Page 36 - Tax

Income Tax dept relaxes assessment and scrutiny norms for start-ups

In cases where start-ups are recognised by the DPIIT but scrutiny involves wider issues, the I-T dept has asked its field formations not to pursue the issue of angel tax during assessment proceedings

15th Fin Commission rejects central tax pool demand by Delhi, Puducherry

The Commission will not consider their memorandums

Consideration and the levy of export tax

Exporters should review all situations where goods are sent abroad without any payment made or to be made

Under-construction house cancellation can help buyer get tax benefit

After three years of booking, it is considered as a long-term capital asset

Taxmen to scrutinise mismatch between ITR and service tax returns

In some cases, there is a value mismatch between the turnover declared in ITR or TDS and the service tax returns

Saving scheme for elderly to ULIP vs mutual funds: Experts advise readers

Please understand that most Ulips have hefty charges which eat away your returns over time

CBDT chairman tells taxmen to boost collection without harassing taxpayers

In an internal communication to principal chief commissioners of I-T on February 26, the apex body for direct taxes asked the officials to maximise revenue collection

Start-up tax woes: I-T dept can withdraw from bank accounts, say experts

It's not unusual for the tax departments to freeze bank accounts and there have been instances of the authorities recovering the outstanding from the bank

Unlisted shares to be taxed only if transferred below fair value: Experts

Taxing receipt of shares of unlisted company: CBDT clarifications affect ongoing litigation

Don't invest more than 80C limit­­ in equity-linked savings schemes

Since the scheme has a lock-in period of three years, any additional investment in equities should be done through open-end funds

India's experience in taxing foreign digital platforms is a mixed bag

Media reports have pegged the aggregate Equalisation Levy collections between Rs 10 billion to Rs 30 billion

Here is a quick guide on how you can save tax on gifts

Gifts could be either in the form of cash or kind. Let us look at the tax implications in both cases.

The case for simpler tax laws

The government should bring in a new Direct Tax Code to end the current ambiguities, usher in a taxpayer-friendly environment and improve ease of doing business

Number of crorepatis has risen by 60% to 140,000 in last three years: CBDT

Annual growth in number of crorepatis was 68%

BS Primer: All you need to know about tax on inheritance in India

The income tax law specifically carves out an exemption from levy of gift tax on transfers done by way of will or inheritance.

You may get expensive gifts during the festive season: Are they taxable?

There are ten different gift categories that need to be declared and paid tax on when received from someone in a personal capacity

Gross direct tax collections in Apr-Sep FY19 up 17% YoY to Rs 5.47 trillion

Net direct tax collections in April-September 2018 were 38.6 per cent of the total Budget Estimates for direct taxes during full 2018-19

Readers' corner: Tax

Gift received from vendors is taxable in your hands and hence, should be disclosed as 'income from other sources'

Tax terrorism is thriving

There are cases of taxpayers being forced to pay 20 per cent of disputed demands

Incurred a capital loss? Here is how you can set it off in your tax returns

If an investment you made incurred a loss then this is how you can make the most of the situation