TAXATION


IANS 12 September 2023
Union transport minister Nitin Gadkari on Tuesday clarified that the Centre has not proposed to impose an additional 10% tax on diesel engine vehicles as media reports suggested.   Earlier, the reports had said that Mr Gadkari would be writing a letter to Union finance minister...

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IANS 07 September 2023
India has done away with additional duties on some American products like chickpeas, lentils and apples, as US President Joe Biden is set to arrive on a three-day visit to India.   These additional duties were imposed in 2019 in response to America’s decision to increase tariffs on...

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IANS 06 September 2023
The Supreme Court on Wednesday stayed the judgement rendered by the Karnataka High Court which had quashed the show cause notice issued by the GST department demanding approximately Rs21,000 crore from the online platform ‘Gameskraft’ holding that rummy is a ‘game of skill’.   A bench...

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IANS 05 September 2023
Days after several income-tax (I-T) payers had received notices for wrongly claiming tax deductions under Section 80 P, the Income-Tax Department has clarified that they were sent to them by mistake.   In response to a query raised by taxpayer, chartered accountant (CA) Nirav Choksi...

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IANS 22 August 2023
The Comptroller and Auditor General (CAG) of India has pointed out at reported underpayment of excise duty worth Rs 1,078.09 crore, including taxes, to the Uttar Pradesh government by Radico Khaitan Ltd.   Radico Khaitan is the manufacturer of 8 PM whiskey and Magic Moments...

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Moneylife Digital Team 17 August 2023
Observing that the reassessment proceedings are 'nothing short of a travesty of justice and can be termed as harassment to the taxpayer', the income tax appellate tribunal (ITAT)'s New Delhi E bench quashed nearly a Rs16,000 crore tax demand raised on Noida Toll Bridge Company Ltd, a group...

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Moneylife Digital Team 14 August 2023
The income tax (I-T) department has completed its investigation into alleged malpractices in the payment of commissions by insurance companies and uncovered evasion of more than Rs15,000 crore and the tax on this will be about Rs4,500 crore, says a report.   In the report, the...

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IANS 14 August 2023
The Amdavad Municipal Corporation (AMC) has taken action against non-operational mills in the North and Central zones, placing liens due to unpaid property tax.   The list includes Jubilee Mills, Gujarat Textiles Mills Co. Ltd, and Commercial Ahmedabad Mills Co. Ltd, all of which are...

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IANS 11 August 2023
Parliament on Friday passed the amendments in the Central GST as well as Integrated GST legislations to allow 28 per cent levy on full face value of bets placed in casinos, horse racing and online gaming.   The Lok Sabha passed the Central Goods and Services Tax (Amendment) Bill, 2023...

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Moneylife Digital Team 09 August 2023
ICICI Lombard General Insurance Ltd has been issued a show-cause notice (SCN) by the directorate general of goods and services tax (GST) intelligence (DGGI) for a tax liability worth Rs273.44 crore under Section 74(1) of the Central GST Act.   In a regulatory filing, ICICI Lombard...

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Sponsored Post 07 August 2023
Introduction Indian freelancers and independent contractors, who work for multiple clients without traditional employment, have increased due to the gig economy. Freelancing offers freedom, but it also raises tax issues. Taxes can be complicated for freelancers and independent contractors...

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In six years since the introduction of the goods and services tax (GST), the government has detected 5,070 fraud cases of GST registration misusing PAN and Aadhaar details of people to claim input tax credit (ITC).   These 5,000-odd cases have led to the detection of Rs27,426 crore of...

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Jeff Ernsthausen (ProPublica) 27 July 2023
This story was originally published by ProPublica.   It’s a simple bargain: The rich get huge tax breaks by donating art, property and company shares to benefit the public. But some donors collect millions while offering little or no public access.   Once a week, a little past...

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Union finance minister (FM) Nirmala Sitharaman on Monday said that about 100,000 notices were sent in cases of non-filing of returns and misrepresentation of income.   As many as 55,000 one-time cases were opened following a Supreme Court order, she said.   In her address at...

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This weekend was our planned day for weeding out unwanted paper going back over two decades. In space-starved Mumbai, a regular purge is a necessity; moreover,  nine years of ‘Digital India’ have hardly reduced the amount of paper that we are forced to generate even for simple services like...

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Goods and services tax (GST) department officials made searches at Ronnie Screwvala-founded ed-tech unicorn upGrad offices on Wednesday. The company said that it was a “routine survey”.   In a statement to IANS, Koell Hemdev, Head of Legal at upGrad, said that it is a 'routine survey'...

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Moneylife Digital Team 18 July 2023
While clarifying that an inoperative permanent account number (PAN) is not an inactive PAN, the income tax (I-T) department says one may file the income-tax return (ITR), irrespective of the PAN becoming inoperative. Many non-resident Indians (NRIs) and overseas citizens of India (OCI) are...

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Moneylife Digital Team 17 July 2023
In a landmark judgement the Bombay High Court (HC) ruled that once requisite stamp duty has been paid on a development agreement signed between a developer and cooperative housing society (CHS), the ancillary permanent alternate accommodation agreements (PAAAs), executed between the developer...

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Moneylife Digital Team 14 July 2023
UPDATED on 16 July 2023 at 1pm to add response from I-T dept on this story... At midnight on 30th June and 1 July 2023, the Indian government mandatorily deactivated all permanent account numbers (PANs) issued by the income-tax (I-T) department with proper verification for not linking it...

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The government has imposed import restrictions on specific gold jewellery and articles.   As per this move, an importer will require a permission of licence from the government for importing these gold products.   At the same time, the directorate general of foreign trade...

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