TAXATION


A company is liable to pay Goods and Services Tax (GST) on remunerations paid to Independent Directors on a reverse charge basis.   The Rajasthan Appellate Authority on Advance Ruling (AAR) has also clarified that the parts of Director's remuneration which are declared as 'salaries'...

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Moneylife Digital Team 21 January 2021
Lakhs of professionals like company secretaries (CSs) and chartered accountants (CAs) are having a hard time filing tax documents on the government websites. While the MCA21 portal of the ministry of corporate affairs (MCA) continues to give regular trouble, the Goods and Services Tax Network...

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The good old traditional snack food Papad or Pappadam as it's known in South India cannot be equated with packaged 'un-fried fryums' and this cannot have similar tax treatment, the Authority for Advance Rulings (AAR) had ruled.   In its order rejecting a petition seeking to bring...

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Moneylife Digital Team 12 January 2021
While rejecting representations by tax consultants and professionals, the Central Board of Direct Taxes (CBDT) has refused to grant any further extension of the due dates for filing the tax audit report (TAR) under Section 44AB of the Income-Tax (I-T) Act. CBDT says the process cannot be...

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Moneylife Digital Team 08 January 2021
To boost real estate demand, the Maharashtra government has announced 50% reduction in premiums for the sector. This will be applicable to ongoing and new real estate developments till 31 December 2021. This new year bonanza comes in addition to extension of the stamp duty cut applicable in...

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Moneylife Digital Team 08 January 2021
The Central goods and services tax (GST) department has been issuing show cause notices (SCNs) for FY2014-15 for difference in receipts as per service tax return and income tax (I-T) return in bulk without going into the legality and without fulfilling the mandate given by the law for issue...

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Moneylife Digital Team 30 December 2020
The Income Tax (I-T) department on Wednesday extended last date for filing of IT returns by 10 days till 10 January 2021.    In a statement, the I-T department says, "In view of the continued challenges faced by taxpayers in meeting statutory compliances due to outbreak of COVID-19,...

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Amitabha Banerjee Amitabha Banerjee 24 December 2020
Only one group of people in India cannot escape the clutches of the tax man – the salaried class – because the employer is responsible for deducting tax at source and handing it over to the government. For decades, this group has been the government’s bakra (scapegoat) for collecting income...

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IANS 23 December 2020
British energy major Cairn Energy has won an international arbitration case against the Indian government over a tax dispute.   An international arbitration tribunal ruled that India's tax claim of Rs10,247 crore in past taxes over internal reorganisation of Cairn's India business was...

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Moneylife Digital Team 17 December 2020
Several bodies representing chartered accountants (CAs) from across the country have requested finance minister (FM) Nirmala Sitharaman to extend the deadlines for filing returns for income-tax (I-T), goods and services tax (GST) and other audit forms in view of the hardships caused by the...

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IANS 07 December 2020
Come January 1 and GST payers would need to fill only 4 GSTR-3B returns in a year instead of 12 returns at present.   In a major reform, the government has eased the return filing experience for the GST taxpayers with the introduction of Quarterly filing of Return with Monthly Payment...

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IANS 04 December 2020
The Supreme Court on Thursday upheld the levy of Goods and Services Tax (GST) on lotteries, betting and gambling, ruling that this doesn't violate any constitutional provision.   A bench headed by Justice Ashok Bhushan and comprising Justices R. Subhash Reddy and M.R. Shah said: "When...

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IANS 30 November 2020
The Central Board of Indirect Taxes & Customs (CBIC) proposes to carry out physical verification of the entities that have been granted a deemed GST registration sans Aadhaar authentication in a bid to counter fake invoice frauds.   The department of revenue (DoR) in the Finance...

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IANS 12 November 2020
On the basis of specific intelligence as well as further data mining on GSTN and E way bill portals, the officers of CGST Delhi South Commissionerate, have busted a syndicate of firms involved in availing invoices and E-way bills issued on the GSTIN of dummy firms and getting Refund of IGST...

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IANS 12 November 2020
The Directorate General of GST Intelligence (DGGI) here has arrested directors of four companies on charge of involvement in GST fraud totalling Rs 408 crore, an official said here on Thursday.   The DGGI's Mumbai Zonal Unit booked the Directors of Rane Megastructure Ptv Ltd, ACS...

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IANS 03 November 2020
India has granted tax free status to Abu Dhabi's Sovereign Wealth Fund (SWF) - MIC Redwood 1 RSC Ltd - to expedite foreign investment in the country's priority areas during the Covid pandemic.   With this, MIC Redwood has become the first foreign SWF that has been notified and granted...

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Based upon specific intelligence inputs, the officials of the anti-evasion branch of the Central Goods and Service Tax (CGST), Commissionerate, Delhi (East), have busted a major racket for generation of huge inadmissible input tax credit (ITC) through fake billing of about Rs1,278...

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In order to provide further relief to the taxpayers desirous of settling disputes under Vivad se Vishwas Scheme, the government on Tuesday further extended the date for making payment without additional amount from December 31, 2020 to March 31, 2021.   Also, the last date for making...

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Moneylife Digital Team 24 October 2020
The ministry of finance has extended due dates for filing returns of income tax (I-T) and tax audit reports. The due date for furnishing of I-T returns (ITRs) for common taxpayers has been extended to 31 December 2020, while the last date for filing ITR for taxpayers who are required to get...

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Moneylife Digital Team 21 October 2020
Once again, several chartered accountant (CA) associations across India have come together to request prime minister (PM) Narendra Modi to extend deadlines for filing returns for income-tax (I-T), goods and services tax (GST) and other audit forms in view of the hardship caused by coronavirus...

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