Income Tax : Penalties for failing to maintain records of specified domestic transactions. Learn about arm's length pricing & essential documen...
Income Tax : 1) Whether capitalization of interest payable attracts TDS U/S 194A? Whether conversion of out standing interest on loan into loan...
Income Tax : There are a lot of securities available to you to reduce your tax liability .Chapter VIA offers you so many opportunities. Sec 80 ...
Goods and Services Tax : Again in Sec. 50(1), the word used ‘Tax’ and not ‘Total Tax Liability’, so interest should be calculated on net tax amount...
Goods and Services Tax : What is Audit Report in Form 704? Ans : It is a report under section 61 of MVAT ACT, 2002 to be submitted by eligible dealer withi...
Income Tax : The Supreme Court today said the CBDT order, as and when it is passed, on Mahindra Satyam tax dispute case would not take effect f...
Income Tax : Terming the $2.6 billion tax liability on the company as 'inequitable', UK-based Vodafone today questioned the Indian authorities ...
Income Tax : The government will mop up Rs 1,400 crore (Rs 14 billion) this fiscal by taxing the second installment of arrears due to central g...
Income Tax : The Central Board of Direct Taxes (CBDT) has set up a committee to formulate rules for the safe harbour provisions—a set of rule...
Income Tax : The government will allow companies to adjust the fringe benefit tax (FBT) paid by them against the advance tax due in the March q...
Service Tax : CESTAT Chennai held that as there is no tax liability on the advance amount received by the appellant, demand of interest thereon ...
Corporate Law : In present facts of the case, the National Commission while relying upon the RBI Circular dated July 6, 2017 observed that there w...
Income Tax : If we agree with this submission of the Id. A.R that as the ultimate tax liability of the assessee together with its AE does not v...
Income Tax : However, in view of the fact that the agreement has been accepted as genuine in the hands of one of the parties and economic conse...
Service Tax : Learned Chartered Accountant submits that the excess amount paid in the subsequent period may be treated as mere deposit which can...
Goods and Services Tax : The sub-rule (1) provides the different forms of returns to be filed by various categories of dealers. Earlier, the dealers. used ...
Goods and Services Tax : Nothing in this paragraph shall apply to the said registered dealer unless he applies to the Joint Commissioner of Sales Tax (Retu...
Goods and Services Tax : TRADE CIRCULAR Mumbai, Dt.25.03.2009, No.LTR-2009/ 1/Adm-29/ B-139 , Trade Cir. No. 11 T of 2009 Sub: Luxury T...
Multinational companies can now look forward to expeditiously settling their tax disputes in India. The Central Board of Direct Taxes on Monday announced the new rules for creation of special dispute resolution panels (DRP) that will allow foreign taxpayers to sort out their tax disputes in a faster and cost effective manner.
The income-tax department last week sent notices to six Mumbai-based third party administrators (TPAs), who process insurance claims, askingthem to cough up Rs 117 crore for two consecutive financial years, beginning 2008-09.
The Hon’ble Apex Court in the case of CIT v. P V A L Kulandagan Chettiar 267 ITR 654 had an occasion to consider the impact of double taxation avoidance agreement provisions of Income Tax Act. The Hon’ble Apex Court held that where liability to tax arises under the local enactment, the provisions of sections 4 and 5 of the Act provide for taxation of globle income of an assessee chargeable to tax thereunder
Based on the analysis, the field formations have been asked to send demand notices to companies before December 15, the deadline for the third instalment of advance tax payment. “Most companies have posted better-than- expected second quarter results. So we felt some of them may have paid lesser tax in the first two instalments, which we are now checking up,” a senior finance ministry official explained.
According to a recent decision of the Mumbai bench of the Income Tax Apellate Tribunal, non-resident companies and individuals are entitled to a beneficial rate of tax of 10% on long-term capital gains arising from the sale of shares of listed entities. Earlier, non-resident assessees were taxed at the rate of 20%.
With the help of this article an effort has been made to picturise the present situation existing in the refund structure mechanism under Service tax. This state of affair is elaborated with the means of poems and conversation between Johnny (an assessee) and his father.
Fed up of being made to run around for 15 years, the Income Tax (I-T ) department has been quick to seize an opportunity to extract its dues totalling Rs 114.17 crore from the Bhagats. The department recently filed a plea before the special MCOCA court, requesting it not to defreeze the bank accounts of Hitesh Bhagat who along with his mother Jaya Chheda allegedly plotted his father Matka king Suresh Bhagats murder until it gets a chance to recover its dues.
The Income Tax (I-T) Department has issued a fresh notice to realty major DLF even as it’s appeal against an additional tax liability imposed on it by the I-T Department is being heard. The demand for additional tax payment first came after the Institute of Chartered Accountants of India (ICAI), which sets auditing standards, revised its accounting norms during 2005-06.
The new code attempts to change the methodology of taxation of business profits from the existing model where the taxable income is equal to business profits with specified adjustments even though this model does not provide for items of receipts which form part of business profit and deduction to be made there from.
Nothing in this paragraph shall apply to the said registered dealer unless he applies to the Joint Commissioner of Sales Tax (Returns), in Mumbai or as the case may be Joint Commissioner of Sales Tax (VAT Administration) in rest of the State.
