TAXATION


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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The compensation norms for revenue losses accruing from transition to the Goods and Services Tax (GST) system will bring certainty to state budgeting, rating agency ICRA said on Tuesday.   "The draft compensation norms for revenue losses related to the transition to the much-awaited...

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Finance Minister Arun Jaitley on Saturday said that the Goods and Services Tax (GST), the new indirect tax regime, was on track and July 1 was going to be its likely date of implementation.   "It (GST) looks on track. Subject to Parliament approval, it looks like the possible date of...

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Ameet N Patel 03 March 2017
The date 8th November of 2016 will remain etched in the minds of millions of Indians, for a long time. At around 8pm on that fateful day, the prime minister (PM) dropped a bombshell on unsuspecting Indians. From the midnight of 8th November, currency notes of Rs500 and Rs1,000 would cease to...

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IANS 27 February 2017
Tax authorities in India and other countries are probing HSBC Bank, including its Swiss and Dubai offices, for allegedly abetting tax evasion by four Indians and their families, the multinational lender has disclosed.   "Various tax administrations, regulatory and law enforcement...

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IANS 22 February 2017
India's Income Tax Department on Tuesday asked its officials to ensure there is no "threat, warning or show cause" notice sent to taxpayers under its 'Operation Clean Money' aimed at checking black money after the government's demonetisation drive.   "It should be ensured that the...

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IANS 14 February 2017
Over 5.27 lakh taxpayers have submitted response to explain their large deposits to the I-T department while 4.84 lakh taxpayers have been found not registered with the e-filing portal under Operation Clean Money, an official statement said on Monday.   "The operation has seen an...

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The 2017 Budget was finance minister Arun Jaitley’s first to have received fairly positive reviews. Some experts have suggested that the absence of major negatives, or experimentation with taxation, is the biggest positive. However, there is a growing sense of anxiety among taxpayers and...

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Amit Kapoor (IANS) 07 February 2017
Finance Minister Arun Jaitley put the spotlight on the issue of tax evasion in his February 1 budget speech with some eye-opening statistics. Out of an employed population of approximately 300 million, merely 37 million filed their income tax returns in 2015-16. Even if exempted sectors like...

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PS Deodhar 02 February 2017
I have an innovative solution for the Narendra Modi Government to incentivise rich citizens to pay the full applicable income tax. We need to recognise their contribution to the government and honour them. Such visible honour will have many benefits, in addition to adding to their social...

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Moneylife Digital Team 02 February 2017
In a significant order, the Delhi High Court has upheld a ruling by Commissioner of I-T (Appellate) (CIT-A) that an Assessment Officer of the Income Tax (I-T) Department cannot work on mere suspicion and needs to exercise his powers to verify genuineness of the claim, without...

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