Income Tax : The Government believes that the tax payers should discharge their income tax liability simultaneously while earning and expects y...
Income Tax : The issue of transfer price affects various types of taxes. Under Custom Laws, special valuation branch examines the validity of t...
Income Tax : Despite the fact that CBDT has made commendable effort to devise suitable annexures for electronic filing, in practical parlance, ...
Corporate Law : In a ruling that is bound to have ramifications, specially on big tax-payers , and in a move aimed at curbing tax evasion, the Cen...
Income Tax : After the judgment of the Supreme Court in the case of ACIT vs. Rajesh Jhaveri Stock Brokers (P) Ltd. delivered on 23-5-2007 and r...
Corporate Law : Finance Minister Shri Arun Jaitley inaugurates the Non-Tax Receipt Portal (NTRP); Portal provides a one-stop platform to citizens/...
Income Tax : Increase in Number of Tax Payers in the Last Three Years The numbers of taxpayers have increased in the country during the l...
Income Tax : Tax payers can expect some relief from high inflation in Budget 2011-12 as the government may raise the income tax exemption limit...
Service Tax : The Delhi High Court in the Home Solution Retail India case had held that renting of immovable property is not a taxable service. ...
Income Tax : The I-T department has asked tax payers not to give out personal details like PAN card number and information about their credit c...
Service Tax : Trade Notice No. 19/2009 Rule 5 A was inserted in the Service Tax Rules, 1994 vide Service Tax (Sixth Amendment) Rules, 2007 ...
The Government believes that the tax payers should discharge their income tax liability simultaneously while earning and expects you to Pay as your earn. This philosophy is implemented through two modes.
Finance Minister Shri Arun Jaitley inaugurates the Non-Tax Receipt Portal (NTRP); Portal provides a one-stop platform to citizens/corporates/other users for making online payment of Non-Tax Receipts to Government of India;
Increase in Number of Tax Payers in the Last Three Years The numbers of taxpayers have increased in the country during the last three years. The number of income-tax assessees (taxpayers) for past three years is as under: Assessment year Number of assessees* 2011-12 43867006 2012-13 47868755 2013-14 51085906** *the data is based on the […]
The issue of transfer price affects various types of taxes. Under Custom Laws, special valuation branch examines the validity of the transaction value between associated enterprises. In Service Tax law, service tax has been imposed on import of service through reverse charge method and it is expected that Service Tax department would like to examine the value of services imported (or exported) to associated enterprises. In Income Tax, it is transfer price mechanism which takes care of this situation.
Tax payers can expect some relief from high inflation in Budget 2011-12 as the government may raise the income tax exemption limit for individuals. Finance Minister Pranab Mukherjee is alive to the price situation and its impact on the common man,” s
The Delhi High Court in the Home Solution Retail India case had held that renting of immovable property is not a taxable service. The Government as usual filed an appeal in the Supreme Court and the whole Department is under the impression that by mere filing an appeal in the Supreme Court, the High Court order has become inoperative. So demands, threats, Show Cause Notices are playing wild games in the field. Even the TRU, by a letter dated 15.07.2009 directed the Departmental officers to either pursue the tax payers to pay up the service tax due or take necessary action to safeguard revenue as the dispute has not reached finality and the department has filed an appeal against the order of the Delhi High Court.
Despite the fact that CBDT has made commendable effort to devise suitable annexures for electronic filing, in practical parlance, the taxpayers usually face serious problems primarily because there is no space to give any further information which is considered relevant by an assessee to be filed along with the return.
The I-T department has asked tax payers not to give out personal details like PAN card number and information about their credit cards on the internet in the wake of mushrooming fake e-mails hitting users’ inboxes. Viewing with concern the spurt in fictitious and unauthorised e-mails landing in personal internet addresses of many people, the department is adding a word of ‘caution’ at the end of each mail sent by them.
Individuals as well as corporates may have fewer occasions to meet the taxmen in future. The Central Board of Direct Taxes (CBDT) is thinking of putting in place a system in which taxpayers do not meet the assessing officer or any tax official for routine assessments. In the system being envisaged by the country’s tax regime, the tax payer would not know who his assessing officer is. Assessments will be centralised at one place where a set of officers will supervise the assessments. Each officer will be specialising in certain segment of the assessment process, such as giving credit, refunds, etc.
In a ruling that is bound to have ramifications, specially on big tax-payers , and in a move aimed at curbing tax evasion, the Central Information Commission has ruled that seeking information on income tax is not invasion of privacy. Ruling out that disclosure of information would lead to unwarranted invasion of the privacy of the individual
