TAXATION


On 8 November 2016, prime minister (PM) Narendra Modi demonetised the Rs500 and Rs1,000 currency notes in an effort to strike a body blow at black money. This move inflicted enormous daily hardship on almost every Indian for several weeks in, what was touted as, a nationwide purification...

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IANS 19 January 2017
The government on Wednesday clarified that only unaccounted domestic cash holding can be declared under the new tax evasion amnesty scheme announced after demonetisation and not jewellery, stocks, immovable property or overseas accounts.   "The Scheme is hence not available for...

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IANS 09 January 2017
Following the demonetisation of high-value currency announced on November 8, India's Income Tax Department has detected undisclosed income of over Rs 4,807 crore and seized new notes worth Rs 112 crore, an official source here said on Sunday.   Since the demonetisation intended to...

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IANS 05 January 2017
Admitting that the Goods and Services Tax (GST) Council was racing against time on the government's implementation target of April 1, Finance Minister Arun Jaitley on Wednesday said it is hoping to resolve the vexed issue of dual control over assessees in its next meeting on January 16, even...

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Nivedita (IANS) 04 January 2017
From increase in the base price of food items, creating chaos and dispute during billing, increase of tip culture and an affect in the operating cost of the restaurants and employment -- these will be some of the ramifications in the food and beverage sector if paying of service charge is...

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Moneylife Digital Team 03 January 2017
In a landmark decision, the Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has held that provisions of the Income-tax Act cannot be interpreted to the disadvantage of the assessee and segregating transactions in cash and future segment is against the spirit of the taxation...

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Moneylife Digital Team 03 January 2017
In a landmark judgement, especially for the seafarer community, the Calcutta High Court has held that income earned by a marine engineer for services rendered for 286 days overseas is not liable to be taxed in India.    In an order (WP No369 of 2014), dated 15 December 2016, Justice...

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IANS 26 December 2016
Finance Minister Arun Jaitley on Monday said that India now needs to move to a lower level of taxation to be globally competitive.   "What you need is lower level of taxation, to provide services more competitive in nature. Competition is not domestic, it is global. This is one...

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IANS 21 December 2016
Income Tax (IT) department officials on Wednesday raided the house of Tamil Nadu Chief Secretary P.Rama Mohana Rao.   "The raids have commenced at Tamil Nadu Chief Secretary's residence," a senior IT official told IANS.   The IT department recently seized a total of 177 kg of...

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IANS 16 December 2016
Post the November 8 demonetisation of high-value currency, the government has uncovered concealed income to the tune of Rs 2,600 crore and has seized a total of Rs 393 crore involving nearly 300 cases, an official said on Friday.   "Admitted concealed income on the basis of our survey...

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IANS 15 December 2016
Income Tax officials on Thursday raided an Axis Bank branch here and seized 20 fake accounts with deposits amounting Rs 60 crore, police said.   The raid was conducted around 10 a.m. at an Axis Bank branch situated at Sector-51.    A police officer said the suspected accounts...

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IANS 14 December 2016
Any drastic alterations in revised income tax returns may call for strict action as people may try to misuse it post-demonetisation to declare their unaccounted cash, an official statement said on Wednesday.   "It is brought to the notice of tax payers that any instance coming to the...

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IANS 07 December 2016
The Income Tax Department has carried out investigations into over 400 cases post-demonetisation seizing as much as Rs 130 crore in cash and jewellery, an official statement said on Tuesday.   "The Income Tax Department has carried-out swift investigations in more than 400 cases since...

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IANS 05 December 2016
The declaration of Rs200,000 crore wealth by a four-member Mumbai family confounds the Income Tax Department, especially due to their middle class antecedents, official sources said on Monday.   However, a terse statement by the Central Board of Direct Taxes (CBDT) rejecting the...

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IANS 05 December 2016
The Income Tax Department has initiated inquiries against Gujarat businessman Mahesh Shah and four other persons for making "false" declarations under the Income Declaration Scheme (IDS) "to determine the intention" behind their action, an official statement said on Sunday.   Mahesh...

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IANS 02 December 2016
In surprise raids in Karnataka, Income Tax officials found and seized a whopping Rs 6 crore in cash and 7kg gold from the residences of two state government engineers and two contractors in the city, said an official on Thursday.   "Of the Rs.6 crore cash haul, Rs.4.7 crore were the...

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Moneylife Digital Team 30 November 2016
In the wake of the recent demonetisation of Rs500 and Rs1,000 denomination currency notes, the Narendra Modi Government has now proposed several far-reaching amendments to the Income-tax Act, 1961 by way of the Taxation Laws (Second Amendment) Bill, 2016 that has been presented before the...

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The Constitution of India, Article 246, read along with Schedule VII, provides for the division of powers between the Centre and the states. Central sales tax, excise duty, MODVAT (modified value added tax) and service-tax are imposed by the Central government, while each state has its own...

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IANS 29 November 2016
The Lok Sabha on Tuesday passed the Taxation Laws (Second Amendment) Bill, which amends the Income-tax Act, 1961, and the Finance Act, 2016.   The bill, moved by Union Finance Minister Arun Jaitley, was passed by voice vote amid a ruckus created by the opposition parties over the...

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IANS 28 November 2016
Finance Minister Arun Jaitley on Monday introduced a bill in the Lok Sabha to amend the Income Tax rules, levying a tax of 60% on undisclosed income or investment or cash credit deposited in the banks.   According to the Taxation Laws (Second Amendment) Bill, 2016, the declarant will...

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