TAXATION


Moneylife Digital Team 22 September 2017
Tax practitioners were livid today — should they spend time doing their work or on tax compliance, they ask, after yet another change that was sprung on them today.    Just when taxpayers and tax professionals have completed their annual exercise of filing tax returns, here comes a...

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IANS 21 September 2017
Income Tax Department sleuths on Thursday searched the business and residential premises of Cafe Coffee Day retail chain founder-owner V.G. Siddhartha, son-in-law of former Karnataka Chief Minister S.M. Krishna, in Bengaluru and other places in the state for alleged tax evasion, said a senior...

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Moneylife Digital Team 20 September 2017
Although the government talks of treating honest taxpayers with respect, the income-tax (I-T) department, obviously, thinks differently. The easiest way for the I-T department to meet the steep tax collection target set by the finance ministry is to hustle and frighten existing taxpayers to...

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Moneylife Digital Team 19 September 2017
While industry has been in direct touch with the government to lobby for concessions in the Goods and Services Tax (GST), there is no lobby for the ordinary, tax-paying, and aspirational citizen of India. In most democracies, it is the elected representatives who take up such issues, but...

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IANS 15 September 2017
Transitional credit claims worth a whopping Rs 65,000 crore received from traders under GST have stumped the government and the tax authorities are now preparing to check the veracity of claims of over Rs 1 crore.   The Central Board of Excise and Customs (CBEC) has asked its...

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IANS 12 September 2017
The Income Tax department on Monday informed the Supreme Court that there are 105 lawmakers in whose case the verification of declaration of assets have revealed discrepancies in their assets and their known sources of income.   These lawmakers include seven Lok Sabha members and 98...

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IANS 11 September 2017
The increased Goods and Services Tax (GST) cess on mid- and high-segment cars approved by the GST Council will come into effect from Monday.   "Notification regarding increase in the effective rates of the Compensation Cess on specified motor vehicles will be issued on September 11,...

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IANS 02 September 2017
The government, on the recommendations of the Goods and Services Tax Council, has waived the penalty of Rs 200 per day for taxpayers who failed to file the first GST returns within the deadline.   The taxpayers will, however, have to bear the interest on late payment of dues, the...

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IANS 23 August 2017
Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra on Wednesday said that the tax exchange agreements with other countries was resulting in information pouring in at a fast pace, thus there was no escaping for the multi-national companies (MNCs) from fair taxation.   "We...

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Moneylife Digital Team 22 August 2017
James Wilson, a civil engineer from Kerala, has been unearthing and exposing several false claims made by regulators and the Central government using their own published data. Union minister of state for finance, Santosh Kumar Gangwar, in a written reply, informed the Rajya Sabha that, as on...

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IANS 19 August 2017
Traders across the country faced problems on Saturday as the Goods and Services Tax (GST) filing website stopped functioning for some time, a day ahead of the last date for filing GST returns.   "The GST site has been working intermittently since 12 noon. It is creating a lot of...

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IANS 18 August 2017
The central government on Thursday extended the due date for filing of the Goods and Services Tax (GST) return for taxpayers who want to avail the transitional input tax credit.   As per the laid down rules, the GST for the month of July 2017 has to be paid by August 20, 2017, only...

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Moneylife Digital Team 08 August 2017
As per a release from the Central Board of Direct Taxes (CBDT), due to "demonetisation and Operation Clean Money", the number of income tax returns filed increased 25% to 2.83 crore, as on 5 August 2017, from 2.27 crore in the previous year.   Is this claim true? In a written reply in...

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IANS 07 August 2017
Sports utility vehicles (SUVs), racing cars, station wagons and 10-seater cars, which includes some high-end cars and also cars used for rentals, may soon become more expensive as the GST Council has asked the government to raise the cess cap to 25% from the current 15%, an official statement...

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Vishav (IANS) 04 August 2017
India is a long way off from the ideal GST structure and it may not get there anytime in the near future, says NITI Aayog Member Bibek Debroy, who favours three rates.   While asserting that the move towards the Goods and Services Tax (GST) was a good one, Debroy says it would have...

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Adv Vinod Sampat 01 August 2017
There is a lot of confusion among members and office bearers of Cooperative Housing Societies (CHS) on the applicability of goods and service tax (GST). Here I have tried to provide some insights on the applicability of GST for CHS in Maharashtra.   Why is Maharashtra Housing...

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IANS 01 August 2017
India's manufacturing sector's output declined last month due to the launch of the Goods and Services Tax (GST) and weak demand, a key macro-economic data showed on Tuesday.   The Nikkei India Manufacturing Purchasing Managers' Index (PMI), which is a composite indicator of...

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IANS 01 August 2017
As many as 33 lakh new taxpayers have been added to the tax net post demonetisation, parliament was informed on Tuesday.   However the number of taxpayers added is less than the number of taxpayers added between the financial years 2014-15 and 2015-16, when 40 lakh extra returns were...

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Moneylife Digital Team 31 July 2017
The Income Tax (I-T) Department has extended till 5 August 2017, the date for filing tax returns, from 31st July.   In a tweet, the I-T Dept says, "In view of the difficulties faced by taxpayers, date for filing of Income Tax Returns for FY2016-17 has been extended to 5 August...

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Moneylife Digital Team 20 July 2017
Market regulator Securities and Exchange Board of India (SEBI), in its submission before the Securities Appellate Tribunal (SAT), has given a detailed explanation about the outcome of its investigations into market manipulation done by players to take advantage of long-term capital gains...

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