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Income Tax - Income-Tax Law Has Been Made More and More Complicated In Every Budget Mr. Modi Govt. in Budget 2017 has made the Income-Tax law more complicated. On One side Income-Tax Deptt. says that only assesses e-mail address should be provided to enable them to file returns voluntarily. On the other hand, CBDT amending Income-Tax law in […]...
Read MoreIncome Tax - 1) Why should I pay? I am already earning very less. 2) When others are not paying....why should I? 3) What is the benefit of paying taxes? The corrupt politicians and bureaucrats will wipe it for their personal gains. 4) Tax rate ( Income tax) is too high. When i can survive in a profit margin of 5-8 percent, Why govt needs 30 percent ...
Read MoreIncome Tax - The love towards money can lead to problems like demonetarization of currency etc which can further lead to more tax evaders in our society....
Read MoreIncome Tax - Section 115BBE seems to be the biggest loophole in the Income Tax Act, 1961 whereby, any person can evade tax on concealed income of previous years by declaring such accumulated income as income of current financial year and paying tax @ 30%+surcharge+cess thereon (without causing any penalty, interest and prosecution)....
Read MoreIncome Tax - To deal firmly with the problem of planned and deliberate non-compliance of tax laws, and put in place deterrent provisions to discourage default, concept of deterrent Action against Tax Evaders was inserted under Central Excise Laws...
Read MoreIncome Tax - Finance Minister Shri Arun Jaitley signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting at Paris on 7th June, 2017 on behalf of India....
Read MoreIncome Tax - Crackdown against thousands of shell companies engaged in nefarious activities was effected through enforcement actions (searches, surveys, arrests, prosecutions) by the LEAs (IT/ED/MCA/SFIO/CBI). During the last three financial years (2013-14 to 2015-16)...
Read MoreIncome Tax - The details of show cause notices issued to various firms by the Directorate of Revenue Intelligence (DRI) for evading taxes are as under....
Read MoreIncome Tax - 30 Revenue Authorities shared their findings on investigations arising from the Panama Papers including the role of tax intermediaries such as financial institutions, advisers etc., who facilitate tax evasion....
Read MoreIncome Tax - Finance Minister: There is a need for move towards a mindset of voluntary compliance and payment of legitimate taxes should be considered as part of the process and nobody should think that tax evasion is acceptable;...
Read MoreCIT Vs. Annamalai Finance Ltd. (Madras High Court) - In the instant case, learned counsel for the Revenue is not in a position to demonstrate or satisfy us that due to the change of accounting method adopted by the respondent/assessee , which is permissible in law as per the ratio laid down in (i) CIT v. Matchwell Electricals (I.) Ltd. (2003)263 ITR 2...
Read MoreCircular No. 1009/16/2015-CX - (23/10/2015) - Circular No. 1009/16/2015-CX Whoever commits any of the offences specified under sub-section (1) of Section 9 of the Central Excise Act, 1944 or sub-section (1) of section 89 of the Finance Act, 1994, can be prosecuted. ...
Read MoreF.NO.INV/DGCEI/CHZU/ST/35/2015 - (22/09/2015) - Officers of the Directorate General of Central Excise Intelligence (DGCEI), Chennai Zonal Unit, Chennai arrested the Director of a Limited Company based at Chennai providing Information Technology Software Service and Internet Communication Service, for collecting Service Tax of Rs.2.94 crores from ...
Read MorePress Release No. 402/92/2006-MC (04 of 2011) - (12/02/2011) - India has entered into a Tax Information Exchange Agreement (TIEA) with the Bahamas. The Agreement was signed on 11th February 2011 by the High Commissioner of India to Jamaica (concurrently accredited to the Commonwealth of The Bahamas) on behalf of...
Read MoreAct no. 45 of 1988 - (05/09/1988) - In 1973, the Law Commission of India after studying various Acts and prevailing benami system, recommended formulating an Act to tackle the issue. Accordingly, the Benami Transactions (Prohibition) Act, 1988 was enacted by the Parliament which came into force on 05.09.1988 and it prohibits benami tr...
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