TAXATION


IANS 29 August 2016
After a heated debate, both houses of the Maharashtra legislature on Monday unanimously ratified the Goods and Services Tax (GST) Bill, making it the ninth state in the country to do so.   The GST Bill was recently passed in both houses of Parliament and its ratification by various...

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IANS 08 August 2016
Without delving into specifics on the taxation rate under the Goods and Services Tax (GST) regime, Finance Minister Arun Jaitley here on Monday said it will be worked out by the GST Council.   GST rate was earlier suggested at 18 per cent by Chief Economic Adviser Arvind...

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Moneylife Digital Team 04 August 2016
India moved a major step closer towards a unified goods and services tax (GST) regime across the country, with the Rajya Sabha passing the relevant Constitution amendment Bill, which is touted as the most radical indirect tax reform since independence. However, people in the accounting...

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Moneylife Digital Team 03 August 2016
On 3 August 2016, union finance minister Arun Jaitely tabled the Goods and Services Tax (GST) bill in Rajya Sabha. The GST will replace a patchwork of central and state levies on goods and services and will bring multiple taxes on goods and services and bring them under one rate. Once passed,...

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IANS 03 August 2016
1. What is Goods and Services Tax (GST)? How does it work?  The GST is a single indirect tax for the whole nation, which will make India one unified common market. It is a single tax on the supply of goods and services, right from the manufacturer to the consumer.   Credits of...

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The Income Tax Department is closely scrutinising 14 lakh high value non-PAN transactions reported for the period 2009-10 to 2016-17 and will be soon issuing letters seeking information regarding the same, an official statement said on Thursday.   "The Income Tax Department has...

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In a move designed to reduce tax litigation, the Central Board of Direct Taxes (CBDT) on Monday signed seven more unilateral Advance Pricing Agreements (APAs) with Indian taxpayers.   "With today's signing, the total number of APAs entered into by the CBDT has reached 77. This...

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Cezary Podkul (ProPublica)  and   Anne Skjerning  and   Tor Johannesson (Borsen) 13 July 2016
Goldman Sachs, Citigroup, Merrill Lynch and other international banks have profited for years by arranging short-term loans of stock in Danish companies, a maneuver that has helped shareholders but deprived Denmark of substantial tax revenues.   With the banks' help, stock owners...

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Moneylife Digital Team 12 July 2016
The union government has launched its ambitious Income Declaration Scheme, 2016 (the scheme or IDS) as Chapter IX of the Finance Act, 2016. The scheme is effective from 1st June to 30 September 2016. However, several chartered accounts (CAs) have highlighted the gap (or lack of sufficient...

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New Delhi: The Income Computation and Disclosure Standards (ICDS) shall be now applicable from April 1, 2016 instead of April 1, 2015, since tax payers might have already filed income tax return without incorporating compliance with the ICDS, the Finance Ministry said here on...

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Moneylife Digital Team 20 June 2016
The Delhi High Court has ruled that no service tax could be charged for contracts entered between builders or developers and buyers for the purchase of apartments or flats. The Court also upheld the levy of the service tax but quashed it as there was no statutory measure to ascertain the...

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Prime Minister Narendra Modi on Thursday called for 10 crore people to be brought into the tax net, up from the current 5.3 crore, in a bid to expand the revenue base.   "There are a total of 25 crore households in the country, out of which 10 crore have non-agricultural income. The...

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Tarunkumar G Singhal 15 June 2016
The Section 54 of the Income-tax Act provides relief from taxation in respect of profit on sale of a residential house provided the assessee has purchased a house within two years or constructed a house within three years from the date of such transfer. Similarly, Section 54F provides relief...

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Moneylife Digital Team 15 June 2016
The proposed Goods and Services Tax (GST) will to be levied at the first point of transaction in sales of goods and services under the regime of uniform GST, most likely to be rolled out in April 2017.   The model GST law, circulated in the meeting of Empowered Committee of State...

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The published draft bill of the destination-based, dual VAT-type Goods and Services Tax has clarified that all e-commerce transactions will attract GST which will be collected by the service operator as soon as the supplier receives payment.   The model GST law approved at the state...

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Moneylife Digital Team 03 June 2016
Coming down heavily on tax officials for not following its directions, the Bombay High Court in a recent judgement has said that non-compliance with its orders would result in officials paying individual penalties, including forfeiture of their salaries until they take a corrective action....

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Moneylife Digital Team 01 June 2016
In a recent order, the Commissioner of Sales Tax in Maharashtra has held that the work of construction as well the activity of operations and maintenance of urinals and latrines are 'deemed sale' and thus sales tax is leviable. For construction work, sales tax is leviable on the...

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The Krishi Kalyan Cess of 0.5% on services imposed by Finance Minister Arun Jaitley comes into force from Wednesday through which the government proposes to collect Rs 5,000 crore during the remaining 10 months of the current fiscal.   The total service tax collection target has been...

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Advance tax refers to the part of your taxes which is supposed to be paid before the end of the financial year. Advance tax is payable if your tax liability is more than Rs10,000 in a financial year. It should be paid in the financial year in which the income is received. The idea of advance...

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New Delhi:  More than 55 percent of the 28.77 million individual assesses in India who filed their returns for 2012-13 paid zero tax, while three at the top-end had to shell out as much as Rs.437 crore collectively, as per latest data from the finance ministry.   As per the Central...

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