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 has decided to shelve the introduction of the unique transaction number, which tax payers need to quote along with permanent account number when tax is deducted/collected at source.The scheme was to have come into force from the new year. However, the finance ministry has not ruled out the possibility of introducing a new identity number like UTN from the next fiscal, in addition to the permanent account number to ensure prompt verification and granting of tax credits to tax payers.
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.
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 reported at (2007) 291 ITR 500 (SC), a large number of actions are being initiated u/s. 147/148 of the Income-tax Act, 1961 (‘the Act’ for short) and often high-pitched Income tax assessments are being made at several places.
The Central Board of Direct Taxes (CBDT) had earlier issued a circular (Circular No. 23 dated July 23, 1969) clarifying the India tax liability of non-residents in respect of income accruing or arising through or from, a business connection in India. As per the aforesaid Circular 23, even if a business connection existed under section 9 of the Income-tax Act, 1961 (“the Act”), only so much of the profit which can be reasonably attributed to the operations of the business carried out in India could be subject to tax in India. Circular 23 also provided clarifications on the taxability of non-residents in specific situations.
An in-depth appraisal of the Income-tax Ombudsman in Mumbai: How effective is it and what can be done to improve its functioning?
Delay in receipt of income tax returns is the most registered grievance of taxpayers in the national capital with the I-T Ombudsman receiving almost 85 per cent complaints in this regard. The I-T Ombudsman, during 2007-09, has also come across complaints of tax refunds being lost in transit and taxpayers receiving empty refund envelopes.
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.
The main attraction of the Direct Taxes Code 2009 will be the simplicity of the provisions, Mr P.V. Bhide, Secretary-Department of Revenue, Ministry of Finance, said.The level of understating between the assessees and department will be higher, Mr Bhide said at a presentation on the code organised by the Indian Chamber of Commerce and Industry here recently.
The I-T department has decided to extend the Refund Banker Scheme that allows refund of excess tax money to taxpayers to nine more cities, including Ahmedabad and Kochi.
DIRECT TAX CODE BILL, 2009 was unveiled by our Hon. Finance Minister on 12th August 2009 and has been placed in the public domain for an analytical study and critical review of all its clauses. It seeks to consolidate and amend all the Laws relating to the Direct Taxes.
