Clipped from: https://www.financialexpress.com/money/income-tax/your-queries-income-tax-tax-audit-of-income-from-derivatives-trading-if-turnover-above-rs-1-cr/2222658/ If income from futures & options trading is classified as business income and transacted on a recognised stock exchange, it is taxable as
Category: Income Tax
CBDT notifies new rules, forms for trusts and non-profit organisations – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/economy/cbdt-notifies-new-rules-forms-for-trusts-charitable-institutions-educational-institutions-among-others/article34182578.ece The forms are comprehensive and detailed as compared to the earlier forms requiring certain key details to be filled in the applications. The
India Budget 2021: The Direct Tax Fine Print–bloomberg quint
Clipped from: https://www.bloombergquint.com/business/budget-2021-the-direct-tax-fine-print BloombergQuintOpinion The Union Budget was presented in the backdrop of possibly one of the worst ‘black swan’ events in the last 100 years.
10 most common mistakes taxpayers can avoid while saving tax – The Financial Express
Clipped from: https://www.financialexpress.com/money/income-tax/10-most-common-mistakes-taxpayers-can-avoid-while-saving-tax/2221531/ Common Income Tax Mistakes: Completing one’s tax planning exercise at the fag end of the financial year comes with its own share of
Budget signals focus on improving tax compliance, increasing transparency–SURANJALI TANDON WRITES: indian express
Clipped from: https://indianexpress.com/article/opinion/columns/union-budget-tax-compliance-economy-gdp-growth-7190263/ With little flexibility to change rates or to redefine the tax base, it is expected that the rate of growth in tax revenue
6 income tax changes taxpayers should know about–business today
Clipped from: https://www.businesstoday.in/union-budget-2021/budget-for-the-salaried/budget-2021-6-income-tax-changes-taxpayers-should-know-about/story/429937.html The time-limit for re-opening of assessment is being reduced to 3 years. Originally this was six years. Re-opening of assessment up to ten
Budget unleashes reforms in tax dispute resolution mechanism–business today
Clipped from: https://www.businesstoday.in/union-budget-2021/columns/budget-unleashes-reforms-in-tax-dispute-resolution-mechanism/story/429938.html Substantial changes have been introduced in relation to Tax Dispute Resolution mechanism to impart greater efficiency, transparency and accountability by eliminating interface to
SPAC Tax Issues: Round tripping, taxation issues to mar billion dollar ‘SPAC’ dreams of Indian firms, unicorns – The Economic Times
Clipped from: https://economictimes.indiatimes.com/tech/startups/round-tripping-taxation-issues-to-mar-billion-dollar-spac-dreams-of-indian-firms-unicorns/articleshow/81718113.cms Synopsis-Indian firms face hurdles akin to those faced by Indian and MNC mergers in past Indian startups and companies that are hoping to
CBDT notifies scheme for registration of trusts, charitable institutions – The Economic Times
Clipped from: https://economictimes.indiatimes.com/news/economy/policy/cbdt-notifies-scheme-for-registration-of-trusts-charitable-institutions/articleshow/81725907.cms?utm_source=ETTopNews&utm_medium=HPTN&utm_campaign=AL1&utm_content=23Synopsis The Board has specified forms that applicants would have to use for registration and has also identified documents or statements that any fund,
SPAC Tax Issues: Round tripping, taxation issues to mar billion dollar ‘SPAC’ dreams of Indian firms, unicorns – The Economic Times
Clipped from: https://economictimes.indiatimes.com/tech/startups/round-tripping-taxation-issues-to-mar-billion-dollar-spac-dreams-of-indian-firms-unicorns/articleshow/81718113.cms Synopsis–Indian firms face hurdles akin to those faced by Indian and MNC mergers in past Indian startups and companies that are hoping to
Income Tax Slabs: Here are the latest income tax slabs and rates–the economic times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/latest-income-tax-slabs/articleshow/62751981.cms From the financial year (FY) 2020-21, individual taxpayers can choose between two tax regimes – the existing or old tax regime and the new, concessional
Pan Aadhaar linking: Not linking PAN and Aadhaar by March 31, 2021 will cost you Rs 1,000: Here is why
Clipped from: https://economictimes.indiatimes.com/wealth/personal-finance-news/not-linking-pan-and-aadhaar-by-march-31-2021-will-cost-you-rs-1000-here-is-why/articleshow/81667005.cmsSynopsis As per the newly inserted law, the government will specify the amount of penalty that will be levied on not linking PAN with
Compute tax demand for all assessees by Aug 31, dispose of pending appeals: CBDT chief to taxmen – The Hindu BusinessLine
lipped from: https://www.thehindubusinessline.com/economy/compute-tax-demand-for-all-assessees-by-aug-31-dispose-of-pending-appeals-cbdt-chief-to-taxmen/article32252080.ece With tepid collections proving to be a challenge in meeting tax revenue goals, CBDT Chairman P C Mody has set monthly targets for
Income Escaping Assessment – A Revamped Law On Reassessment Proceedings – Tax – India–Mondaq.com
Clipped from: https://www.mondaq.com/india/income-tax/1035508/income-escaping-assessment-a-revamped-law-on-reassessment-proceedings As the dust settles and the excitement subsides over Budget 2021 announcements, it is now an opportune time to examine the fine print
How Budget 2021 has reduced taxpayers’ rights – The Financial Express
Clipped from: https://www.financialexpress.com/opinion/how-budget-2021-has-reduced-taxpayers-rights/2215634/ The decision to abruptly replace two quasi-judicial authorities (the Income-Tax Settlement Commission and the Authority for Advance Rulings) with administrative Boards negatively impacts
Changes in tax norms on slump sale deals may lead to litigation for firms | Business Standard News
lipped from: https://www.business-standard.com/article/companies/changes-in-tax-norms-on-slump-sale-deals-may-lead-to-litigation-for-firms-121032500988_1.html Changes will impact several M&A transactions, including internal restructuring by companies which were signed since April 2020. Tax computation will not include goodwill
Petro products under GST – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/opinion/petro-products-under-gst/article34163219.ece Will Opposition-ruled States take the bait? There is no Constitutional or any other legal bar on bringing petroleum products under the Goods and
Fair deal – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/opinion/editorial/fair-deal/article34162880.ece The Centre would do well to raise the tax-free PF contribution limit to ₹5 lakh for all employees One of the trickier public
Taxation process and its soft targets – The Financial Express
Clipped from: https://www.financialexpress.com/opinion/taxation-process-and-its-soft-targets/2220504/ For India to move from tax terrorism to tax transparency, the government needs to look at taxation and punitive actions from a business
Vikas Malu hires top lawyers to stop Indian government from taxing his global income – The Economic Times
Clipped from: https://economictimes.indiatimes.com/nri/invest/vikas-malu-hires-top-lawyers-to-stop-indian-government-from-taxing-his-global-income/articleshow/81693413.cmsSynopsis Represented by Harish Salve, Abhishek Singhvi, and Nalin Talwar, the UAE-based businessman belonging to the Kuber group, moved the Supreme Court on Wednesday,
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