TAXATION


Moneylife Digital Team 25 May 2023
In the world of investing, maximising returns and minimising tax liabilities go hand in hand. As an investor, it is crucial to explore various opportunities offered by the Income-Tax (I-T) Act to maximise tax savings. By understanding the provisions and taking advantage of the available...

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Moneylife Digital Team 24 May 2023
While setting aside an order attaching a company's bank account by a commissioner under the central goods and services tax (CGST), the Delhi High Court (HC) ruled that mere suspicion that the taxpayer is a dummy company is not a valid reason for the provisional attachment of assets. "It is...

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Moneylife Digital Team 12 May 2023
In a major breakthrough in the Bhavnagar fake billing scam, which involved tampering with the Aadhaar data of unsuspecting people to fraudulently obtain goods and service tax (GST) registrations in their name, investigators have found that at least 25% of the estimated Rs20,000 crore of fake...

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The income-tax (I-T) department on Thursday was carrying out searches at premises linked to the newly-listed Mankind Pharma limited, officials said.   A senior I-T department official told IANS, "Yes, teams of IR department are carrying out searches at offices of Mankind Pharma in...

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Last week, Bloomberg reported that India is preparing to overhaul its direct tax laws to help “Prime Minister Narendra Modi reduce widening income inequality.” Already, in the recent Budget, the government decided to tax debt mutual fund schemes at the normal income-tax rate. Now, the...

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Moneylife Digital Team 28 April 2023
The compensation received as rent from a builder due in a redevelopment project cannot be taxable income for the former flat owner, the Mumbai bench of the income-tax appellate tribunal (ITAT) has recently held.   This particular case of Ajay Parasmal Kothari (assessee) was identified...

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In the last three years, goods and service tax (GST) fraud in Noida has doubled as irregularities have been detected in 291 cases of GST evasion, for which a fine of Rs75.82 crore has been collected.   According to the data of the Uttar Pradesh tax department, in the 2020-21 fiscal, a...

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The cost inflation index (CII) for 2023-24 relevant to assessment year 2024-25 stood at 348, according to a notification issued by the central board of direct taxes (CBDT) on Tuesday.   The income-tax (I-T) department notified the CII for calculating long-term capital gains which...

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Moneylife Digital Team 06 April 2023
With the Parliament clearing the decks for the establishment of the goods and services tax appellate tribunal (GSTAT) to resolve rising disputes under the nearly six-year-old indirect tax regime, the revenue department is in the process of finalising a standard operating procedure (SOP) for...

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With the new financial year 2023-24 having begun from 1st April, several tax rule changes have come into effect.   Let's have a look at some changes here:   The new income-tax regime has become the default regime from 1st April onwards.   However, taxpayers have the...

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The Finance Ministry on Friday evening clarified that the securities transaction tax (STT) on options trading has been hiked by 25 per cent from 0.05 per cent to 0.0625 per cent, and not from 0.017 per cent to 0.021 per cent, saying that it was a typographical error and the rectification will...

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The Finance Bill 2023-24 which was passed in Lok Sabha through voice vote on Friday, has as many as 75 amendments, some key ones include a hike in securities transaction tax (STT) on options by 23.5% and futures by 25%.   This will lead to those trading in futures and options (F&O)...

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The CGST Bhiwandi, Thane unit has arrested an Accounts and Finance Manager of Oppo Mobiles India Pvt. Ltd. for alleged fraudulent availment of input tax credit to the tune of Rs 19 crore on fake invoices from a non-existent supplier, an official said here on Wednesday.   The CGST...

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The Income Tax department has launched a mobile app which will allow taxpayers to view their information available in the Annual Information Statement (AIS) and Taxpayer Information Summary (TIS).   The app is called 'AIS for Taxpayer', which will be provided free of cost by the...

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Moneylife Digital Team 13 March 2023
Coming down heavily on the income-tax (I-T) department for issuing notice against the same non-existing entity even though the coordinate bench had quashed a similar notice, the Calcutta High Court (HC) imposed a personal cost of Rs20,000 on the assessing officer (AO) to be paid to the...

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IANS 28 February 2023
From 1st July onwards, whether it is spending on a foreign trip or investing abroad, is going to cost more as tax collected at source (TCS) on foreign remittances will become applicable.   In the Union Budget for 2023-24, finance minister (FM) Nirmala Sitharaman had announced that any...

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IANS 21 February 2023
The ncome-tax (I-T) department conducted simultaneous raids at 20 locations of Uflex company in Noida and at its 64 premises across the country on Tuesday.   As per sources, information was received about tax evasion and unaccounted transactions by the company, following which a...

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IANS 15 February 2023
The Central Board of Direct Taxes (CBDT) has notified income-tax return forms (ITR forms) for the assessment year 2023-24, which will come into effect from April 1, 2023.   The department said in a statement that the new forms have been notified well in advance in order to enable...

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Paul Kiel  and   Jeff Ernsthausen (ProPublica) 13 February 2023
This story was originally published by ProPublica.   At first glance, July 24, 2015, seems to have been a brutal trading day for Steve Ballmer, the former Microsoft CEO. He dumped hundreds of stocks, losing at least $28 million.   But this was no panicked sell-off. Among the...

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IANS 06 February 2023
The government is moving India away from a saving economy—the old income-tax (I-T) regime, loaded with tax deduction investments—to a spending economy by luring people to a new I-T regime that is sans any tax savings investments, said chartered accountants (CAs).   It is also being...

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