Tax Departments

Industry representatives believe that addressing these issues will improve ease of doing business, facilitate legitimate restructuring, and reduce future tax disputes

Maharashtra has received an advance instalment of Rs 6,418 crore from the Central government, as part of tax devolution ahead of the festive season, Deputy Chief Minister Ajit Pawar has said. The Centre on Wednesday said it has released an additional instalment of tax devolution of Rs 1,01,603 crore to state governments to enable them to accelerate capital spending and finance their development/welfare-related expenditure. This is in addition to the normal monthly devolution of Rs 81,735 crore due to be released on October 10, it said. In a statement on Thursday, Pawar, who is also the state finance and planning minister, said that Maharashtra has received Rs 6,418 crore from the Centre. He thanked Prime Minister Narendra Modi and Union Finance Minister Nirmala Sitharaman for releasing the funds. "With the upcoming festival season, and to enable the state to ramp up capital expenditure and provide adequate funding for our welfare and development schemes, this amount will undoubted

The company is accused of wrongly taking CENVAT credit, which is a type of tax credit businesses can claim for taxes paid on equipment or capital goods

Earlier the NCLT had quashed the tax demands, leading the Income Tax Department to challenge it in the Bombay High Court, before escalating matter to the Supreme Court

GST office in Patna has ordered debt-ridden Vodafone Idea to pay Rs 15.19 crore, along with a penalty of Rs 1.51 crore, for allegedly availing of input tax credit it was not eligible for in FY20 and FY21, a regulatory filing said on Wednesday. Vodafone Idea (VIL) said it does does not agree with the order and will take appropriate legal action. According to the filing, the Joint Commissioner for CGST and Central Excise in Patna passed an order under "Central Goods and Services Tax Act, 2017 confirming demand of Rs 15,19,20,351 along with penalty Rs 1,51,92,035 and interest as applicable." The company received the order on August 28 alleging "availment of ineligible input tax credit for FY 2019-20 and 2020-21". "The maximum financial impact is to the extent of tax demand, interest and penalty levied. The company does not agree with the order and will take appropriate action(s)," the filing said.

It should be noted that the notification by the CBDT carved out an exception for international taxation cases, including NRIs, for reassessment

In serving its highest-ever tax demand on Infosys, the government accused India's second-largest tech services company of evading taxes and sought Rs 32,000 crore

Tax authorities had earlier argued that since CSR expenditures were mandated by law, they were not voluntary and therefore, did not qualify as donations for tax deductions

Proposal expected to help 10 million taxpayers, clean up government books

InterGlobe Aviation, the parent of the country's largest airline IndiGo, on Wednesday said it will challenge tax demands worth over Rs 1,666 crore. The Commissioner of Income Tax-Appeals (CIT-Appeal) has passed orders related to tax demands for the assessment years 2016-17 and 2017-18. In a regulatory filing, the company said a demand of "INR 7,396.76 million (AY 2016-17) and INR 9,270.31 Million (AY 2017-18) was raised by the Assessing officer, against which the Company had preferred appeal before CIT-Appeal". The figures are excluding interest and penalty. The CIT-Appeal has passed the respective orders. As per the filing, the revision to the taxable income on account of tax treatment of certain incentives received by the company from manufacturers with the acquisition of the aircraft and engine and disallowance of certain expenses has been confirmed without granting an opportunity of personal hearing and adjudicating the matter on merits. The company will contest the same and

Around 35 lakh cases for issuance of refunds are currently "held up" with the Income-Tax Department owing to mismatch and validation of the taxpayers' bank accounts and the taxman is reaching out such assessees via a special call centre, CBDT Chairperson Nitin Gupta said on Tuesday. The direct taxes body chief said the department was "in correspondence" with such taxpayers and it is their aim to expeditiously resolve these issues. "We want to credit the refunds to the correct bank accounts of the taxpayers quickly," he said. Asked during an interaction about instances where refunds are stuck as taxpayers were getting old demands pertaining to years around 2010-11, Gupta said the department had undergone a technology shift around 2011 -- from paper-based registers to computers -- and hence some of those old demands were showing up in the accounts of the assessees. "We have started a unique demand management facilitation system about a year back for all such cases where refunds are h

The income tax department has notified rules for valuation of investments by resident and non-resident investors in startups, thus paving way for implementation of the changes brought in 2023-24 Budget. As per the changes in Rule 11UA of I-T rules, the Central Board of Direct Taxes (CBDT) provides that the valuation of compulsorily convertible preference shares (CCPS) and equity shares issued by unlisted startups can be based on the fair market value. The amended rules also retain the five new valuation methods proposed in the draft rules for consideration received from the non-residents viz., (i) Comparable Company Multiple Method, (ii) Probability Weighted Expected Return Method, (iii) Option Pricing Method, (iv) Milestone Analysis Method, and (v) Replacement Cost Method. The rules comes into effect from September 25. Deloitte India Partner Sumit Singhania said from investors' standpoint, revised rules offer wider range of valuation methodologies to work with, and that ought to m

Since the first announced its plan for the tax on Jul 11, the gaming industry and its investors have asked it to review the decision, which will increase the tax burden on both companies and consumers

Indian tax officials have visited offices of ed-tech startup upGrad for a routine survey, the company said on Wednesday

Over 3 crore ITRs for income earned in 2022-23 fiscal have been filed so far, out of which 91 per cent have been verified electronically, the income tax department said on Wednesday. "Out of the 3.06 crore ITRs filed till 18th July, 2023, 2.81 crore ITRs have been e-verified i.e. more than 91 per cent ITRs filed have been e-verified! Out of the e-verified ITRs, more than 1.50 crore ITRs have already been processed," the I-T department tweeted. The 3 crore-milestone in income tax return (ITR) filing has been reached 7 days earlier this year.

Directive issued for maximising revenue collection and monitoring advance tax mop up

The form 10F is signed physically by the Non resident taxpayers and furnished along with the tax residency certificate to the resident payers for the purpose of determining withholding tax implication

Biocon's core Ebitda came in at Rs 816 crore, up 34 per cent

Petition says arrest made despite a CBIC circular saying that no tax liability is there in circular trading

Choksi is already facing Income Tax department and ED action