TAXATION


Justice TNC Rangarajan retd 14 May 2015
Cumbersome forms, adding non-taxable items, modifying the computation and denying legitimate deductions by raising disputes, flawed appeals and revisions -- multiple tentacles squeeze the assesse. This is second part of a multi-part series adapted from Justice S Rangarajan Memorial Lecture in...

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Justice TNC Rangarajan retd 13 May 2015
The Indian tax system is devilishly complex, extortive and a patchwork of various haphazard ideas. This is the first part of a multi-part series on the vexing Indian tax system and the path to genuine reforms, adapted from Justice S Rangarajan Memorial Lecture in Bangalore delivered...

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The Central Board of Direct Taxes had notified new norms and the attendant forms that, among other issues, requires an assessee to furnish all bank details, accounts opened or closed in the year with the closing balance, as also the sources of funds for expenses in an overseas...

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This follows Finance Minister Arun Jaitley's Friday announcement of a high-level committee for looking into the issue of levy of MAT on FIIs   The Central Board of Direct Taxes (CBDT) on Monday said it will not issue any new demands for payments, and will take no coercive action to...

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The government on Friday set up a high-level committee on minimum alternate tax (MAT) on foreign institutional investors (FIIs), following the passing of the Finance Bill, 2015-16, in the Rajya Sabha on Thursday.   Replying to the debate on the bill, Finance Minister Arun Jaitley...

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By subsuming most indirect taxes levied by the central and state governments like excise, service tax, VAT and sales tax, the pan-India goods and services tax (GST) regime has proposed to facilitate a common market in the country.   As a measure of support for the states, petroleum...

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The original bill to amend the Constitution for introducing a pan-India Goods and Services Tax regime was moved by the United Progressive Alliance government in 2011. This bill lapsed. Here're the key differences between the lapsed bill and the one that was passed by the Lok Sabha on...

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The Lok Sabha on Wednesday gave its consent to a far-reaching amendment to the constitution to pave the way for a pan-India goods and services tax regime and create a unified market across the country, doing away with multiplicity of central and state levies.   The Constitution (One...

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Moneylife Digital Team 05 May 2015
The Finance Act treats all subsidies, grants, cash incentives, duty drawbacks, waiver, concessions and reimbursements as taxable income. However, the Finance Ministrty has claried that there would be no income tax on LPG and other welfare subsidies for individuals   UPDATE: Updated to...

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The tax authorities can suitably modify the rules to obviate the need for issuing TDS certificates, which will be a great service to the taxpayers in general and tax deductors in particular   The harassment caused to the tax deductors by the Income-Tax (I-T) Department preventing them...

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Cairn India in its petition had sought the quashing of the tax demand, as it felt there was an undue delay in initiating the proceedings -- a lapse of over six years   With the Delhi High Court to resume hearing on Wednesday on the Rs.20.495 crore tax case slapped on Cairn India,...

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Moneylife Digital Team 23 April 2015
The TRACES portal of Income-tax department is preventing deductors from issuing TDS certificate unless past demands, irrespective of whether it is valid or not, are paid     The Tax Deducted at Source (TDS) reconciliation analysis and correction enabling system (TRACES) portal of the...

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Venkatachari Jagannathan (IANS) 20 April 2015
On April 15, the Central Board of Direct Taxes (CBDT) had notified new norms and the attendant forms that, among other issues, requires an assessee to furnish all bank details, opened or closed in the year with the closing balance, as also the sources of funds for expenses in an overseas...

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The finance minister said the government had taken the position that in cases where the courts had given their verdict in favour of the companies, no appeal will be filed despite such an option existing   Even as court battles continue over tax demand on foreign firms on deals entered...

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Following its first public notice for "naming and shaming" tax defaulters last month, the Income Tax department on Wednesday published a list of another 31 defaulters, who collectively owe more than Rs.1,500 crore in arrears.   The earlier list, published on the last day of the...

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Moneylife Digital Team 07 April 2015
Overruling the ITAT's order, the HC said prize money of Rs1 lakh received by the India Today Editor as award would be a capital receipt and hence not taxable under the Act   In a significant decision, the Delhi High Court has held that prize money received by India Today Editor Aroon...

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India isn't so vulnerable that every demand is termed tax terrorism    India will neither promote tax terrorism nor can it become a tax haven, Finance Minister Arun Jaitley said on Monday, assuring a fair compliance window to those with ill-gotten money overseas to come clean, and a...

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The defaulters' names were put up on the department's website last week, while a senior official told IANS here that the newspaper notice, apart from being a novel way of shaming defaulters, would also help in tracing them   With the curtains coming down on the current fiscal, the...

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Dhirendra Swarup, architect of NPS wants to you to be taxman’s guinea pig   The National Pension Scheme (NPS) was launched in 2004, as a defined-contribution-based pension system, which would nudge people into long-term savings, that would provide a comfortable retirement income....

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Moneylife Digital Team 27 March 2015
Prime Minister Narendra Modi had said that he will personally monitor status of public grievances in the I-T department on a monthly basis through the recently launched PRAGATI programme   In a move that may bring big relief to honest taxpayers, Prime Narendra Modi has not only taken...

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