Tax Settlement

According to Sebi's settlement regulations, cases can be settled without admitting or denying the allegations

Markets watchdog Sebi is in discussions to finalise the standard operating procedure for applying settlement regulations for cases amid rising number of settlement matters. Besides, the Securities and Exchange Board of India (Sebi) is looking at having uniformity in applying the settlement formula for settling cases. Sebi Whole Time Member Kamlesh Chandra Varshney on Sunday said the regulator is working on the SOP for applying the settlement regulations. "It is work in progress... it is in final discussions," he told PTI. Under Sebi norms, subject to various conditions, a matter can be settled without admitting or denying the facts and conclusions of law. On the sidelines of a conference in the national capital, Varshney also said Sebi is looking at how to have consistency in applying the settlement formula. "Formula also has certain value to be given. Now different people should give same value for same situation in different cases... basically uniformity across cases... we will

With southern states voicing concerns over 'unfair' tax money devolution, Finance Minister Nirmala Sitharaman has said the states have to engage and highlight their concerns with the 16th Finance Commission, whose recommendations will decide how the funds are divided. Population is one of the criteria used by Finance Commissions to decide how the tax revenues are divided. Southern states, which have managed to check the rise in population, feel they get a raw deal when compared to the northern states with much larger population growth. In an interview with PTI, Sitharaman said the central government does not decide on the devolution formula. The devolution of taxes is made in accordance with the recommendations of the Finance Commission and the aggrieved southern states should approach the panel for change in parameters. "It is for the states to engage with the Finance Commission to express their concerns about the parameters based on which the tax devolution principles are laid dow

Ananth Narayan says total float with brokers, custodians equals a mid-sized bank

About 5.9 million were first-time filers, reflecting widening of the tax base

The scrutiny might result in a raft of tax notices

Each family may sell the shares it holds personally and/or via trusts to the other family in tax-neutral transactions

A family settlement is defined as an arrangement between members of the family with the intent to avoid disputes

Liquidity may not improve immediately as tax outflows of around Rs 1.25 trn are scheduled in March, says one expert

No documents needed; dept won't send notice

The row over depriving southern states of their share picks up steam with Karnataka Congress leaders' protest

Non-promoter shareholding in the company exceeded the 10% ceiling prescribed for TReDS operators

Any dispute subject to jurisdiction of Indian courts could be a prickly issue, say experts

The Income Tax department has issued an order asking taxmen to accept till September 30, applications for settlement of pending tax cases.

CBDT on Tuesday said that taxpayers can file applications for settlement by September 30, 2021 before the Interim Board if they satisfy certain conditions.

So far, 1,25,144 cases have opted for the Vivad se Vishwas (VsV) Scheme, which is 24.5 per cent of the 5,10,491 cases that were pending at different legal fora

The scheme requires payments to be made before June 30, which appears difficult for most businesses facing cash crunch and near-term economic uncertainty due to the lockdown.

I-T dept receives 24 enquiries from Indian subsidiaries, permanent establishments of foreign firms

Govt faces uphill task of meeting indirect tax target despite scaling it down

Sources in Ficci say the lacuna of the scheme is that 100% of the disputed tax has to be paid