TAXATION


Moneylife Digital Team 26 February 2018
The Goods and Services Tax (GST) was implemented on 1 July 2017. Over the last seven months the industry faced many obstacles and hurdles, in terms of getting ready for GST, pricing, transition of credits, IT systems, operational issues on obtaining refunds and filing of returns, finds a...

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IANS 23 February 2018
A day after US President Donald Trump eldest son, Donald Trump Jr visited the city, the income tax officials on Thursday conducted a "search operation" in the offices of RDB Group, one of whose firms is a partner of Kolkata Trump Tower Project.   "A search operation is being conducted...

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Moneylife Digital Team 22 February 2018
The Delhi High Court on Wednesday dismissed a writ petition filed by New Delhi Television Ltd (NDTV), terming it as 'unwarranted'. Accepting the stand taken by the Income Tax Department that NDTV had an alternate remedy available in the form of an appeal instead of filing a writ petition, the...

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Insurance companies are gung-ho about the prospects of unit linked insurance plans (ULIPs) due to Budget 2018 bringing in long-term capital gains (LTCG) tax on equity investments. ULIPs may be sold with new sales pitch of ‘no taxation’ when stock investment and equity mutual fund  (MF)...

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Ameet N. Patel 01 February 2018
The Finance (No. 2) Act, 2004 brought about a sea change in the taxation of capital gains on transfer of listed shares and units of equity oriented mutual funds. In the Notes to Clauses explaining the amendments, it was stated that “With a view to simplify the tax regime on securities...

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Moneylife Digital Team 01 February 2018
The Indian government on Thursday said that it is firmly on the course to achieve high growth of 8% plus, as manufacturing, services and exports are back on good growth path. While GDP growth at 6.3% in the second quarter of 2017-18 signalled turnaround of the economy, growth in the second...

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Moneylife Digital Team 01 February 2018
While presenting the new provisions of long-term capital gains (LTCG), Finance Minister Arun Jaitley said that "I propose to tax such long term capital gains exceeding Rs1 lakh at the rate of 10% without allowing the benefit of any indexation. However, all gains up to 31 January 2018 will be...

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IANS 01 February 2018
The e-way bill, to be generated under the GST for all inter-state movement of goods valued at over Rs 50,000, will become mandatory from Thursday, on the day of the presentation of the Union Budget 2018-19 in Parliament.   The implementation of this electronic documentation system, to...

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Krishna Gupta 19 January 2018
Mumbai-based RNA Corp has allegedly failed to deposit tax deducted at source (TDS) from salaries of its former employees. This has resulted in its former employees receiving demand notices from the Income Tax Department. In addition, more than 30 employees of Skyline Constructions Company,...

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IANS 19 January 2018
The Goods and Services Tax (GST) Council on Thursday decided to slash rates on 29 items, mainly handicrafts, to zero per cent, according to Uttarakhand Finance Minister Prakash Pant.   He also said no decision has been taken on simplification of GST return filing.    "After 10...

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IANS 06 January 2018
While the Indian economy is expected to perform better in the second half of this fiscal, the twin impact of demonetisation and GST implementation is estimated to pull down GDP growth to 6.5 per cent in 2017-18, from 7.1 per cent in the previous year, Chief Statistician T.C.A. Anant said on...

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IANS 27 December 2017
Wednesday is the last day to revise incorrect claims on input tax credit made by businesses registered under the Goods and Services Tax (GST), the government has announced.   In an official statement earlier announcing the deadline of December 27, the Central Board of Excise and...

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Moneylife Digital Team 20 December 2017
Several start-ups are receiving notices and being harassed by Income Tax (I-T) Department over the capital raised by these entrepreneurs’. "The I-T Dept is threatening to consider the capital raised as income. Many start ups are angry and may shift overseas," was the plea made by TV Mohandas...

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IANS 20 December 2017
While the number of Indian taxpayers earning over Rs 1 crore increased over 23.5 per cent to 59,830 during the assessment year 2015-16, the larger number of individuals in this category had Rs 50,889 crore less income than in the previous year, data released by the government showed on...

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IANS 14 December 2017
The Income Tax (IT) department on Wednesday conducted "surveys" at nine Bitcoin exchanges around the country to gather information about the investors and traders of the crypto-currency.   "The department has carried out surveys at nine Bitcoin exchanges located in various cities...

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IANS 05 December 2017
Phone maker Apple has agreed to pay Ireland $15.46 billion in back taxes by early 2018.   According to Wall Street Journal, Irish Finance Minister Paschal Donohoe said on Monday that both sides agreed to the terms of an escrow fund for the money.   The European Union in 2016...

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Moneylife Digital Team 01 December 2017
Why are depositors plagued by mistakes banks commit in deducting tax on fixed deposits (FDs)? Banks are mandated to deduct tax at source (TDS) on annual interest income of Rs10,000 and above, when a depositor has no permanent account number (PAN) or has not submitted Form 15G  or 15H...

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IANS 30 November 2017
Defending his party's stand demanding capping of GST at 18 per cent, senior Congress leader and former Finance Minister P. Chidambaram on Thursday hit back at Prime Minister Narendra Modi for calling it a "grand stupid thought" and asked if the government considered its Chief Economic Advisor...

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IANS 28 November 2017
The total revenue collected under GST fell by around 10 per cent to Rs 83,346 crore for the month of October from over Rs 92,000 crore in September, official data showed on Monday.   India's Goods and Services Tax (GST) collections for the month of October totalled Rs 83,346 crore...

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IANS 21 November 2017
Income Tax (IT) authorities are expected to challenge a recent order of the IT Appellate Tribunal (ITAT) here that dismissed a bid to tax the Tatas on capital gains of around Rs 1 lakh crore from the 2006 sale of Idea Cellular shares by a Mauritius subsidiary of the group.   Sources...

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