Income Tax : Learn the key differences between tax avoidance and tax evasion in India, legal provisions, real-world cases, and government measu...
Income Tax : While tax avoidance is legal and involves strategic tax planning, tax evasion is illegal and constitutes fraudulent activities to ...
Income Tax : One of the most infamous tax evasion cases in India is the Sahara India tax evasion case, which highlights the legal implications ...
Income Tax : Explore the differences between tax planning, tax evasion, and tax avoidance. Understand how tax planning legally optimizes tax li...
Income Tax : The evil consequence of tax evasion or avoidance are manifold which are short listed as under 1. There is substantial loss of mu...
Income Tax : The Internal Revenue Service today announced the conclusion of its annual Dirty Dozen list of tax scams. The annual list highlight...
Finance : Promotion of payments through cards and digital means will be instrumental in reducing tax avoidance, migration of Government paym...
Income Tax : Dismissing the notion that Mauritius is a tax haven, the island nation's Vice Prime Minister Ramakrishna Sithanen on Tuesday said ...
Income Tax : Income Tax authorities are planning to broaden the tax base, seek greater exchange of information under the tax treaties and provi...
Income Tax : A revised Agreement and Protocol between India and Finland for Avoidance of Double Taxation and the Prevention of Fiscal Evasion w...
Income Tax : Explore the Ayodhya Rami Reddy Alla vs PCIT case, delving into GAAR vs SAAR implications. Understand the Telangana High Court's ru...
Income Tax : Cable & Wireless Networks India Private Limited („the applicant?) is engaged in the business of providing international and dome...
Online Information Database Access and Retrieval services (OIDAR) is a category of services provided through the medium of internet and received by the recipient online without having any physical interface with the supplier of such services. E.g. download of an e-book online for a payment would amount to receipt of OIDAR services by the consumer.
The Internal Revenue Service today announced the conclusion of its annual Dirty Dozen list of tax scams. The annual list highlights various schemes that taxpayers may encounter throughout the year, many of which peak during tax-filing season.
Promotion of payments through cards and digital means will be instrumental in reducing tax avoidance, migration of Government payments and collections to cashless mode, discourage transactions in cash by providing access to financial payment services to the citizens to conduct transactions through card/ digital means and shifting payment ecosystem from cash dominated to non-cash/less cash payments.
TRIAD GESTCO LTD. VERSUS HER MAJESTY THE QUEEN (Canada Tax Court) – The transactions undertaken by the appellant amount to abusive tax avoidance because they defeat the underlying rationale of the capital loss provisions in the Act. Through the manipulation of the fiscal ‘amount’ of the Rcongold common shares, the appellant created artificially devalued property that was transferred to a person within the same economic unit to create an artificial capital loss without incurring any real economic loss. On August 27, 2002, the appellant owned shares of Rcongold which had a fair market value of $8 million (the common shares). On August 28, 2002, the appellant continued to own shares of Rcongold which had a fair market value of $8 million (the Class ‘E’ shares) and after the disposition of the common shares of Rcongold to the PCT, the appellant continued to own shares in Rcongold having a fair market value of $8 million.
Dismissing the notion that Mauritius is a tax haven, the island nation’s Vice Prime Minister Ramakrishna Sithanen on Tuesday said he has not received any complaints from India about routing investments via his country to evade taxes. However, Sithanen, who is also the finance and economic development minister, promised to cooperate with Indian authorities to check tax evasion in case of complaints, but added his country would not welcome ‘fishing expeditions’.
Income Tax authorities are planning to broaden the tax base, seek greater exchange of information under the tax treaties and provide better services to tax payers by 2020 when the direct tax reforms would be firmly in place. The apex direct tax body, Central Board of Direct Taxes (CBDT), has formed seven committees comprising senior revenue officials to come out with a draft Vision 2020 document that would delineate ways to increase tax collections in a non-intrusive manner.
A revised Agreement and Protocol between India and Finland for Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income (DTAA) was signed by Sh. S.S.N.Moorthy, Chairman, CBDT on behalf of Government of India and Ms Terhi Hakala, the Ambassador of Finland to India, on behalf of Government of Finland, here today.
After taxing investors for dividend stripping, the Income Tax (I-T) Department is gearing up to tax bonus stripping. Official sources say scrutiny of returns filed by companies, brokers and individuals active in the stock markets and in possession of shares revealed wide use of this mechanism to evade tax.
The forthcoming Union budget may have an anti-avoidance provision, which can effectively check convoluted transactions devised exclusively for the purpose of evading paying taxes in India. The finance ministry, said revenue department officials, is contemplating the idea of vesting powers with the commissioners of Income-tax (I-T) to declare a transaction a sham, if there is a reason to believe that its purpose is to avoid tax in this country.
This follows a renewed effort by CBDT to seek clarification on the issue. The finance ministry has decided to keep the issue of taxing participatory notes (P-Notes) on the back burner to encourage foreign inflows. These views follow a renewed effort by the Central Board of Direct Taxes (CBDT) to seek a clarification on the taxation of the P-Notes. Sources said the clarification was sought since it was noticed that the issuance of these notes had gone up, following a buoyancy in the equity market.
