Page 16 - Taxation

I-T dept 'surveys' online news portals in tax case, say officials

The Income Tax department on Friday conducted separate "survey operations" at the premises of online news portals Newsclick and Newslaundry here, officials said.

CA Gokul Raj is on an accelerating path to educate youth on what it takes to be a successful CA aspirant

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Your EPF account will now show taxable and non-taxable balance

Those earning high salaries should think twice before getting it restructured

Papad, irrespective of shape, is exempt from GST, CBIC clarifies

Papad, by whatever name known, is exempt from the GST and the tax rate does not vary based on its shape, the CBIC has clarified. The clarification by the Central Board of Indirect Taxes and Customs (CBIC) came after industrialist Harsh Goenka tweeted that round shaped papad is exempt from Goods and Services Tax whereas a square papad attracts the levy. "Did you know that a round papad is exempt from GST and a square papad attracts GST? Can anyone suggest a good chartered accountant who can make me understand the logic?" Goenka, chairman of RPG Enterprises, tweeted on Tuesday. "Papad, by whatever name known, is exempt from GST vide Entry No. 96 of GST notification No.2/2017-CT(R). This entry does not distinguish based on the shape of papad. This notification is available at cbic.gov.in," the CBIC said in a late night tweet, which quoted Goenka's tweet. GST, which subsumed over a dozen local levies, like excise duty, service tax and VAT, was rolled out on July 1, 2017.

FM urges young tax officers to give ideas to amplify tech use in I-T dept

Finance Minister Nirmala Sitharaman on Tuesday urged young tax officers to give new ideas to amplify use of technology in the functioning of the Income Tax Department.

India's overseas listing rules delayed due to tax concerns: Report

India will take around six months to announce rules allowing companies to list overseas, taking longer than some expected as the finance ministry irons out issues related to taxation

Rules for withdrawal of retrospective taxation to come soon: FM Sitharaman

Finance Minister Nirmala Sitharaman on Monday said that the rules for the recent taxation amendment bill will be framed soon

Billion-dollar online gaming industry seeks clarity on valuation, taxation

The industry has now come out with a report to make a case for itself, and put forth the matter of taxing the business

Up to India Inc to take risks now as my govt has ushered bold reforms: PM

The prime minister said the economy was picking up pace with the efforts of industry

Retro tax must be resolved via Indian law, not arbitral award: Somanathan

Somanathan says that the government doesn't support retrospective taxation since it creates sudden and fresh liability and is not in line with the stability and predictability of taxation

Retro tax withdrawal bill aimed for investors' confidence in India: CBDT

The move to do away with retrospective taxation is aimed at instilling foreign investors' confidence in the Indian economy and to deliver "equity" of justice in tax matters

NDMC extends last date for payment of property tax with rebate to July 31

The North Delhi Municipal Corporation has extended the last date for payment of property tax with 15 per cent rebate and additional benefit, to July 31, its mayor said on Friday. The last date earlier was July 15. North Delhi Mayor Raja Iqbal Singh said the NDMC has extended the last date of payment of property tax with 15 per cent rebate, along with 3 per cent 'COVID-19 vaccination' incentive for the year 2021-22. As per the 'COVID-19 vaccination' incentive, if all eligible members in a family have been fully vaccinated, then an additional rebate can be enjoyed, over and above the main rebate. Singh said that extension of date would facilitate the genuine taxpayers who could not do it earlier. On the other hand, the corporation would get more revenues and enthusiasm of people for vaccination would also increase hence this decision has been taken in the interest of the public, he added.

Assam govt tables Rs 566 crore deficit budget, proposes no new tax

The Assam government on Friday presented a Rs 566 crore deficit budget for 2021-22 in the assembly, without proposing any new tax on the public.

GST officials book 8,000 cases involving fake ITC of over Rs 35k cr in FY21

Under the GST regime, at the time of paying tax on output, entities can reduce the tax they have already paid on inputs.

Tax changes for large firms may not be ready until 2022: Janet Yellen

Questions remain over US admin's ability to get Congress to ratify changes

Google, Facebook won't have to pay domestic tax under new IT rules

Appointment of grievance officer does not imply permanent establishment, say officials

FPIs continue to pay higher tax on dividends despite Budget relief

NSDL readying a platform to make it easier for companies to deduct appropriate tax

G20 to endorse OECD deal on global minimum corporate tax - draft

The world's financial leaders will endorse on July 9-10 a deal setting a global minimum corporate tax: draft communique

I-T dept tool to identify 'specified persons' who have to pay higher taxes

The income tax department has developed a new utility to help TDS deductors and TCS collectors identify the 'specified persons' on whom higher rate of taxes will be levied from July 1. The Budget 2021 had brought in a provision which mandated that non-filers of income tax returns for past two fiscal years would be subjected to higher tax deducted at source (TDS) and tax collected at source (TCS) rate if such tax deduction was Rs 50,000 or more in each of those two years. The Central Board of Direct Taxes (CBDT) issued a circular on Monday on implementation of Sections 206AB and 206CCA with respect to higher tax deduction/collection for certain non-filers. "New functionality issued for compliance checks for sec 206AB & 206CCA to ease compliance burden of tax deductors/collectors," the I-T department had tweeted. The CBDT said that since the TDS deductor or the TCS collector would be required to do a due diligence on whether the deductee or collectee is a 'specified person', this ...

Economic theory says inequality will rise as international trade grows

Robin Hoodism - robbing the rich to pay the poor - isn't consistent with either democratic ideals or trust in government