TAXATION


The Income Tax Department on Wednesday summoned Rashtriya Janata Dal (RJD) chief Lalu Prasad Yadav's daughter Misa Bharti and her husband in connection with a "benami" property case.   An IT official requesting anonymity told IANS: "We have summoned Misa and her husband Shailesh Kumar...

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The Maharashtra Assembly on Monday unanimously passed the State Goods and Services Tax (GST) ratification bill after hectic deliberations at a three-day special session of the state legislature.   The bill is now being discussed in the upper house, the Legislative Council, where it is...

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The Goods and Services Tax (GST) Council concluded its latest round of meetings on Friday with the decision to apply the same four tax rate slabs for services as for goods, exempting, however, healthcare and educational services from the purview of the GST.   Speaking to reporters...

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With the Goods and Services Tax (GST) Council deciding the tax rate on 1,211 goods on Thursday, there is cheer for the common man as 81 per cent of the goods are below 18 per cent, though people will have to shell out more even for small segment cars with additional cess levied on...

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The Delhi High Court on Friday declined to entertain a plea by Young Indian Pvt Ltd (YI), of which Congress President Sonia Gandhi and Vice President Rahul Gandhi are the main stakeholders, challenging Income Tax notices served to the company -- clearing the decks for an IT...

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Vishav (IANS) 04 May 2017
Undeterred by the raging row stoked by his comments, NITI Aayog member Bibek Debroy is sticking to his guns that agricultural income should be taxed and says that the onus for this must be on the state governments.   "I had said that agricultural income should be taxed above a...

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New Delhi, Noted economist and NITI Aayog member Bibek Debroy on Tuesday said there was a need to expand the tax base by bringing agricultural income under the tax ambit.   He said there was also a need to eliminate exemptions on personal income tax.   Talking to reporters...

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Moneylife Digital Team 24 April 2017
As the much-awaited goods and service tax (GST) implementation deadline of 1 July 2017 draws closer, consumer goods companies are gearing for its seamless implementation. However, the state of affairs as far as other stakeholders in the system distributors, and wholesalers is starkly...

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New Delhi, In another move to improve ease of doing business in India, the Income Tax Department has tied up with the Corporate Affairs Ministry (MCA) to issue Permanent Account Numbers (PAN) and Tax Deduction Account Numbers (TAN) within a day, an official said on Tuesday.   "The...

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New Delhi, The central government on Tuesday announced its decision to block accounts of those individuals who do not provide self-certification by April 30.   This would be done in order to comply with the provisions of the Foreign Account Tax Compliance Act (FATCA).   "This...

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New Delhi, Decks have been cleared for implementation of the biggest indirect tax reform since independence, with parliamentary approval to the GST as Rajya Sabha on Thursday passed the four enabling bills for its roll out, possibly from July 1.   The long-awaited four bills --...

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New Delhi, India's Income Tax Department has specified a list of equity share sale transactions that will have to comply with the latest Budget provision and pay long-term capital gains tax if Securities Transaction Tax has not been paid.   "It is proposed to notify that the condition...

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New Delhi, India moved a step closer to becoming a unified market in line with the federalist vision of the architects of its Constitution with the passage in Parliament on Wednesday of the GST Bill, which extends pan-India except to Jammu and Kashmir for now.   Jammu and Kashmir will...

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India moved a step closer to becoming a unified market in line with the federalist vision of the architects of its Constitution with the tabling in Parliament on Monday of the GST Bill, which extends pan-India except to Jammu and Kashmir.   Union Finance Minister Arun Jaitley...

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CA Paras Mehra 24 March 2017
“Small business isn’t for the faint of heart. It’s for the brave, the patient and the persistent”   Small business will witness a complete transformation of the taxation system once the goods and service tax (GST) (https://www.gst.gov.in/) comes into effect. The proposed system shall...

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The Income Tax Appellate Tribunal here has rejected Bollywood actor Shah Rukh Khan's claim and ordered that he must include the notional rent accruing from his villa in Dubai in his income tax returns filed in India.   However, the ITAT bench comprising Amit Shukla and G.S. Pannu...

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Despite the rollout date of July 1 for the Goods and Services Tax (GST) drawing closer, there is still no clarity on the tax rate for services under the new indirect tax regime, an auditor firm pointed out on Friday.   "Entire discussion on GST, is related to goods. There is no...

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Moneylife Digital Team 15 March 2017
The Delhi High Court has vacated a stay granted by the Income Tax Appellate Tribunal (ITAT) on the Rs525 crore penalty on New Delhi Television Ltd (NDTV), saying that the Tribunal does not have any powers in this matter. This is a big setback to the Prannoy Roy-controlled NDTV within this...

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Meghna Mittal (IANS) 14 March 2017
While the effective rate of indirect taxes under the new Goods and Services Tax (GST) regime still remains unclear, as fitment in tax slabs is under way, the Central Board of Excise and Customs (CBEC) has said that taxes were likely to "increase a bit" from the current level.   "That...

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Moneylife Digital Team 09 March 2017
The Income Tax (I-T) department has initiated criminal prosecution against shell companies, stock brokers, beneficiaries and operators involved in laundering over Rs10,000 crore in Mumbai alone by manipulating listed penny stocks to claim bogus long term capital gain (LTCG), says a...

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