tax payers - Page 2

Govt decided to shelve introduction of unique transaction number (UTN)

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 i...

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Posted Under: Income Tax |

Budget 2010 may have anti-avoidance provisions to check evasion of tax

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 decl...

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Posted Under: Income Tax |

High-pitched assessments u/s. 147/143(3) of the Income-tax Act – Some remedies

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 ...

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Posted Under: Income Tax |

Analysis of Circular no. 7/2009 issued to withdraw earlier circular pertaining to non-resident taxation

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 o...

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Posted Under: Income Tax |

Income-tax Ombudsman : An appraisal

The institution of the Ombudsman has been functioning in Mumbai . This is perhaps a good time to assess how it has functioned so far and what needs to be done to improve its effectiveness....

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Posted Under: Income Tax |

Delay in Income Tax refunds trouble tax payers most

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....

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Posted Under: Income Tax |

Experts view on FM statement on Tax treaty renegotiation with 77 countries

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 ...

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Posted Under: Income Tax |

Main attraction of the Direct Taxes Code 2009, simplicity of the provisions

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 Ind...

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Posted Under: Income Tax |

Taxpayer of 10 more cities will get Income Tax Refund directly in their bank account

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....

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Posted Under: Income Tax |

New Tax Code – Favouring the Millionaires and Bullying the Others

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....

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Posted Under: Income Tax |

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