TAXATION


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...

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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...

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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...

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The Income Tax Department will launch a new income tax filing portal on June 7.   Therefore, the existing portal will remain suspended for 6 days from June 1 to June 6," said a circular by the Income tax Department.   As per the circular, officers including AOs, CIT(A) etc...

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Moneylife Digital Team 19 May 2021
The income-tax appellate tribunal (ITAT), while dismissing a submission of income-tax (I-T) authorities, ruled that the jewellery sales and receipts from the demonetisation day submitted by a jeweller for taxation cannot be treated as cash credit.    Deleting the addition of cash...

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Besides the raging COVID, dead bodies (without certificate of origin) floating down the great river brought to the earth by the legendary Ikshavaku King, and questions about the competency of the government to address the unprecedented health crisis facing the nation, the debate on how goods...

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In a big relief to individuals operating as partners in partnership firms, the Ahmedabad bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has held that any remuneration received by them, as per the obligation of the partnership deed, would be treated as share of profit...

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Amid calls for full exemption of goods and services tax (GST) on vaccines, Finance Minister Nirmala Sitharaman on Sunday said that a complete waiver may lead to a rise in their prices, impacting the common man.   Responding to West Bengal Chief Minister Mamata Banerjee's letter to the...

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Subhash Narayan (IANS) 06 May 2021
Non-resident Indians (NRIs) undertaking transactions with Indian parties will trigger taxability under the domestic law in India even if they do not have physical presence in the country and operate digitised businesses.   The central board of direct taxes (CBDT) has notified new...

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In an attempt to speed up clearances of goods received free of cost for distribution for Covid relief, Finance Minister Nirmala Sitharaman on Monday undertook a quick follow up action by briefing the chief secretaries of the states on the order on IGST exemption.   The Centre on...

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As the Covid crisis and the resultant lockdowns impact business, the Centre has come up with several relaxations regarding timelines for GST compliance norms.   Among the relaxations, the government has extended the deadline for filing GST returns, and reduced the interest and late...

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Moneylife Digital Team 28 April 2021
After receiving several representations from taxpayers, tax consultants and other stakeholders and to address the hardship being faced by various stakeholders, the Indian government has decided to extend the time limits to 30 June 2021 in certain cases where the deadline was earlier extended...

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The government has provided relief to GST taxpayers from a physical visit to tax office for verification of digital signature required on return forms.   The Central Board of Indirect Taxes and Customs has allowed taxpayers to file return forms GSTR-1 and GSTR 3B through an electronic...

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The Supreme Court on Tuesday said the rule of law in a constitutional framework is fulfilled when law is substantively fair, procedurally fair and applied in a fair manner, as it held that the power to order a provisional attachment of property, including a bank account, of a taxable person,...

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The government's faceless tax assessment scheme will switch back to the traditional physical mode, at least for large taxpayers, as the department is not getting adequate responses from assessees on its online communication and notices issued electronically.   The income-tax...

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Moneylife Digital Team / IANS 07 April 2021
The Supreme Court (SC) on Wednesday said the taxman cannot view all businesses as fraudulent, as it made sharp observations against the manner in which goods and services tax (GST) was implemented by tax authorities.   A bench, comprising justices DY Chandrachud and MR Shah, said:...

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Contributions made by home-owners of a cooperative housing society (CHS) towards a sinking fund meant for future upkeep of the society will be subject to the goods and services tax (GST).   The Karnataka Authority for Advance Rulings (AAR) has held that such contribution towards the...

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In a relief for taxpayers, the Centre has again extended the deadline for linking of Aadhaar number with the Permanent Account Number (PAN) till June 30 this year.   The previous deadline ended on Wednesday, March 31.   In a tweet, the Income Tax Department said that the...

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The government has put yet another ceiling on tax-free contribution made to provident funds. Replying to the debate on Budget 2021-22, finance minister (FM) Nirmala Sitharaman said that a ceiling of Rs5 lakh per annum (PA) would be applied in cases where there is no contribution towards...

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Subhash Narayan (IANS) 18 March 2021
Transaction details of individual tax filers with respect of capital gains, dividend income and interest income will soon become a standard of the pre-filled Income Tax return (ITR) form as the government looks to make tax compliance convenient for taxpayers.   The Central Board of...

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