TAXATION


CBDT said a detailed user manual for filing online rectification is available on the e-filing portal, on which taxpayers can also monitor the status of disposal of their requests   India's tax department has processed over 6.53 lakh online rectification applications in the last fiscal...

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New Delhi : A Central Board of Direct Taxes (CBDT) committee on taxation of e-commerce has suggested an "Equalisation Levy" of between 6-8 percent for business-to-business digital transactions, as per its report made public on Monday.   The committee had already submitted, in...

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TruthInAdvertising.org 09 March 2016
Don’t file with fraudsters this tax season   You may hate to do your taxes, but some scammers eagerly await the season. And as we approach Tax Day this year, the US Internal Revenue Service (IRS) is warning of identity theft scams where fraudsters trick taxpayers into providing...

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Moneylife Digital Team 08 March 2016
After an uproar and backlash from taxpayers, especially EPF subscribers, Finance Minister Arun Jaitley decided to roll back his proposed EPF tax   After facing opposition from taxpayers, the Indian government on Tuesday announced withdrawal of its controversial proposal to levy tax on...

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New Delhi : India's Income Tax department has set up a dedicated structure for delivery and monitoring of taxpayer services, an official statement said on Monday.   Two separate directorates, the Directorate of Tax Payer Services I (TPS-I) and Directorate of Tax Payer Services II...

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New Delhi : Giving relief to taxpayers, the Central Board of Direct Taxes (CBDT) on Thursday issued fresh guidelines to field officers for granting stay of demand at the first appeal stage, an official statement said.   "Under the new guidelines, the assessing officer shall grant stay...

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New Delhi : Addressing the strong reaction provoked by the Budget 2016-17 proposal on tax treatment of provident fund contributions, Finance minister Arun Jaitley on Wednesday said he would announce the final decision on the matter when he replies to the debate on the Budget in...

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Moneylife Digital Team 02 March 2016
The government has failed to think through the implication of the new tax proposal of pension plans. Instead of creating uniformity, it has created more disparity   Finance Minister Arun Jaitley, in the union Budget 2016, announced “measures for moving towards a pensioned society.”...

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The top 50 defaulting companies account for Rs.22,903 crore of the total amount due for recovery   A total of Rs.4.18 lakh crore of taxes are pending from corporate defaulters as on January this year, parliament was told on Tuesday.   "The total amount of corporate tax demand...

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What has created confusion is over whether only the interest component will be taxed upon withdrawal or the whole corpus itself built after April 1 this year   Adding further confusion over tax treatment of provident fund contributions proposed in the Union Budget, the finance...

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Moneylife Digital Team 01 March 2016
As per the new circular, the assessee can opt to treat income earned from sale of shares or securities as capital gains or business income and the assessment officer cannot question it for the first time   The Ministry of Finance has issued a circular (No6/2016) for providing...

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Moneylife Digital Team 01 March 2016
The government says that 60% of EPF corpus if invested in annuity, no tax is chargeable and salaried employees with monthly income up to Rs15,000 will be kept out of purview of the proposed taxation of EPF   The government’s effort to “bring greater parity in tax treatment of...

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The salaried class had been shocked by Monday's budget proposal presented by Finance Minister Arun Jaitley that seemed to suggest that 60% of withdrawal from EPF would be taxable   The central government on Tuesday clarified that only some portion of the interest accrued on Employees...

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According to the budget papers, the government has budgeted Rs.5,000 crore under Krishi Kalyan Cess and Rs.10,000 crore under the Swachh Bharat Cess   Union Finance Minister Arun Jaitley is hoping to mop up around Rs.5,000 crore with his new Krishi Kalyan Cess at 0.5 percent on all...

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IANS 29 February 2016
New Delhi : Focusing on rural economy and infrastructure with minor rebate for small taxpayers but amnesty for defaulters, Finance Minister Arun Jaitley on Monday unveiled a Rs.19.78 lakh crore ($300 billion) budget for 2016-17, earmarking more money for health, literacy and...

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IANS 29 February 2016
New Delhi : Terming tax disputes as a scourge of tax-friendly regime, Finance Minister Arun Jaitley, presenting the budget for 2016-17 on Monday, unveiled a new dispute resolution mechanism to minimise litigation.   He also said that Income Tax officials will be responsible for higher...

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IANS 29 February 2016
New Delhi : Finance Minister Arun Jaitley on Monday gave relief to small tax payers, nudged the affluent to shell out more while focusing on the rural economy with much higher fiscal outlays, as he presented India's national budget for 2016-17 in the Lok Sabha.   He also said that...

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Moneylife Digital Team 26 February 2016
Moneylife Foundation organised an interactive session on deductions allowed under different sub-sections of Section 80 for salaried and self-employed   Many salaried people and self-employed professionals end up incorrect taxes as they are unaware of various deductions and exemptions....

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IANS 18 February 2016
New Delhi : Tax exemptions are costing India's exchequer about Rs.200,000 crore annually and it is necessary to phase them out to provide a level playing field for domestic companies to make for a successful Make in India campaign, a finance ministry official said on Wednesday.   "In...

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IANS 16 February 2016
New Delhi : India's Income Tax department has resolved 180 disputes worth Rs.5,000 crore since April 2014 under a mutual agreement procedure (MAP), the government said on Tuesday.   "The Central Board of Direct Taxes (CBDT) resolved cases pertaining to various sectors of the economy...

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