After the AAR ruling, industry body Assocham and an IT body too raised concerns around the future tax liability. One month after the Authority of
Category: Income Tax
PAN card new rules: New PAN card rules that came into effect from December 5
There a few changes regarding the Permanent Account Number (PAN) that came into effect yesterday, i.e., December 5. The changes were notified by the income tax department
Income Tax Appellate Tribunal: Converting company to LLP is a transfer, hence taxable, rules I-T Appellate Tribunal
A new tax ruling threatens to challenge a strategy that allowed thousands of businesses and professionals to reorganise themselves and attract foreign investors. This involved converting closely
Income Tax: Minor’s income is clubbed with that of parent with higher total income – The Financial Express
By Chirag Nangia Minor’s income is clubbed with that of parent with higher total income Is it possible to apply for PAN card for my
Direct tax collections on course to meet Budget Estimates: CBDT chief – The Hindu BusinessLine
The Centre’s direct tax collections are booming and are on course to meet the Budget Estimates for 2018-19, a top CBDT official said. For the
CAs are in a tizzy over SC order on misconduct outside professional sphere | Business Standard Column
Chartered accountants are in a tizzy following a recent Supreme Court order that upheld the right of the regulator to haul them up for misconduct, not related to
Are you aware of these new PAN rules? All you need to know – The Financial Express
The Income Tax Rules, corresponding to Section 139A, did not provide the time line by which such persons may apply for PAN allotment. Permanent Account
CBDT allows taxman to widen certain ‘limited scrutiny’ cases – The Economic Times
The CBDT has said that it only picks less than 1 per cent cases, out of the total returns filed, for scrutiny every year. The
Income Tax-Misplaced enthusiasm | Business Standard Editorials
The income-tax department has, for some time now, sought to crack down on unlisted companies that issue shares at a premium. This follows the amendment
NRIs don’t need to reveal details of foreign bank accounts, assets to Indian tax dept: I-T Tribunal – The Hindu BusinessLine
The Income-Tax Appellate Tribunal (ITAT) has said NRIs do not need to reveal details of their foreign bank accounts and assets to Indian authorities. The
Taxpayers beware! You can now be prosecuted even if you fail to file your income tax return on time – The Financial Express
Taxpayers beware! Now you can be prosecuted for failing to file your income tax return on time as well as not responding to the income
More taxpayers should mean more taxes, too–Economic Times
The reported surge in the number of individuals declaring incomes above .`1crore is welcome. Official data shows a 68% increase in the number of crorepati
Taxpayers can be prosecuted for non-filing of returns even if eligible for a refund: Delhi HC – The Hindu BusinessLine
Tax assessees beware! The Delhi High Court has ruled that non-filing of income tax returns can lead to prosecution even if the taxpayer was entitled
IBBI removes 30-day deadline for payment to operational creditors – NEWS – The Hindu BusinessLine-R
The Insolvency and Bankruptcy Board of India has done away with the concept of dissenting financial creditors and removed the 30-day deadline for payment to
Beware of I-T refund messages, cyber criminals may trick you with fraud | Business Standard News
If you receive a text message from the income-tax (I-T) department stating a tax refund or demanding an outstanding tax liability, do not respond immediately. There are chances this message is
The new direct taxes code must not die
The task force to rewrite the over five-and-a-half-decade-old income-tax Act must submit its report swiftly to enable the government to push for reforms in direct
ITR verification receipt status: How to check ITR-V receipt status
If you have opted to verify your tax returns by sending ITR-V, follow these steps to check the status of it. Now that the deadline
Readers’ corner: Tax | Business Standard News
Within my salary bank account, there’s also a reimbursement account. When filing my tax return do I need to provide details of the reimbursement account as a
Why asking owners to pay rent on empty flats is so socialist – The Financial Express
The tax is a throwback to the days when, since the government didn’t want houses/flats to be bought and then not rented out, it levied
Income-tax scrutiny all set to go electronic – The Hindu BusinessLine
The Central Board of Direct Taxes (CBDT) has mandated ‘e-proceeding’ for all income-tax scrutiny in 2018-19. It has also specified seven situations where e-proceeding will
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