TAXATION


Arun Kumar Das (IANS) 19 June 2018
Indian Railways' long-awaited and ambitious project to set up a waste-to-energy plant at Jaipur railway station has run into Goods and Services Tax (GST) hurdles, causing a delay in the commissioning of the first such municipal solid waste management centre on the rail...

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Tik Root (for ProPublica) 19 June 2018
As internet use took off at the turn of the millennium, the Office of Management and Budget asked the Internal Revenue Service (IRS) to create no-cost electronic tax-filing options for low- and moderate-income taxpayers. The tech-challenged agency turned to the online tax-preparation industry...

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The All India Tax Advocates' Forum (AITAF) said on Tuesday it has urged the Union Finance Minister to allow assesses to avail input tax credit on sale transactions under promotional schemes like "buy-one-get-one-free" deals.   Under the Central Goods and Services Tax (CGST) Act, input...

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Moneylife Digital Team 05 June 2018
In a rare case of sending a person to jail for evading tax, a Court in Delhi has sentenced two persons for three years in jail. The Court also imposed a fine of Rs3 lakh each despite the fact that both were first-time offenders.    The Income Tax Department, which has filed more than...

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Quaid Najmi (IANS) 28 May 2018
Apparently failing to recover massive tax dues from various corporate tax-payers in the country, the Income Tax Department (ITD) has now started "writing off" thousands of crores of tax arrears by such defaulters, according to RTI replies.   This, despite the fact that the ITD is...

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Moneylife Digital Team 25 May 2018
As per Section 54EC of the Income-tax Act, exemption from long-term capital gains (LTCG) tax is available if the gains are invested in the assets specified under the Section within six months of the date of the sale. The Finance Act 2018 has increased the holding period of bonds under Section...

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With transport fuel prices in Delhi touching an all-time high, industry chambers, Ficci and Assocham, on Monday called for the government to urgently reduce fuel excise duties. It also urged the government to bring automobile fuels under the purview of Goods and Services Tax...

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You may have noticed that tax has been deducted at source (TDS) by your bank on 31st March for your bank fixed deposits (FDs). Banks deduct tax @10% when interest on your FDs crosses Rs10,000 in a financial year, unless you file Form 15G/15H. Even though banks deduct this tax on the interest...

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Moneylife Digital Team 04 May 2018
Following pressure from several quarters, including Bharatiya Janata Party BJP) leader Dr Subramanian Swamy, the Goods and Services Tax (GST) Council, on Friday, decided to convert the Goods and Services Tax Network (GSTN) into a government owned company.    The GST Council in its...

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Total revenue collected under Goods and Services Tax (GST) for eight months upto March this year has been Rs 7.19 lakh crore with an average monthly collection of Rs 89,885 crore during the period.   "Including the collection of July 2017, the total GST collection during the financial...

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Moneylife Digital Team 25 April 2018
Fragmented procedures and compliance have greatly distorted the inherent beauty of goods and services tax (GST). The experience of about nine months of GST implementation in the country requires an overall review of not only the tax rates but even the prescribed procedures as well, says a...

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The Union Finance Ministry on Wednesday said GST is not applicable on food and drinks supplied by schools directly to the students, while it is 5 per cent without input tax credit for mess and canteens in educational institutions.   "If schools up to higher secondary level supply food...

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Moneylife Digital Team 05 April 2018
The Delhi High Court, while extending the deadline for filing income tax returns (ITR) for petitioners without quoting Aadhaar, has issued a notice to the Central Government and Income Tax (I-T) Department.    Delhi-based Senior Advocate Mukul Talwar and Advocate Vrinda Grover,...

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 The Income Tax Department has issued a notice to Deepak Kochhar, husband of ICICI bank MD and CEO Chanda Kochhar, in connection with its ongoing tax evasion probe in the Videocon bank loan case, an official said on Tuesday.   Through the notice sent last week, an official said, he...

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Senior citizens investing in banks fixed deposits (FDs), recurring deposits (RDs), post-office deposits or even keeping money in savings account will save taxes, as Budget 2018 has introduced a new Section 80TTB in the Income-tax Act. Under this Section, all senior citizens will get the...

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Moneylife Digital Team 27 March 2018
The Central Board of Direct Taxes (CBDT) on Tuesday extended till 30 June 2018, the date for linking Aadhaar with permanent account number (PAN) while filing tax returns.   In an order, CBDT says, "Vide its orders dated 31 July 2017, 31 August 2017 and 8 December 2017, in the file of...

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In line with the recent upward trend, India's direct tax collections for 11 months of the ongoing fiscal at a net of Rs 7.44 lakh crore grew at 19.5 per cent over the corresponding period of 2016-17, according to figures released by the Finance Ministry on Thursday.   The net direct...

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Moneylife Digital Team 05 March 2018
Hindustan Unilever Ltd (HUL) has offered to pay Rs119 crore to the government for not passing benefits of goods and service tax (GST) to consumers. This, however, has put the government in a fix, as there is no provision for accepting suo moto penalty under the GST. In addition, the question...

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Moneylife Digital Team 05 March 2018
Hindustan Unilever Ltd (HUL) has offered to pay Rs119 crore to the government for not passing benefits of goods and service tax (GST) to consumers. This, however, has put the government in a fix, as there is no provision for accepting suo moto penalty under the GST. In addition, the question...

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Moving out of India can be exciting because it opens up new opportunities. But with opportunities come problems. In the past, one could go abroad without updating one’s financial accounts with the new non-resident Indian (NRI) status. You may have violated laws by not showing Indian income in...

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