TAXATION


The Union government has clarified on the new goods and services tax rules (GST) on rent, which came into effect from 18th July. In a tweet, press information bureau (PIB) said that “renting of residential unit taxable only when it is rented to business entity." It further clarified that “no...

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Artha Shastry 08 August 2022
31st July brings trepidation and fear to the hearts of many an honest taxpayer—one suspects that dishonest taxpayers, in any case, are not prone to attacks of conscience. The reason for the trepidation, of course, is that 31st July is the deadline for filing the appropriate income-tax returns...

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Moneylife Digital Team 02 August 2022
The income tax (I-T) department has reduced the time limit for e-verification or hard copy submission of the ITR-V (income-tax return verification), post-filing of returns by taxpayers, to 30 days from the current 120 days, from 1st August. E-verification of an I-T return (ITR) completes the...

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Moneylife Digital Team 30 July 2022
The income-tax (I-T) department has released answers and clarifications for top ten frequently asked questions (FAQs) from taxpayers while filing their I-T returns (ITRs). These FAQs provide resolutions to issues faced by taxpayers such as self-assessment tax not shown in pre-filled details,...

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As the deadline to file income-tax returns (ITRs) inches closer, 41% of Indians who qualify to file the return are yet to file their papers for FY21-22, 22% say it is difficult to file it by the 31st July deadline and about 10% were facing technical glitches, a new report showed on...

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The Income Tax department on Wednesday conducted search operations at around 40 premises belonging to Madhusudan Ghee in Mumbai and other places in Maharashtra in connection with alleged tax evasion, sources said.   According to information, the firm recently invested in the power and...

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Following the uproar in Parliament over goods and services tax (GST) on food items, Union finance minister (FM) Nirmala Sitharaman on Tuesday defended the imposition of 5% GST on food articles such as cereals, rice, flour and curd, which are pre-packaged and labelled, saying that it was a...

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With curd, paneer, unbranded pre-packaged food items like wheat flour and others coming under the goods and services tax (GST) net from Monday onwards, retailers and manufacturers are discussing how to account for the old stock.   "The GST falls at the time of sale. The problem now...

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Moneylife Digital Team 16 July 2022
The central bureau of direct taxes (CBDT) has accused Micro Labs Ltd, the makers of the famous Dolo-650 medicine tablet, of indulging in 'unethical practices' and distributing freebies of about Rs1,000 crore to doctors and medical professionals in exchange for promoting its products. Dolo650,...

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Moneylife Digital Team 12 July 2022
While setting aside an order passed by the High Court (HC) of Karnataka, the Supreme Court (SC) ruled that by filing the revised return of income, the assessee cannot be permitted to substitute the original return of income filed under Section 139(1) of the Income-Tax (I-T) Act.   In...

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Come 18th July, 18% Goods and Services Tax (GST) will be applicable on bank cheque book/loose leaf cheques and 12% on maps, atlas, and globes   Similarly, unbranded but pre-packed curd, lassi, butter milk, food items, grains, etc, will be brought under the GST net from the exemption...

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The income-tax (I-T) department said on Monday that it carried out search and seizure operations on 15th June at the premises of a leading industrial group in Chennai engaged in the business of manufacturing of IMFL (Indian made foreign liquor), logistics, hospitality and entertainment, for...

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Moneylife Digital Team 18 June 2022
While stating that the income tax appellate tribunal (ITAT) at Kolkata had committed a serious error in setting aside the orders of the commissioner of I-T for appeals [CIT(A)], the Calcutta High Court (HC) ruled in favour of the tax department. The case is related to bogus claims of...

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Moneylife Digital Team 15 June 2022
The Central Board of Direct Taxes (CBDT) has notified the cost inflation index (CII) for financial year (FY) 2023 through a notification on 14 June 2022. The CII for FY23 relevant to assessment year (AY) 2023-24 is 331.    This notification will take effect on 1 April 2023 and will...

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Moneylife Digital Team 07 June 2022
On 7th June, even as the new  income-tax (I-T) portal launched last year was completing its first anniversary, the I-T department said software services-provider Infosys has been directed to look into the issue relating to malfunction of search option on the e-filing portal. People who tried...

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Srinivas Kotni (The Leaflet) 02 June 2022
Collaborative federalism will be under threat, once a constitutional institution like the GST Council is rendered teethless. —— What does the working of the GST Council till now tell us about the institution?   The Goods and Services Tax (‘GST’) Council has been in existence...

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Former chief trader and fund manager of Axis Mutual Fund (Axis MF) Viresh Joshi is on the radar of the income-tax (I-T) department amid allegations of irregularities.   Mr Joshi has been accused of taking bribes from the brokers in lieu of sharing Axis MF's tips.   It has been...

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Parsa Venkateshwar Rao Jr (The Leaflet) 23 May 2022
The Supreme Court’s judgment last week in Union of India versus Mohit Minerals Pvt Ltd Through Director underscores the gap between the GST Council’s purely consultative mandate and the reality in which the states have willingly abdicated their right to tax in favour of an artificial cabal,...

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Moneylife Digital Team 21 May 2022
Paying heed to anger among common people over increased fuel prices, the Union government on Saturday decided to reduce excise duty on petrol by Rs8 per litre and on diesel by Rs6 per litre. Further the government will also give Rs200 per cylinder subsidy for Ujjwala Yojana beneficiaries for...

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The Supreme Court on Thursday ruled that GST council's recommendations are not binding on the Centre and state governments.   A bench headed by justice DY Chandrachud said GST council recommendations only have a persuasive value as India is a cooperative federalism, and the Centre and...

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