TAXATION


A taxpayer who earns income from salary and owns a single house can easily file tax returns online without taking any help from professionals   Every year, the month of July makes every salaried taxpayer rush to file income tax (I-T) returns. However, for FY2014-15 (AY2015-16), the...

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The changes in income-tax forms are designed to plug the loopholes exploited by taxpayers and non-payers   The date for filing income-tax (I-T) returns for assessment year (AY2015-16) has been extended to 31 August 2015. The new I-T return forms (ITRs) seek additional information from...

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IANS 05 August 2015
India's indirect tax receipts grew 37 percent in the first quarter, ended June, over the like period of last year, Finance Minister Arun Jaitley told parliament on Wednesday.   "Indirect taxes in the first quarter (April-June) have risen by a phenomenal 37 percent," Jaitley said while...

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Neeraj Sharma 09 July 2015
The government’s grip over information is tightening not only in respect of transactions undertaken within the country but also overseas   In a liberal economic and low tax rate environment, people are expected to go straight. Tax fraud and tax evasion deprive governments of revenues...

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The tax department cannot issue a direct demand against the assessee for tax deducted but not remitted by the deductor   The biggest problem faced by some of the taxpayers today is the mismatch between the tax deducted at source (TDS) and what is remitted to the government by the...

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Moneylife Digital Team 12 June 2015
Form 15G and 15H can help you to avoid tax-deducted at source (TDS) on fixed deposits (FDs) whose interest crosses Rs10,000 in a financial year. Effective 1 June 2015, recurring deposits (RDs) will also be liable for TDS and interest income of FD and RDs from all branches of a bank will be...

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Restaurants without air conditioning facility will not charge any service tax from their customers while those with ACs will charge only on the 40 percent of the total bill amount, the finance ministry said on Tuesday.   "Restaurants, eating joints or messes which do not have the...

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A 450-member team of the Income Tax Department is conducting searches at offices of the Chettinad Group of companies in Tamil Nadu, Andhra Pradesh and Maharashtra, officials said on Wednesday.   The searches are on at 40 locations in the three states. "The reason for the raid is...

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The Central Board of Direct Taxes (CBDT) on Monday dismissed reports that it has asked its officers to go beyond raids and searches to target tax evaders and said stringent action in big cases of evasion would demonstrate to compliant taxpayers that laws are just and fair.   "CBDT...

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Even in a closed network like Indian Railways, food is now served and sold without receipts, or if you get receipts, then you do not know where the service tax collected is going   An otherwise modest increase in service tax from 12.36% to 14% on an all-India basis would have gone...

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After complaints by individual income tax payers over the new forms announced in April, the government on Sunday notified a fresh set -- each of no more than three pages -- and did away with the much-resented details sought on foreign travel and bank accounts.   Since the process is...

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Moneylife Digital Team 28 May 2015
Here are some quick tips for taxpayers on how to file an online response to income tax demand notice, they may have received on tax arrears   Several people are receiving demand notices from the Income Tax department for tax arrears, despite having paid all their dues on time. Why is...

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The Justice A.P. Shah-led three-member committee on direct tax matters held its first meeting on Monday on the applicability of the controversial minimum alternate tax (MAT) on Foreign Institutional Investors (FIIs) for previous years.   An official source told IANS on late Monday...

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Rakesh Nangia  and   Rahul Jain 25 May 2015
The unwarranted amendment in Section 263, empowering the Income Tax Commissioner to disrupt settled assessments based on personal opinion will adversely affect the fragile business environment in India and lead to fresh litigations   Consider this – the assessment in your case gets...

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Finance Minister Arun Jaitley on Monday asked the Income Tax department to squeeze the parallel economy, also called black economy, in a fair manner without being harsh.   "The parallel economy has to be squeezed and this has to be done in a very fair manner, not in a harsh manner. In...

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The north Indian states of Delhi, Punjab, Haryana and Himachal Pradesh on Thursday agreed on achieveing uniformity in tax rates, a Delhi government statement said.   The consensus was brought in a meeting of finance ministers of these states at the Delhi Secretariat on...

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Justice TNC Rangarajan Retd 21 May 2015
There are obvious advantages in adopting the idea of diverting income at source or even in making the bank as the account keeper and remitting the tax after a proper assessment. This is the concluding part of the seven part series on tax reforms   Every taxation system basically...

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Moneylife Digital Team 21 May 2015
The forms 15G and 15H need to be submitted for tax exemptions on interest earned on bank deposits, preferably at the beginning of the new financial year but before June end   Many people prefer to keep their savings in bank fixed deposits (FDs), as such deposits earn higher rate of...

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The government on Wednesday constituted the three-member A.P.Shah Committee that will look into controversial minimum alternate tax (MAT) demand on foreign companies, it was announced here.   The panel also comprises former chief economic advisor Ashok Lahiri and renowned chartered...

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The basic rate currently is 12% and the education cess is at 3% of the basic tax, for a total of 12.36%   The currently levied education cess and secondary and higher education cess would become ineffective from June 1 as they would be subsumed in the service tax rate of 14 percent...

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