TAXATION


IANS 31 December 2021
The Ministry of Home Affairs on Friday extended the December 31 deadline for validity of Foreign Contribution (Regulation) Act (FCRA) registration of NGOs to March 31.   A notice issued by the Ministry's Foreign Division said that in continuation to its Public Notice of September 30,...

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Moneylife Digital Team 31 December 2021
Mentioning that the filing of income tax (I-T) return (ITR) is going on very smoothly, finance secretary Tarun Bajaj says there is no proposal to extend the due dates for tax filing; 31st December is the last date to file ITR for FY20-21.   #IncomeTaxReturn filing is going on...

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Moneylife Digital Team 31 December 2021
The goods and services tax (GST) council on Friday decided to defer the hike on textiles to 12% following objections from state governments and industry. The proposal intended to hike the GST rate on apparel 12% from 5% from 1 January 2022. The current GST rate of 5% in the textiles sector...

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IANS 27 December 2021
Kanpur perfumer Piyush Jain was arrested on Sunday night for evasion of Goods and Services Tax (GST).   Jain recently made headlines after pictures of a raid at his premises showing officials counting heaps of currency notes with note counting machines went viral recently. A...

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IANS 22 December 2021
With the Income Tax department conducting searches at several premises of Chinese mobile companies across the nation, smartphone brand OPPO said on Wednesday it will continue to cooperate with authorities as per procedure.   According to sources, the smartphone companies were...

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Moneylife Digital Team 21 December 2021
In a significant relief to thousands of taxpayers, a division bench of the Delhi High Court (HC) has asked the income-tax (I-T) department to quash all notices issued under Section 148 of the I-T Act after 1 April 2021. The division bench was hearing a batch of 1,346 writ petitions filed by...

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Moneylife Digital Team 16 December 2021
The Income-tax  (I-T) department, which carried out search and seizure operations on four asset reconstruction companies (ARCs), has found a nexus between the borrower group and ARCs and a maze of shell or dummy companies used in acquiring non-performing assets (NPAs).   In a release,...

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IANS 08 December 2021
Continuing its drive against tax evasion, the CGST Mumbai Central Commissionerate has busted a racket of generating fake Input Tax Credit (ITC) notes worth Rs 35 crore and nabbed the kingpin of the scam, an official said here on Wednesday.   The CGST said that as per investigations,...

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IANS 07 December 2021
The income-tax (I-T) department on Tuesday said that a leading retail chain group that has branches across Tamil Nadu has suppressed sales worth Rs1,000 crore over the past few years.   The I-T department had conducted searches across the group in 37 locations at Chennai, Coimbatore,...

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Moneylife Digital Team 25 November 2021
After partly hearing public interest litigation (PIL) challenging the constitutional validity of the faceless appeal scheme, the Bombay High Court (HC) adjourned the matter to 29 November 2021.   Chamber of Tax Consultants (CTC) had filed a writ petition in a representative capacity....

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Shivanand Pandit 11 November 2021
Tax terrorism is a known enemy of taxpayers of India. Tax disputes and assessments have instilled tremendous anxiety in the minds of the taxpayers.   Finally, the government recognised this fact and tried to simplify the tax processes by introducing annual information statement (AIS)...

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Moneylife Digital Team 09 November 2021
Cairn Energy PLC of UK has decided to drop litigation to seize Indian properties abroad to recover the Rs7,900 crore tax refund due to it and indemnified the Indian government in writing as part of the provision to settle restrospective tax disputes under the the Taxation Laws (Amendment)...

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Moneylife Digital Team 03 November 2021
While allowing a taxpayer’s writ petition against faceless assessment and quashing an order, a demand notice and a penalty notice issued by the income-tax (I-T) department, the Bombay High Court (HC) ruled that the officer who has passed the order for faceless assessment alone can file an...

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IANS 02 November 2021
The income-tax (I-T) department has rolled out the new Annual Information Statement (AIS) on the compliance portal, providing a comprehensive view of information to a taxpayer with a facility to capture online feedback.   The new AIS can be accessed by clicking on the link "Annual...

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In a bid to prevent suppression of information by taxpayers, the Income Tax department will now provide full details of their financial transactions such as foreign remittances, purchase and receipt of dividend on mutual funds and other off-market transactions reported by depositories in Form...

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Moneylife Digital Team 25 October 2021
 While holding that the reopening proceedings should be a clear case of change of opinion, the Madras High Court (HC) had quashed reopening proceedings against Cognizant Technology Solutions India Pvt Ltd.   Cognizant Technology was subjected to reassessment for assessment year (AY)...

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Moneylife Digital Team 25 October 2021
The Income Tax (I-T) department has detected unaccounted income of more than Rs100 crore during a search operation at Nashik in Maharashtra. The search and seizure were conducted last week in the case of a person engaged in the real estate business, primarily operating as a land aggregator in...

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Private and public sector agencies providing goods and services and collecting charges from clients on behalf of the government will not be exempt from paying GST and have to pay the tax at applicable rates, the Telangana Authority for Advance Rulings (AAR) has ruled.   Services by...

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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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