TAXATION


Moneylife Digital Team 26 July 2013
According to the latest directions issued by the income-tax (I-T) department, professionals whose total gross income exceeds Rs1 crore  or whose professional annual fee income exceeds Rs25 lakh will have to mandatorily e-file the tax audit report from the 2013-14 assessment year. According to...

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Filing of income tax returns online is very easy and free, especially for salaried people and there is no need to visit paid sites for e-filing your I-T returns   Every year July not only brings heavy downpour but also makes every salaried taxpayer rush to file income tax (I-T)...

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Girish Borkar 15 July 2013
As per the government notification for deducting taxes at source on property transactions, the buyer or purchaser is required to download a TDS certificate in Form 16B, from a yet to be notified web portal. In addition, there is no clarity on points like how and when to deduct TDS for...

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Moneylife Digital Team 02 July 2013
Each truck with 15 people on board was carrying around 35 bags, allegedly stuffed with cash and valuables Four trucks carrying over 150 bags of cash and other valuables have been seized by the investigating wing of Income Tax (I-T) department and National Investigation Agency from...

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Moneylife Digital Team 28 June 2013
Following an uproar about the flawed methodology of calculating property tax, the BMC has now extended the last date for paying tax by three months Municipal Corporation of Greater Mumbai (MCGM) or BrihanMumbai Municipal Corporation (BMC) has extended the last date to file property tax...

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Adess Singh (GOI Monitor) 27 June 2013
Levying tax on inheritance will check the obsession to accumulate wealth through illegal means for the next generation The subject of tax is seldom an emotional issue as it mostly concerns the manner by which the government generates revenue and encourages or discourages certain sections...

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Seraphina D’souza 19 June 2013
The last date for paying property tax in Mumbai is 30 June 2013.  The big question today is, should people pay their taxes or will the high court release its order in favour of many who will need to pay their taxes based on the flawed method of the Ready Reckoner   Moneylife...

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Moneylife Digital Team 17 June 2013
The new measure, expected to be operational within this financial year, will save the taxpayer from the hassle of sending the paper document by post and tracking its acknowledgement Millions of taxpayers who file income-tax (I-T) returns in electronic form may no longer have to post the...

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Moneylife Digital Team 13 June 2013
Wipro has been slapped with an over Rs816 crore claim by I-T department, becoming the latest IT company to have got such a notice after Infosys, WNS and iGate Azim Premji-led Wipro became the latest information technology (IT) company in India to receive a notice from the Income Tax...

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Moneylife Digital Team 28 May 2013
The government plans to collect over Rs6.68 lakh crore from direct taxes in the current fiscal, up from Rs5.65 lakh crore in the previous fiscal Continuing its drive against non-filers, the Income Tax (I-T) Department Monday sent letters to another 35,000 such assesses for not filing tax...

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Moneylife Digital Team 21 May 2013
The benefit will be available on interest income of FIIs and QFIs accruing between June 2013 and May 2015 irrespective of the date of investment In a bid to attract greater FII (foreign institutional investor) participation in the debt market, the government today said foreign investors...

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Income Tax authorities have denied information about I-T returns of 22 MPs, including Sharad Pawar, Naveen Jindal, Maneka Gandhi, Sachin Pilot, Jyotiraditya Scindia, Navjot Singh Sidhu, Beni Prasad Verma, Ajit Singh and Lalu Prasad Yadav and 20 MLAs. After suspending the hearing 27 times for...

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The Delhi High Court, while giving its judgement on the problems encountered by the public in the matter of assessment of tax, said, “Rejection of TDS or failure to get credit for TDS puts the tax payer through needless harassment, inconvenience and costs. The problem, being systematic and...

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By ushering the end of the special status, the normally resident Indians, masquerading as pseudo NRIs should be stopped from holding accounts in tax havens Washington-based International Consortium of Investigative Journalists has just  put out an exposé on international money...

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Moneylife Digital Team 08 April 2013
Even though the budget exempts securitized vehicles from the ambit of income tax, they will be taxed if they distribute income to stakeholders. This will scare away entities investing in such instruments, which will otherwise broaden the scope of the financial markets in India, particularly...

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Moneylife Digital Team 04 April 2013
According to Praful Patel, it is wrong to levy the SUV tax on cheaper SUVs such as Tata Sumo and Mahindra Bolero, which transport people in rural areas Praful Patel, minister for heavy industries and public enterprises, said on Thursday that vehicles priced below Rs10 lakh should be...

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Moneylife Digital Team 02 April 2013
The income-tax department has selected around 1.2 million assesses for sending notices for not filing returns. In the first phase, the department has sent notices to 1.5 million assesses. According to an official of the I-T department, “this is only on a first cut pilot basis currently and...

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Moneylife Digital Team 06 March 2013
The announcement made by India’s finance minister in his Budget speech on making the TRC “a necessary but not sufficient” condition to avail of the benefits under double taxation avoidance agreements “has created much confusion among investors in India and internationally, including those...

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Anil Agashe 04 March 2013
Education is no more a charity, it is a big business. Despite earning huge income, most educational institutions enjoy tax exemption since they are registered as charitable trust. Can we plug this loophole, asks Prof Anil Agashe? Dear Finance Minister,   This is not regarding your...

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Moneylife Digital Team 04 March 2013
Chidambaram pointed out that no tax burden had been imposed in the Budget on any category of people, other than a “small burden” of a 10% surcharge on the relatively affluent 42,800 people with incomes of over Rs1 crore a year In a warning to tax evaders, finance minister P Chidambaram...

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