TAXATION


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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Justice TNC Rangarajan retd 20 May 2015
Every time the I-T department talks of widening the tax base, they end up only squeezing those already in the tax net. Can we think about new, fresh ideas to widen the tax net?   To put first things first, we have to keep in mind that our economy is predominantly a cash economy. There...

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Justice TNC Rangarajan retd 19 May 2015
If 10% tax is deducted uniformly from all streams of income and diverted at source to the government, there will be enough revenue coming in steadily without the hassles of computation and refunds    Income is generated as earned income by way of salary from employment or income...

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Ameet N Patel 19 May 2015
The celebration that follows a home purchase of over Rs50 lakh could turn into a nightmare if you forgot to deduct or deposit the TDS with the I-T department within specified time-frame   Buying a house is everyone’s dream. In India, in particular, one generally ends up investing all...

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Justice TNC Rangarajan retd 18 May 2015
It is time to re-examine the concept of tax on total income with the attendant hassles of inclusion and exclusion of incomes. We need to divert the income streams at source for public purposes. That would cut the tax tentacles at the root    System Check Income tax (I-T)...

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Justice TNC Rangarajan retd 15 May 2015
While the litigation tentacle is very gripping, the TDS tentacle is long enough to freeze bank accounts of the deductor even though he is not a taxpayer and no amount is due from him. This is third part of a multi-part series   Let me give an example of how the delay undermines the...

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Justice TNC Rangarajan retd 14 May 2015
Cumbersome forms, adding non-taxable items, modifying the computation and denying legitimate deductions by raising disputes, flawed appeals and revisions -- multiple tentacles squeeze the assesse. This is second part of a multi-part series adapted from Justice S Rangarajan Memorial Lecture in...

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Justice TNC Rangarajan retd 13 May 2015
The Indian tax system is devilishly complex, extortive and a patchwork of various haphazard ideas. This is the first part of a multi-part series on the vexing Indian tax system and the path to genuine reforms, adapted from Justice S Rangarajan Memorial Lecture in Bangalore delivered...

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The Central Board of Direct Taxes had notified new norms and the attendant forms that, among other issues, requires an assessee to furnish all bank details, accounts opened or closed in the year with the closing balance, as also the sources of funds for expenses in an overseas...

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This follows Finance Minister Arun Jaitley's Friday announcement of a high-level committee for looking into the issue of levy of MAT on FIIs   The Central Board of Direct Taxes (CBDT) on Monday said it will not issue any new demands for payments, and will take no coercive action to...

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The government on Friday set up a high-level committee on minimum alternate tax (MAT) on foreign institutional investors (FIIs), following the passing of the Finance Bill, 2015-16, in the Rajya Sabha on Thursday.   Replying to the debate on the bill, Finance Minister Arun Jaitley...

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