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
Category: Income Tax
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
Banks want to tap database of I-T, GST departments – The Hindu BusinessLine
To guard against a further increase in bad loans, banks are planning to dig deeper when it comes to loan appraisals by tapping the database
Opting for presumptive tax scheme? Here’s what to look out for – The Financial Express
Another drawback in these presumptive taxations in the case of partnership firms is that partners’ interest and salary are not allowed as deduction. Once a
Tax talk: Know how rent-free accommodation is taxed – The Financial Express
Valuation of rent-free accommodation (RFA) has been specified under Rule 3 of the Income Tax Rules. Valuation of rent-free accommodation (RFA) has been specified under
Company secy not required to disclose non-filing of previous year’s annual return: Court – The Economic Times
“The law only provides for declaration of the forms and returns as filed by the company and it does not provide any format for indicating
ITR filing forms updated: Latest ITR forms ask for more income details: Here’s how to get them–Economic Times
The new version of ITR form asks you to provide separately details of interest income. After revising the e-ITR forms on August 1 after extending
Big demonetisation impact! Income tax bonanza as lakhs of high net worth non-filers pay this whopping amount – The Financial Express
After demonetisation, a total of 3.04 lakh high-net-worth non-filers came under the scrutiny of the Income Tax Department for depositing more than Rs 10 lakh
The result of Dilip Kumar judgment is the assessee will end up paying for the ambiguity created by the Revenue – The Financial Express
In case of such ambiguity ‘close reasoning’ will be employed—but without stretching the language to arrive at the only reasonable construction. In a judgment with
NRI buying or selling house, land or property? Tax rules for investment in real estate by non-resident Indians – The Financial Express
NRIs will be liable to pay tax on rental income received from a property located in India. Investments in immovable property or the real estate
In tax dispute cases, pay less to get a stay – The Hindu BusinessLine
Getting a stay on proceedings in the event of a tax dispute could cost less now. The Supreme Court has ruled that in case of
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