The Central Board of Direct Taxes (CBDT) has notified a new centralised communication scheme for serving e-notices to income tax-payers as part of the government’s
Category: Income Tax
10 income tax rules which will change from April 1 – The Financial Express–27.02.2018—–*****
Budget 2018 didn’t make any changes in the tax rates or tax slabs for individuals and HUFs, which continue to remain the same for Assessment
Direct Taxes: Taxmen asked to step up collections to meet higher target – The Economic Times–26.02.2018
Faced with a daunting target of Rs 10.05 lakh crore, the apex decision-making body for direct taxes, CBDT, has asked its field officers to step
Budget 2018: Here’s what has changed for taxpayers, senior citizens – The Financial Express–11.02.2018
Budget 2018 belongs to Bharat (rural India) with special emphasis being laid on welfare of farmers, the socially and economically weaker sections of the society.
Sebi chief believes LTCG tax will have some impact on Indian markets | Business Standard News–11.02.2018
Volatility in the Indian markets may continue for some time due to global reasons, but there are no issues of concern for investors in terms
Businesses claim more tax breaks as accelerated depreciation than all deductions by individuals – Business Line–11.02.2018
Tax breaks availed by businesses under accelerated depreciation in 2016-17 are estimated to have cost the government more than the sum total of all deductions
LTCG on Equity: You cannot claim common tax breaks under Sections 80C to 80U for LTCG or STCG–10.02.2018
Any error while arriving at estimated tax liability can impact your tax outgo. It is that time of the year when many will be pouring
Why India’s capital gain regime needs a change | Business Standard Column–30.01.2018
The capital gains regime is due for a change and here are the reasons why — the extant law is complex, unwieldy, and far from
False income tax refund claims could attract these penalties – The Economic Times–26.01.2018
Fraudulently claiming tax refunds by misreporting income or showing false losses which reduce taxable income can attract heavy penalties. Section 270 of the Income Tax
Flipkart: Income Tax department asks Flipkart to reclassify discounts as capital expenditure – The Economic Times–24.01.2018
Flipkart has lost an appeal against the income-tax department over the reclassification of marketing expenditure and discounts as capital expenditure, which involves substantial tax liabilities.
Black money crackdown: Tax authorities to monitor purchases above Rs 6 lakh in luxury goods, jewellery–Business Today–19.01.2018
Fancy a Vertu Signature phone or perhaps a Hermes Birkin handbag? How about that piece of bling sported by your favourite actress in that advert?
No proof required: A direct outcome of demonetisation is a sharp increase in FY18 in tax buoyancy – The Financial Express–Mr. Surjeet Bhalla–18.01.2018
One strong argument against the policy of demonetisation is that it has failed to achieve its goal of catching black money—and it has brought about
Pursue the GST data to boost tax revenue–Economic Times–12.01.2018
India’s net direct tax collections reportedly grew by 18.2% in April-December 2017 from a year ago, with advance tax payments in December adding substantially to
Busting the myths on tax evasion – The Hindu–02.01.2018
Busting the myths on tax evasion More tax returns filed, among other statistics, show that we are not a country of evaders The Income Tax
Mere 1.7% Indians paid income tax in assessment year 2015-16: Official data–Business Today–26.12.2017
Just over 2 crore Indians, or 1.7 per cent of the total population, paid income tax in the assessment year (AY) 2015-16, according to data
Income Tax: You can shift residence, fudge address but you can’t avoid income tax notice anymore – The Economic Times–23.12.2017
Any of the following databases can be used to get your correct address to send you the communication. Avoiding income tax notices by fudging addresses
Upfront cash criteria to bid for stressed assets not feasible: Bidders | Business Standard News–21.12.2017
The new evaluation criteria laid down by lenders for stressed assets have put bidders in the bind as more weight is being given to upfront
Government recovered less than 9% service tax arrears in FY 2017, says CAG – The Financial Express–20.12.2017
The CAG audit said the special cells that were mandated with the task of identifying potential assessees were non- existent/non-functional in all the selected Commissionerates.
Brief case: Small-scale unit that grows loses I-T benefit | Business Standard Column–11.12.2017
The Supreme Court last week ruled that a small-scale industry cannot claim income tax benefits given to it earlier if it ceases to be one.
Paying your taxes honestly? How GST data may be used to track tax evaders | Business Standard News–07.12.2017
With GST, it may now be tough to evade the taxman. Finance secretary Hasmukh Adhia said on Tuesday that goods and services tax (GST) will
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