribunal (NCLT) to verify the tax returns of companies undergoing bankruptcy.   The Income-tax (24th Amendment) Rules, 2021, notified by the ministry on...

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It may seem amusing but your good old car seat cover is not actually a "part" of the seat but an "accessory", at least, in the eyes of the tax department.   In an assessment, the Andhra Pradesh Authority for Advance Ruling (AAR) has turned down the plea of an applicant to term the car...

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