Page 40 - Tax

India, China, 3 others sign pact on tax info sharing

The pact allows all signatories to bilaterally and automatically exchange Country-by-Country Reports with each other

50% of smaller firms not paying taxes: Jayant Sinha

However, MoS for Finance Jayant Sinha said that things have improved as far as prevention of tax evasion is concerned

I-T dept proposes to simplify foreign tax credit norms

Indian companies paying tax abroad will be able to claim credit and avoid double taxation

India, US committed to collaboration in tackling offshore tax evasion

The statement reiterated that the US-India partnership will be one of the defining relationships of the 21st century

Hoodwinking taxman using family is difficult

Returns on investments received by a housewife will be taxed; parent or spouse gifting an asset will usually need to pay tax and a minor's income is clubbed with parents', with some exceptions

Severance pay is not taxable

A recent high court judgement classifies such income as capital receipt

Tax confusion

CBDT's latest mandate can complicate matters

IT dept's E-filing Vault adds muscle to tax security

The dual-factor authorisation ensures higher degree of security compared with the simple user ID and password

IT dept launches tax calculator; e-filing of few ITRs begins

This year, Central Board of Direct Taxes notified new forms on March 30 and ITRs can be filed till deadline of July 31

Delhi govt to file charge sheet against 10 big defaulters next month

Sources said that the police adopts an "indifferent" attitude in some cases referred to it by the VAT department

Don't hide taxable income as farm earnings: Arun Jaitley

Sharad Yadav of Janata Dal-United said reports suggest Rs 2,000 lakh cr of income is concealed as agriculture earning

Govt can't waive tax on Vodafone, Cairn: Adhia

UK oil explorer Cairn Energy is facing a tax demand of Rs 10,247 crore and Vodafone over $11 billion of 67% stake acquisition

Arbitration does not curtail legal proceedings: Rakesh Nangia

Under the Bilateral Investment Protection and Promotion Agreement (BIPA) between India and the Netherlands, Vodafone issued arbitration notice to the Indian government in April 2014, under the UNCITRAL (The United Nations Commission on International Trade Law) rules. According to BIPA, the arbitral award shall be final and binding, and the parties are required to abide by and comply with the same. The case of Vodafone arbitration proceeding is still under way, and so is the tax dispute with the tax department.Arbitration is an adjudicatory process where a decision is reached by a neutral third-party arbitrator(s). Once a dispute is referred to arbitration, it is not referred back to the court by the parties involved, unless the process fails. The arbitration award is binding on the two parties, and is enforceable as a decree delivered by a court. The arbitration process is akin to the judicial process without it being that formal and rigorous in legal detail.One must note that the ar

Maharashtra govt may tap new sectors for tax to recover revenue loss

The govt will face a shortfall of at least Rs 7,000 crore in 2016-17 financial year if the Parliament does not pass GST Bill

Gift a house on which capital gains benefit has been claimed

If a close relative who gets the property sells it within 3 years of purchase, the original owner will lose the tax break

What is LBT and why Maharashtra traders are against it

Traders says the proposed tax is a monster because it puts on them the onus to assess, compute and pay local body tax