Income Tax : Explains treaty shopping, hybrid mismatches, profit shifting and BEPS reforms, and how structural gaps challenge modern internatio...
Income Tax : Courts distinguish lawful tax planning from criminal concealment. Recent rulings stress commercial substance and strict penalties ...
Income Tax : Indian law permits legitimate tax planning but strictly penalises concealment and fraud. Courts distinguish lawful avoidance from ...
Income Tax : An analysis of India's multi-layered legal framework to combat tax avoidance and evasion, including GAAR, transfer pricing, and be...
Income Tax : Understanding the difference between legal tax avoidance and illegal tax evasion in India, including their implications and measur...
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...
This tax treaty controversy is snowballing. First it was just the India Mauritius Double Tax Avoidance Treaty that was under a shadow and has been that way for a couple of years then the proposed Direct Tax Code released in August this year proposed a Treaty of Override Clause. Tax experts and India Inc are up in arms because if the code becomes the law, that law would override any existing treaty and its provisions, creating confusion and uncertainty for tax payers. And, then last week came the bombshell.
For individuals, the proposed rate is likely to be 10% for income upto 10 lakhs, 20% upto 25 lakhs and 30% above that. Incentive to save is likely to rise to 3 lakhs from the present 1 lakh. Corporate taxes are likely to be revised downward to 25%. Security Transaction tax is likely to be scrapped. Wealth tax is likely to be 0.25% for wealth above 50 crores.
Government has no plans to bring a new amnesty scheme for tax evaders and wants to amend the Indo-Mauritius tax treaty to curb its abuse by companies, the Rajya Sabha was informed on Tuesday. VDS schemes in the past offered amnesty to people declaring black money and paying tax. But VDS schemes cannot be hugely successful […]
The party could end soon for domestic and multinational companies that do tax planning only to avoid paying taxes in India. The government is set to usher in the next stage of reforms in taxation, framing anti-abuse rules that will empower tax authorities to lift the corporate veil and look for what are called `avoidance’ […]
Wallfort Shares & stock Brokers Ltd v ITO Where the assessee bought units of a mutual fund, received tax-free dividend thereon and immediately thereafter redeemed the units and claimed the difference between the cost price and redemption value as a loss and the same had been upheld by a Five Member Special Bench of the Tribunal as a genuine loss,
FOR the Income Tax Department, the latest ruling of the Larger Bench of the Punjab & Haryana High Court amounts to a big win. And, at the centre of the dispute was whether the interest paid on borrowed capital for purchasing new plant and machinery before the same is put to use is revenue expenditure or to be added to the ‘actual cost’ of the asset? What further complicated the issue was the fact that the assessee was a running company and wanted to set up a new plant by buying new machinery out of borrowed capital.
The controversial double tax avoidance treaty between India and Mauritius is likely to survive despite pressure from the income-tax authorities. The pact may be reworked, but not scrapped, thanks to the lobbying by a high-level delegation headed by Mauritius Prime Minister Navinchandra Ramgoolam.
