TAXATION


IANS 16 February 2016
New Delhi : India's Income Tax department has resolved 180 disputes worth Rs.5,000 crore since April 2014 under a mutual agreement procedure (MAP), the government said on Tuesday.   "The Central Board of Direct Taxes (CBDT) resolved cases pertaining to various sectors of the economy...

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IANS 08 February 2016
New Delhi : India's Income Tax department has issued refunds of Rs.1 lakh crore in the current fiscal up to January this year, a senior official said on Monday.   "The Income Tax department has so far issued refunds of Rs.1 lakh crore to 1.75 crore assessees in 10 months of the...

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IANS 06 February 2016
New Delhi : India's income tax department on Friday cautioned taxpayers not to share their card personal identification numbers (PIN) or mail passwords, clarifying that it never requests such details over email.   In a statement, the department said that taxpayers must be are aware...

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There are options galore for saving on taxes. Raj Pradhan suggests that parents and senior citizens should invest with a long-term focus on family’s wealth and health    Every year, in the months of January-February-March (JFM), taxpayers rush to find the best possible ways to invest...

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Makemytrip faces coercive onslaught    Somewhere between two mega shows—Startup India and MakeInIndia—a senior executive of the travel portal makemytrip.com faced three needless days in jail and the humiliation it involves. This drastic and coercive action by the tax department was...

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IANS 25 January 2016
New Delhi : President Pranab Mukherjee on Sunday said the growing number of tax disputes in India and the amount involved call for innovative tax litigation management to contribute to further ease of doing business in the country.   "With the development of Indian economy, the direct...

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IANS 23 January 2016
New Delhi : In a move designed to reduce tax litigation, the Central Board of Direct Taxes (CBDT) on Friday signed seven more unilateral Advance Pricing Agreements (APAs) with taxpayers.   "This takes the tally of APAs signed so far to 39 (38 unilateral and one bilateral). In the...

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Moneylife Digital Team 21 January 2016
The tax authorities arrested a senior official of MakeMyTrip without even issuing a show cause notice for alleged evasion of service tax of Rs67.4 crore. The High Court remarked, we are getting reduced to a police state   The Delhi High Court has asked the Central government to file a...

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IANS 21 January 2016
Singapore : India is changing its taxation laws towards greater stability and predictability in the tax regime and trying to settle previously pending disputes, Finance Minister Arun Jaitley said on Thursday.   "It has been our effort in India to gradually transform and change most of...

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CA Chirag Chauhan 08 January 2016
There are many tax benefits available to the differently-abled, parents who have dependents who are differently-abled, and for the private sector providing employment opportunities to them   There are more than 80 million people in India who are differently-abled. The challenges...

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IANS 06 January 2016
Chennai/Hyderabad : The Income Tax department on Tuesday searched offices of the Apollo Hospitals group in Chennai and other places for possible tax evasion.   Department officials declined to comment on the issue further.   "The IT department visited our hospitals today...

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IANS 18 December 2015
In a move to reduce litigation from indirect tax administration, the government on Thursday raised the threshold limit for filing appeals before the Customs Excise and Service Tax Appellate Tribunal (CESTAT) and high courts to Rs.10 lakh and Rs.15 lakh respectively.   "A slew of...

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IANS 17 December 2015
The finance ministry will shortly roll out the final draft of the Goods and Services Tax (GST) bill after drastically pruning the list of central exemptions, an official said here on Thursday.   "The government will roll out the final GST draft paper in the public domain very soon,"...

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IANS 15 December 2015
The Uttar Pradesh government has decided to exempt LED bulbs from value added tax (VAT), an official said on Tuesday.   Pointing out that use of LED bulbs was a good way to minimise power demand and consumption, Chief Minister Akhilesh Yadav has instructed concerned departments to...

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Moneylife Digital Team 14 December 2015
Even in its current form, the GST reforms can deliver significant efficiency and productivity improvements by moving towards a single market across India, says Religare Capital report   With barely a week left for the Winter session of Parliament to end, hopes of the Constitutional...

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IANS 10 December 2015
The central government on Thursday clarified the income tax returns filed by foreign institutional investors (FII) and foreign portfolio investors (FPI) will be processed on certain conditions even if the balance sheet and profit/loss account are not filled.   In a statement...

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Venkatachary Jagannathan (IANS) 26 November 2015
 The department of revenue is going after the non-life insurance companies for wrongly availing themselves of Cenvat credit instead of automobile dealers as it is easier to target the former in terms of numbers, a senior official of an industry body said.   The Chennai zonal unit of...

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Is it a desperate attempt to keep investment-cum-insurance products relevant?   Media reports quote a member (life insurance) of Insurance Regulatory and Development Authority of India (IRDAI), stating that the regulator will take up the issue of taxation of maturity proceeds of...

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Moneylife Digital Team 23 November 2015
The income-tax department has launched its official handle on the micro-blogging website, Twitter. The handle “incometaxindia_” is aimed at keeping taxpayers and other users updated. “Follow us to stay updated on the latest taxpayer services,” the first tweet by the department said. It added...

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Moneylife Digital Team 16 November 2015
In June 2015, the Modi government increased service tax to 14% from 12.36% and now there would be an additional cess of 0.5% on this. Never mind, indirect tax collections are already growing at about 36% and till October 2015, the government has achieved 60% of its targeted collection for...

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