TAXATION


Moneylife Digital Team 05 May 2015
The Finance Act treats all subsidies, grants, cash incentives, duty drawbacks, waiver, concessions and reimbursements as taxable income. However, the Finance Ministrty has claried that there would be no income tax on LPG and other welfare subsidies for individuals   UPDATE: Updated to...

Read More



The tax authorities can suitably modify the rules to obviate the need for issuing TDS certificates, which will be a great service to the taxpayers in general and tax deductors in particular   The harassment caused to the tax deductors by the Income-Tax (I-T) Department preventing them...

Read More



Cairn India in its petition had sought the quashing of the tax demand, as it felt there was an undue delay in initiating the proceedings -- a lapse of over six years   With the Delhi High Court to resume hearing on Wednesday on the Rs.20.495 crore tax case slapped on Cairn India,...

Read More



Moneylife Digital Team 23 April 2015
The TRACES portal of Income-tax department is preventing deductors from issuing TDS certificate unless past demands, irrespective of whether it is valid or not, are paid     The Tax Deducted at Source (TDS) reconciliation analysis and correction enabling system (TRACES) portal of the...

Read More



Venkatachari Jagannathan (IANS) 20 April 2015
On April 15, the Central Board of Direct Taxes (CBDT) had notified new norms and the attendant forms that, among other issues, requires an assessee to furnish all bank details, opened or closed in the year with the closing balance, as also the sources of funds for expenses in an overseas...

Read More



The finance minister said the government had taken the position that in cases where the courts had given their verdict in favour of the companies, no appeal will be filed despite such an option existing   Even as court battles continue over tax demand on foreign firms on deals entered...

Read More



Following its first public notice for "naming and shaming" tax defaulters last month, the Income Tax department on Wednesday published a list of another 31 defaulters, who collectively owe more than Rs.1,500 crore in arrears.   The earlier list, published on the last day of the...

Read More



Moneylife Digital Team 07 April 2015
Overruling the ITAT's order, the HC said prize money of Rs1 lakh received by the India Today Editor as award would be a capital receipt and hence not taxable under the Act   In a significant decision, the Delhi High Court has held that prize money received by India Today Editor Aroon...

Read More



India isn't so vulnerable that every demand is termed tax terrorism    India will neither promote tax terrorism nor can it become a tax haven, Finance Minister Arun Jaitley said on Monday, assuring a fair compliance window to those with ill-gotten money overseas to come clean, and a...

Read More



The defaulters' names were put up on the department's website last week, while a senior official told IANS here that the newspaper notice, apart from being a novel way of shaming defaulters, would also help in tracing them   With the curtains coming down on the current fiscal, the...

Read More



Dhirendra Swarup, architect of NPS wants to you to be taxman’s guinea pig   The National Pension Scheme (NPS) was launched in 2004, as a defined-contribution-based pension system, which would nudge people into long-term savings, that would provide a comfortable retirement income....

Read More



Moneylife Digital Team 27 March 2015
Prime Minister Narendra Modi had said that he will personally monitor status of public grievances in the I-T department on a monthly basis through the recently launched PRAGATI programme   In a move that may bring big relief to honest taxpayers, Prime Narendra Modi has not only taken...

Read More



Investment in the name of your spouse and children is common but make sure you don’t fall foul of the taxman, Read the dos and don’ts of such investment   Are you paying too much by way of tax, especially on investment income? You may be tempted to transfer your assets in the names of...

Read More



Maharashtra Finance Minister Sudhir Mungantiwar on Wednesday announced the scrapping of the contentious Local Body Tax (LBT) while presenting in the state assembly a Rs.198,000 crore budget for 2015-16 that has a deficit of Rs.3,070 crore and a plan size of Rs.54,999...

Read More



Moneylife Digital Team 28 February 2015
While there are no changes in income tax rates for individuals, Jaitley has increased exemption limit for health insurance premium, contribution to pension scheme and transport allowance   Finance Minister Arun Jaitley on Saturday kept the tax exemption limits for individual taxpayers...

Read More



Vinod Kothari  and   Nidhi Bothra 26 February 2015
Will Finance Minister Arun Jaitley provide some clarity on different and confused tax provisions, especially for investment vehicles such as mutual funds, trusts and private equities in the Budget 2015?   All over the world, there are clear rules for being eligible for pass-through...

Read More



Vinod Kothari  and   Nidhi Bothra 25 February 2015
Financial markets are hopeful that the Budget will clarify different and confused tax provisions regarding investment vehicles such as mutual funds, trusts and private equities   All over the world, there are clear rules for being eligible for pass-through status, but unfortunately,...

Read More



Once the Budget provides some tangible relief to civil aviation sector, chances are that some airlines would come forward to adopt certain airports as their own, establish their hubs, look at regional connectivity closely and help generate employment opportunities   The general...

Read More



Moneylife Digital Team 24 February 2015
As per the increased devolution suggested by the 14th Finance Commission, states will get a share of Rs3.48 lakh crore in 2014-15 and Rs5.26 lakh crore in 2015-16 in central taxes   The Finance Commission has suggested raising share of states, including taxes and grants, in central...

Read More



A plethora of products can help you save tax. But you need just three, if you are focused on long-term investing    It is that time of the year when taxpayers rush to find the best possible ways to invest and save money from the taxman. As you know, under various Sections of the...

Read More

Free Helpline
Legal Credit
Feedback