Page 40 - Tax

Rs 4,500 crore 'irregular' tax benefits given to infrastructure firms: CAG

This includes Rs 1,766.74 crore of tax benefit availed by Reliance Ports & Terminals for building captive jetties at Port Sikka in Bihar

India-US resolve 100 tax dispute cases worth Rs 5,000 crore

During the meeting, India and US also reached an agreement on the terms and conditions of the first ever bilateral APA

Tax dept emails appellants on resolution plan

With over Rs 5.16 lakh crore locked up in tax disputes before commissioners, the revenue department has started sending emails and SMSes to assessees, asking them to avail of the ongoing one-time dispute scheme which will close by December-end. About 259,000 cases were pending as of February involving disputed tax worth over Rs 5.16 lakh.It is estimated that each commissioner would have 400 cases pending.The direct tax dispute resolution scheme, introduced from June 1 to December 31, seeks to address the issue of pending litigation.An official said so far the response to the scheme had been lacklustre but the Central Board of Direct Taxes expects the scheme to pick up pace by December.The scheme will help taxpayers resolve litigation, while the tax department could reduce its administrative costs in disposing appeals and collect taxes.The official said the CIT(A) has already drawn up a list of cases which would be eligible for this Scheme and has intimated to Principal CIT.This may inc

Indian tax drive offers no absolution, to yield little cash for government

The Indian government has sent out about 700,000 notices to suspected tax evaders

EU, accused of bias, opens tax probe into French utility

The move against Apple prompted anger in Washington, where officials said Vestager was too focused on American companies

Settle your financial affairs before moving abroad

Those taking up a job abroad should notify their bank about the change in status and open appropriate NRI accounts

CBDT issues clarifications on Direct Tax Dispute Resolution Scheme 2016

If disputed tax is up to Rs.10 lakh, complete waiver from levy of penalty and from initiation of prosecution is provided

Redevelopment compensation isn't taxed

Cooperative societies get more tax benefits as compared to individual house owners

Tax resolution scheme: CBDT to write to 2.59 lakh taxpayers

According to the scheme, a taxpayer who has an appeal pending before the CIT can settle his/her case by paying the disputed tax and interest

Register the property as soon as you book

You can get indexation benefit on each instalment paid at the time of selling

Actors, producers get notice over tax payment

Notices have been sent to nine producers and actors to seek distribution agreement details

CBDT issues draft norms for taxing buy back of unlisted shares

This amendment to the meaning of buy back as well as computation of distributed income would lead to avoidable disputes

9-million high-value deals minus PAN under I-T scanner

I-T department plans to initially issue 700,000 letters to individuals in this regard

India tax system needs major overhauling: Justice Sikri

He also said that various aspects need to be considered including suggestions to abolish income tax altogether as in other tax havens

Restaurant sector to contribute Rs 22,400 crore in taxes in 2016

Report also revealed that the organised sector accounts for just 33% of the total market

CBDT signs 7 advance pricing agreements to cut tax litigation

The latest APAs signed with taxpayers pertain to various sectors like banking, information technology and automotives

Tax on property income depends on owner's business

Be careful before categorising it as business income to claim deductions. Court judgements have clearly defined rules for such classification

Letters: Grey area in taxation

With reference to the report, "Tax department must trust assessees: Jaitley" (July 4), the finance minister has assured us that he would make all grey areas in taxation clearer.In an effort to stem tax evasion, the Income Tax Department introduced Section 40A(3) that prohibits all aggregate payments of over Rs 20,000 by bearer cheques or cash to a single entity or person in a day. The law came into effect on April 1, 2009. But it is being flouted by most of the big hospitals, which even in emergency cases and irrespective of the time of day, demand advance payments of lakhs of rupees in cash. The patient is neither admitted nor is medical care provided to him or her until the advance cash payment has been made.Now, for the grey area. Why has no action being taken by the income tax department for such violations? Can the department disclose to the public how many hospitals have been booked for this violation?Also, are the hapless patients or their relatives and friends, who have to make

Govt to tighten noose on income tax evaders

PM Modi has said that India needs to move from a situation where only a few pay direct taxes and many escape to a situation where more people pay a moderate amount.

Tax department must trust assessees: Jaitley

He also said that all grey areas are being made clearer when it comes to taxation and the tax department