Advance Tax Ruling

Tax certainty: Presumptive regime key to boosting India's FDI flows

The challenge is not India's assertion of its tax rights but the opacity of the rules.

No interest on capital goods cleared into DTA after use in bonded warehouse

Manufacturing in bonded warehouses is covered under Section 65 of the Customs Act, 1962 (CA 62) and Manufacture and Other Operations in Warehouse (No. 2) Regulations, 2019 (MOOWR)

Finmin clears the air: Advance tax penal interest stays at 3%, no increase

The Finance Ministry has clarified that the penal interest on advance tax shortfalls remains unchanged at 3% per quarter (1% per month for 3 months), correcting a drafting error in the Income Tax Bill

No additional tax imposed for implementing welfare schemes: Assam CM

Assam Chief Minister Himanta Biswa Sarma on Thursday said that his government has not imposed any additional taxes on the people for implementing various welfare schemes. He maintained that the state government was able to carry out the welfare activities due to the support of Prime Minister Narendra Modi. He was speaking at a programme where beneficiaries of the 'Orunodoi 2.0' scheme were handed their cards. Under the scheme, economically weak families receive Rs 1,250 in the bank account of the woman member every month to meet various household expenses. Under 'Orunodoi 2.0', around 7 lakh new names will be added to the list of beneficiaries, taking the total to 26 lakh. Over 25,000 new beneficiaries of Jorhat district received their cards at the programme. Taking on opposition parties for criticising the government for creating 'beneficiaries' through its various schemes, Sarma said, "As the chief minister, I will, of course, look to create 'hitadhikaris' (beneficiaries). "Thes

India's net direct tax collection up 23% at Rs 8.65 trillion till Sept 16

Improved profitability, compliance lead to jump in direct taxes

PAN-Aadhar link to ITR filing: Complete these 5 financial tasks by March 31

From linking PAN card and Aadhaar Card to submission of updated income tax return (ITR), failure to meet these deadlines may lead to financial losses

Make system of advance tax ruling more comprehensive: SC to Centre

The apex court gave this suggestion while hearing the case of the National Co-operative Development Corporation (NCDC)

Only T&D exempt, transactions between power utilities may attract GST: AAR

However, no GST on transaction of funds between companies by way of repayment of existing loans, or availment of fresh loans without any interest component

Advance tax ruling casts shadow over IT firms on possible tax liability

Nasscom demands clarity over the ruling, while legal experts said any tripartite contract may have to pay GST