TAXATION


Prime Minister Narendra Modi on Thursday called for 10 crore people to be brought into the tax net, up from the current 5.3 crore, in a bid to expand the revenue base.   "There are a total of 25 crore households in the country, out of which 10 crore have non-agricultural income. The...

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Tarunkumar G Singhal 15 June 2016
The Section 54 of the Income-tax Act provides relief from taxation in respect of profit on sale of a residential house provided the assessee has purchased a house within two years or constructed a house within three years from the date of such transfer. Similarly, Section 54F provides relief...

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Moneylife Digital Team 15 June 2016
The proposed Goods and Services Tax (GST) will to be levied at the first point of transaction in sales of goods and services under the regime of uniform GST, most likely to be rolled out in April 2017.   The model GST law, circulated in the meeting of Empowered Committee of State...

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The published draft bill of the destination-based, dual VAT-type Goods and Services Tax has clarified that all e-commerce transactions will attract GST which will be collected by the service operator as soon as the supplier receives payment.   The model GST law approved at the state...

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Moneylife Digital Team 03 June 2016
Coming down heavily on tax officials for not following its directions, the Bombay High Court in a recent judgement has said that non-compliance with its orders would result in officials paying individual penalties, including forfeiture of their salaries until they take a corrective action....

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Moneylife Digital Team 01 June 2016
In a recent order, the Commissioner of Sales Tax in Maharashtra has held that the work of construction as well the activity of operations and maintenance of urinals and latrines are 'deemed sale' and thus sales tax is leviable. For construction work, sales tax is leviable on the...

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The Krishi Kalyan Cess of 0.5% on services imposed by Finance Minister Arun Jaitley comes into force from Wednesday through which the government proposes to collect Rs 5,000 crore during the remaining 10 months of the current fiscal.   The total service tax collection target has been...

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Advance tax refers to the part of your taxes which is supposed to be paid before the end of the financial year. Advance tax is payable if your tax liability is more than Rs10,000 in a financial year. It should be paid in the financial year in which the income is received. The idea of advance...

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New Delhi:  More than 55 percent of the 28.77 million individual assesses in India who filed their returns for 2012-13 paid zero tax, while three at the top-end had to shell out as much as Rs.437 crore collectively, as per latest data from the finance ministry.   As per the Central...

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The income-tax (I-T) department is keen to have taxpayers declare all the interest they earn. Tax-deducted-at-source (TDS) gets reflected in Form 26AS which helps the I-T department to know the interest amount on bank fixed deposits (FDs). If the taxpayer falls in the tax bracket of more than...

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CBDT said a detailed user manual for filing online rectification is available on the e-filing portal, on which taxpayers can also monitor the status of disposal of their requests   India's tax department has processed over 6.53 lakh online rectification applications in the last fiscal...

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New Delhi : A Central Board of Direct Taxes (CBDT) committee on taxation of e-commerce has suggested an "Equalisation Levy" of between 6-8 percent for business-to-business digital transactions, as per its report made public on Monday.   The committee had already submitted, in...

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TruthInAdvertising.org 09 March 2016
Don’t file with fraudsters this tax season   You may hate to do your taxes, but some scammers eagerly await the season. And as we approach Tax Day this year, the US Internal Revenue Service (IRS) is warning of identity theft scams where fraudsters trick taxpayers into providing...

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Moneylife Digital Team 08 March 2016
After an uproar and backlash from taxpayers, especially EPF subscribers, Finance Minister Arun Jaitley decided to roll back his proposed EPF tax   After facing opposition from taxpayers, the Indian government on Tuesday announced withdrawal of its controversial proposal to levy tax on...

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New Delhi : India's Income Tax department has set up a dedicated structure for delivery and monitoring of taxpayer services, an official statement said on Monday.   Two separate directorates, the Directorate of Tax Payer Services I (TPS-I) and Directorate of Tax Payer Services II...

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New Delhi : Giving relief to taxpayers, the Central Board of Direct Taxes (CBDT) on Thursday issued fresh guidelines to field officers for granting stay of demand at the first appeal stage, an official statement said.   "Under the new guidelines, the assessing officer shall grant stay...

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New Delhi : Addressing the strong reaction provoked by the Budget 2016-17 proposal on tax treatment of provident fund contributions, Finance minister Arun Jaitley on Wednesday said he would announce the final decision on the matter when he replies to the debate on the Budget in...

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Moneylife Digital Team 02 March 2016
The government has failed to think through the implication of the new tax proposal of pension plans. Instead of creating uniformity, it has created more disparity   Finance Minister Arun Jaitley, in the union Budget 2016, announced “measures for moving towards a pensioned society.”...

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The top 50 defaulting companies account for Rs.22,903 crore of the total amount due for recovery   A total of Rs.4.18 lakh crore of taxes are pending from corporate defaulters as on January this year, parliament was told on Tuesday.   "The total amount of corporate tax demand...

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What has created confusion is over whether only the interest component will be taxed upon withdrawal or the whole corpus itself built after April 1 this year   Adding further confusion over tax treatment of provident fund contributions proposed in the Union Budget, the finance...

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