TAXATION


IANS 27 January 2017
In a bid to bring clarity in tax rules for foreign entities in India and their transactions, the government on Friday said the General Anti-Avoidance Rule (GAAR) to plug taxation loopholes, but yet recognise genuine players, will be applicable from 2017-18.   "Stakeholders and...

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IANS 27 January 2017
Forty-nine percent of the more than 100,000 respondents in a survey ahead of the Union budget for 2017-18 said the government should reduce taxes to minimise the impact of demonetisation.   Thiry-three per cent of the respondents in the survey, conducted by citizen engagement platform...

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IANS 25 January 2017
The government must tax cash transactions above Rs 50,000, abolish banks' interest on credit card transactions, give tax refund to consumers on digital payments and extend Rs 1,000 subsidy on smart phones to promote a less-cash, digital economy, a panel of Chief Ministers has said in a...

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IndiaSpend Team (IANS) 24 January 2017
An unnamed taxpayer owed the government Rs 21,870 crore (over $3 billion) for the assessment year 2014-15, which was 11 per cent of they income tax to be paid by all Indians, according to 2016 data, the latest available, from the Income Tax Department.   While three individual...

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IANS 20 January 2017
In yet another measure related to the recent demonetisation, the government has asked banks to report deposits in any account aggregating Rs 10 lakh in a year, as well as cash payments of Rs 1 lakh or more on credit card bills.   In a January 17 notification, the Central Board of...

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On 8 November 2016, prime minister (PM) Narendra Modi demonetised the Rs500 and Rs1,000 currency notes in an effort to strike a body blow at black money. This move inflicted enormous daily hardship on almost every Indian for several weeks in, what was touted as, a nationwide purification...

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IANS 19 January 2017
The government on Wednesday clarified that only unaccounted domestic cash holding can be declared under the new tax evasion amnesty scheme announced after demonetisation and not jewellery, stocks, immovable property or overseas accounts.   "The Scheme is hence not available for...

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IANS 09 January 2017
Following the demonetisation of high-value currency announced on November 8, India's Income Tax Department has detected undisclosed income of over Rs 4,807 crore and seized new notes worth Rs 112 crore, an official source here said on Sunday.   Since the demonetisation intended to...

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IANS 05 January 2017
Admitting that the Goods and Services Tax (GST) Council was racing against time on the government's implementation target of April 1, Finance Minister Arun Jaitley on Wednesday said it is hoping to resolve the vexed issue of dual control over assessees in its next meeting on January 16, even...

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Nivedita (IANS) 04 January 2017
From increase in the base price of food items, creating chaos and dispute during billing, increase of tip culture and an affect in the operating cost of the restaurants and employment -- these will be some of the ramifications in the food and beverage sector if paying of service charge is...

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Moneylife Digital Team 03 January 2017
In a landmark decision, the Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has held that provisions of the Income-tax Act cannot be interpreted to the disadvantage of the assessee and segregating transactions in cash and future segment is against the spirit of the taxation...

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Moneylife Digital Team 03 January 2017
In a landmark judgement, especially for the seafarer community, the Calcutta High Court has held that income earned by a marine engineer for services rendered for 286 days overseas is not liable to be taxed in India.    In an order (WP No369 of 2014), dated 15 December 2016, Justice...

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IANS 26 December 2016
Finance Minister Arun Jaitley on Monday said that India now needs to move to a lower level of taxation to be globally competitive.   "What you need is lower level of taxation, to provide services more competitive in nature. Competition is not domestic, it is global. This is one...

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IANS 21 December 2016
Income Tax (IT) department officials on Wednesday raided the house of Tamil Nadu Chief Secretary P.Rama Mohana Rao.   "The raids have commenced at Tamil Nadu Chief Secretary's residence," a senior IT official told IANS.   The IT department recently seized a total of 177 kg of...

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IANS 16 December 2016
Post the November 8 demonetisation of high-value currency, the government has uncovered concealed income to the tune of Rs 2,600 crore and has seized a total of Rs 393 crore involving nearly 300 cases, an official said on Friday.   "Admitted concealed income on the basis of our survey...

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IANS 15 December 2016
Income Tax officials on Thursday raided an Axis Bank branch here and seized 20 fake accounts with deposits amounting Rs 60 crore, police said.   The raid was conducted around 10 a.m. at an Axis Bank branch situated at Sector-51.    A police officer said the suspected accounts...

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IANS 14 December 2016
Any drastic alterations in revised income tax returns may call for strict action as people may try to misuse it post-demonetisation to declare their unaccounted cash, an official statement said on Wednesday.   "It is brought to the notice of tax payers that any instance coming to the...

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IANS 07 December 2016
The Income Tax Department has carried out investigations into over 400 cases post-demonetisation seizing as much as Rs 130 crore in cash and jewellery, an official statement said on Tuesday.   "The Income Tax Department has carried-out swift investigations in more than 400 cases since...

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IANS 05 December 2016
The declaration of Rs200,000 crore wealth by a four-member Mumbai family confounds the Income Tax Department, especially due to their middle class antecedents, official sources said on Monday.   However, a terse statement by the Central Board of Direct Taxes (CBDT) rejecting the...

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IANS 05 December 2016
The Income Tax Department has initiated inquiries against Gujarat businessman Mahesh Shah and four other persons for making "false" declarations under the Income Declaration Scheme (IDS) "to determine the intention" behind their action, an official statement said on Sunday.   Mahesh...

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