Page 13 - Taxation
ITR 2021-22: These high-value transactions must be declared in your return
Such transactions attract special attention from the income tax (I-T) department and are mandatory to be furnished. If not, they may lead to fines, penalties or even jail term
 "ITR 2021-22: These high-value transactions must be declared in your return")
As deadline approaches, here's how to file I-T return of a deceased person
Failure in filing the ITR of a deceased person makes the heir liable to pay the penalty or fines. It may also lead to some penal consequences
 "As deadline approaches, here's how to file I-T return of a deceased person")
ITR: 5 common mistakes you should avoid while filing your income tax return
The taxpayers are required to fill out several forms, Form 26AS, Form 16, capital gains statement, and interest certificates, among others. In all the paperwork, some mistakes are bound to happen
 "ITR: 5 common mistakes you should avoid while filing your income tax return")
Huawei India sent Rs 750 crore to parent firm even as revenues fell: Report
The I-T department has accused Huawei's Indian unit of repatriating large amounts to the parent company in China to reduce its taxable income here
 "Huawei India sent Rs 750 crore to parent firm even as revenues fell: Report")
Cross-check data in pre-filled forms while filing income-tax return
The documents you collect for this purpose will prove handy if an assessing officer conducts inquiry
 "Cross-check data in pre-filled forms while filing income-tax return")
Shareholders expect Reliance Industries to unlock value in telecom, retail
Timeline for the listing of Jio Platforms and retail likely in next annual general meeting
 "Shareholders expect Reliance Industries to unlock value in telecom, retail")
Windfall tax: RIL's refining margins to be hit by upto $8/bbl, say analysts
The government has imposed a sharp windfall tax of Rs 13 per litre on diesel exports and Rs 6 per litre on gasoline exports
More upside in ITC stock with some help from stable taxation of cigarettes
Analysts say while valuations of global tobacco peers are back to pre-pandemic levels, ITC still trades at a 24% discount to its Jan 2019 valuation of 25.4x one-year forward EPS
 "More upside in ITC stock with some help from stable taxation of cigarettes")
GST tweak on food items to plug revenue leakages, says CBIC chief
Says it will build a robust tax system without being intrusive
 "GST tweak on food items to plug revenue leakages, says CBIC chief")
Get a fix on key changes in the new Income Tax Return Forms for AY 2022-23
The forms are quite elaborate and seek a lot of information, so get the documentation and paperwork ready, and make complete disclosures while filing returns
 "Get a fix on key changes in the new Income Tax Return Forms for AY 2022-23")
G7 close to agreement on taxation of world's largest companies: Report
A G7 deal could be agreed as early as Friday after progress was made among top officials in recent days
 "G7 close to agreement on taxation of world's largest companies: Report")
The importance of being tax transparent
It is time for businesses to take stock and gear up by creating capacity and information system to anticipate new taxes and regulations around ESG and ability to factor this in their business planning
What is windfall tax on oil companies?
Crude oil price is rising. As the burden on people's pocket is increasing, experts are suggesting one-time 'windfall tax' on companies that have profited from the price rise. What is 'windfall tax'?
 "What is windfall tax on oil companies?")
WEF 2022: Oxfam calls for wealth tax to benefit women in informal sectors
During a session on gender parity at the WEF 2022 at Davos, Bucher noted that billionaire wealth has risen greatly during the two years of the pandemic
 "WEF 2022: Oxfam calls for wealth tax to benefit women in informal sectors")
Taxpayers can now claim refund of IGST on ocean freight, say Experts
Indian importer is liable to pay IGST on the 'composite supply' in a CIF contract, a separate levy for the supply of services' by the shipping line would be in violation of ... the CGST Act: SC
 "Taxpayers can now claim refund of IGST on ocean freight, say Experts")
Collect Form 10BE before May 31 for availing tax deduction under Sec 80G
Check the information therein carefully and get any error corrected before this deadline
Fuel tax cuts: K'taka CM says economy has to be kept in mind
Bommai also said that if other states reduce the taxes, it will help neighboring states
 "Fuel tax cuts: K'taka CM says economy has to be kept in mind")
Net direct tax collection reaches highest figure of Rs 14.09 trn in FY22
The net direct tax collection has increased by 49.02 per cent during financial year 2021-22
 "Net direct tax collection reaches highest figure of Rs 14.09 trn in FY22")
Top headlines: Fall of extreme poverty, regulation of gaming industry
Business Standard brings you top headlines of the day
 "Top headlines: Fall of extreme poverty, regulation of gaming industry")
Domestic gold spot exchanges face tax hurdle, unlikely to start ops
IBJA has also suggested to the govt to create a notional entity wherein all GST is immediately refunded by the govt to the trader as soon as gold is deposited in the vault
 "Domestic gold spot exchanges face tax hurdle, unlikely to start ops")