Clipped from: https://www.business-standard.com/article/current-affairs/cbi-ed-turn-to-tech-driven-investigations-to-nail-offenders-amid-covid-19-121051801480_1.html The Income Tax Department is going full throttle on data analytics to issue notices in time-bound cases Central Bureau of Investigation headquarter The
Category: Income Tax
CBIC issues framework for importing raw materials for job work under amended IGCR Rules – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/economy/policy/cbic-issues-framework-for-importing-raw-materials-for-job-work-under-amended-igcr-rules/article34588658.ece Amendments not to include precious metals The Central Board of Indirect Taxes and Custom (CBIC) has formalised the system for importing raw material,
Income Tax: ICAI issues exposure draft of revised Accounting Standard – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/money-and-banking/income-taxes-icai-issues-exposure-draft-of-revised-accounting-standard/article34586805.ece?homepage=true The CA Institute has come up with an exposure draft for a revised accounting standard on income taxes, to be applicable on entities
Income Tax: Give scrip-wise details in ITR to calculate long term capital gain – The Financial Express
Clipped from: https://www.financialexpress.com/money/income-tax/your-queries-income-tax-give-scrip-wise-details-in-itr-to-calculate-long-term-capital-gain/2254440/ For equity shares and equity mutual funds purchased on or before 31st January 2018, the Cost of Acquisition shall be higher of—(i) the
Taxing more firms at a lower rate | Business Standard Column
Clipped from: https://www.business-standard.com/article/opinion/taxing-more-firms-at-a-lower-rate-121051801447_1.html Concern over a falling share of corporation tax revenue may get worse The Centre’s tax collections in recent years have been a cause for concern.
How to calculate tax on dividend income – The Financial Express
Clipped from: https://www.financialexpress.com/money/tax-talk-how-to-calculate-tax-on-dividend-income/2253666/ Dividend income from shares held as investment shall be taxable under head ‘other sources’ in the hands of recipient shareholders at applicable slab
property legal rights: My father passed away without a will. Who has legal rights to his property? – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/plan/my-father-passed-away-without-a-will-who-has-legal-rights-to-his-property/articleshow/82478471.cmsSynopsis Registering a will is not mandatory, nor does it offer any guarantee that it will not be opposed. So, a registered will can
Money & relationships: Should you merge finances, assets with spouse? Here’s help – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/plan/money-relationships-should-you-merge-finances-assets-with-spouse-heres-help/articleshow/82656005.cmsSynopsis While there are no financial rules that can be applicable to everyone, and each couple must find its own comfort zone in dealing
Reimbursement claimed on welfare expenses incurred by multinationals in India outside gamut of tax: ITAT – The Economic Times
Clipped from: https://economictimes.indiatimes.com/news/economy/policy/reimbursement-claimed-on-welfare-expenses-incurred-by-multinationals-in-india-outside-gamut-of-tax-itat/articleshow/82680179.cmsSynopsis Tax tribunal lays out ground rules for taxing such expenses, should benefit Indian arms amidst Covid pandemic. It said that there should be
Judiciary walks the talk on Taxpayers’ Charter – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/business-laws/judiciary-walks-the-talk-on-taxpayers-charter/article34573636.ece As promised in the Taxpayers Charter, the IT department is committed to providing fair treatment and delivering professional assistance in all dealings with
Section 301 hearing: Indian industry fights tariffs proposed by US as retaliation against digital tax – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/economy/policy/section-301-hearing-indian-industry-fights-tariffs-proposed-by-us-as-retaliation-against-digital-tax/article34573474.ece Exporters of basmati, gems & jewellery, steel, seafood argue that proposed tariffs will escalate dispute, hurt industry, consumers in both countries Strong arguments
Non-resident entities seek withholding tax breather amid second Covid wave | Business Standard News
Clipped from: https://www.business-standard.com/article/economy-policy/non-resident-entities-seek-withholding-tax-breather-amid-second-covid-wave-121051700026_1.html In absence of certificates, they risk having 40% tax cut from revenues Lockdowns have been imposed over most of the country to slow
Stricter RBI rules force auditors to rethink on assessing holding companies – The Economic Times
lipped from: https://economictimes.indiatimes.com/news/economy/policy/stricter-rbi-rules-force-auditors-to-rethink-on-assessing-holding-cos/articleshow/82689602.cms Synopsis–Holding companies of large corporate entities are now categorised as “deemed” Non Banking Finance Companies (NBFCs) even if they have not borrowed a
Reimbursement claimed on welfare expenses incurred by multinationals in India outside gamut of tax: ITAT – The Economic Times
lipped from: https://economictimes.indiatimes.com/news/economy/policy/reimbursement-claimed-on-welfare-expenses-incurred-by-multinationals-in-india-outside-gamut-of-tax-itat/articleshow/82680179.cms?utm_source=ETTopNews&utm_medium=HPTN&utm_campaign=AL1&utm_content=23Synopsis Tax tribunal lays out ground rules for taxing such expenses, should benefit Indian arms amidst Covid pandemic. It said that there should be
Tax Query: How will spouse of NRI be taxed on stock trading gain funded by joint bank account in India? – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/portfolio/personal-finance/tax-query-how-will-spouse-of-nri-be-taxed-on-stock-trading-gain-funded-by-joint-bank-account-in-india/article34569341.ece I am an NRI and I have an NRE trading account and savings account with one of the private banks of India. I
Covid has exposed holes in handling of personal finances, says a BL Portfolio survey – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/portfolio/big-story/covid-has-exposed-holes-in-handling-of-personal-finances-says-a-bl-portfolio-survey/article34567209.ece?homepage=true The pandemic has taught many money management lessons. Here are key takeaways from the survey As the second wave of the pandemic rages
Stranded NRIs look at Cambodia, Vietnam & Lanka for tax tourism – The Economic Times
Clipped from: https://economictimes.indiatimes.com/nri/migrate/stranded-nris-look-at-cambodia-vietnam-lanka-for-tax-tourism/articleshow/82612491.cmsSynopsis Many multinational employees are stuck in India as several countries are not allowing Indians to fly back. In other cases, some NRIs want
Own Bitcoin? You may be required to disclose it in I-T returns – The Economic Times
lipped from: https://economictimes.indiatimes.com/markets/cryptocurrency/make-individuals-disclose-bitcoin-assets-in-i-t-returns-crypto-players-tell-government/articleshow/82606463.cmsSynopsis Crypto players have requested the government to make specific provisions in the Income Tax Act that would lead to individual crypto holders of
Income Tax notice: 6 high-value cash transactions that can get you an income tax notice – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/6-high-value-cash-transactions-that-can-get-you-an-income-tax-notice/articleshow/82544062.cmsSynopsis Here is a look at some of the high-value cash transactions that can that can get you an income tax notice from the
CSR spending: Corporates told to create accounting ‘liability’ for unspent amounts – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/economy/policy/csr-spending-corporates-told-to-create-accounting-liability-for-unspent-amounts/article34536833.ece CA Insitute’s clarification follows MCA’s diktat on fulfilling ‘obligation’ Close on the heels of the Ministry of Corporate Affairs (MCA) requiring companies to
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