TAXATION


Moneylife Digital Team 25 November 2022
The Supreme Court, while dismissing a plea filed by the Municipal Corporation of Greater Mumbai (MCGM) about the levy of tax based on the future or intended use of land, held that the tax could be levied only based on the present position and, until an occupancy certificate is issued, the tax...

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IANS 24 November 2022
Major tax-filing websites such as H&R Block, TaxAct and TaxSlayer in the US are reportedly sending sensitive financial information to Facebook.   The information received by Facebook could be used by the company to improve its advertising algorithms, no matter whether the person using...

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Moneylife Digital Team 23 November 2022
Dismissing an appeal, the Supreme Court ruled that State Bank of India (SBI) ought to have deducted tax at source (TDS) from the payment given to its employees who have availed leave travel concession (LTC) facility for foreign travel. While no LTC facility can be availed by employees for...

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Moneylife Digital Team 18 November 2022
While allowing a taxpayer input tax credit (ITC) transition worth Rs39.13 lakh, the Bombay high court (HC) has asked tax authorities to restore the taxpayer's licence, which was cancelled due to the closure of business. After finding that there is no provision on the goods and services tax...

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IANS 02 November 2022
To simplify the process of filing income tax returns (ITR), the Central Board of Direct Taxes (CBDT) on Tuesday issued a draft proposal to introduce a common ITR form for all taxpayers.   It has suggested merging of all the existing ITR forms except ITR 7, though ITR 1 and ITR 4 will...

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IANS 01 November 2022
The government collected Rs1,51,718 crore gross GST (goods and services tax) revenue in October, which is the second highest collection ever after April this year, official data revealed on Tuesday.   The monthly GST revenues have been more than Rs1.4 lakh crore for eight months in a...

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Moneylife Digital Team 31 October 2022
Dismissing a special leave petition (SLP) filed by the income tax (I-T) department, the Supreme Court ruled that tax deduction at source (TDS) is not chargeable on non-convertible debentures (NCDs) and fixed deposit (FD) of a value of less than Rs5,000.    In its judgement, the...

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Ranganathan V Ranganathan V 28 October 2022
Diwali may have arrived a few days sooner, for the central board of direct taxes (CBDT)!   In an order pronounced a few days back, the Supreme Court (SC) circumscribed the scope of exempt charities and thereby revived the tax demands on many an organisation seeking tax exemption based...

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Moneylife Digital Team 28 October 2022
In a landmark judgement in the context of promissory estoppel, the Supreme Court (SC) ruled that, while setting up any unit for tax benefits, companies need to evaluate changes in laws and accordingly word their agreements with the governments. While dismissing two special leave petitions...

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Moneylife Digital Team 28 October 2022
Hearing online gaming platform Gameskraft's petition against the notice demanding Rs21,000 crore tax, the Karnataka High Court observed the experts have to decide the nature of the game and not the goods and services tax (GST) officer, says a report from LiveLaw .    The directorate...

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Moneylife Digital Team 22 October 2022
A three-judge Supreme Court bench comprising chief justice UU Lalit, justice S Ravindran Bhat and justice PS Narasimha, pronounced a landmark ruling on exemptions claimed by  charitable institutions under Income-Tax (I-T) Act, 1961 on 19 October 2022.   Two major issues were...

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Moneylife Digital Team 17 October 2022
Giving reprieve to a home-buyer, the income-tax appellate tribunal (ITAT), Mumbai, clarified that the market value of a flat mentioned on the allotment letter should be considered and not the value on the date of registration of the sale agreement for the assessment of income. The bench also...

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IANS 30 September 2022
A Goods and Services tax (GST) evasion worth Rs 824 crore has been detected against 15 insurance companies as well as several non-banking financial companies (NBFCs).   According to sources privy to developments, these companies were reportedly found to be availing input tax credit...

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Moneylife Digital Team 26 September 2022
The Bombay High Court (HC) on Monday, while giving relief to Reliance Anil Dhirubhai Ambani (R-ADA) group chairman Anil Ambani in an alleged Rs420 crore tax evasion matter, asked the income-tax (I-T) department not to take any coercive action against him up to 17 November...

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IANS 26 September 2022
Businesses having aggregate annual turnover of Rs10 crore and more will have to compulsorily generate e-invoices for business-to-business (B2B) transactions from 1st October onwards, according to the finance ministry.   As of now, businesses with turnover of Rs20 crore and more are...

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IANS 19 September 2022
Gross direct tax collections up to 2022-23 as on 17th September stood at Rs8.36 lakh crore, witnessing a growth of 30% over collections of corresponding period of last year.   Net direct tax collections stood at Rs7.01 lakh crore for the current fiscal till 17th September, showing a...

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IANS 14 September 2022
The central board of direct taxes (CBDT) on Tuesday issued another circular to further clarify issues arising on deduction of tax at source under the newly-inserted Section 194-R in respect of benefits or perquisites provided to residents in cash or in kind in the course of business or...

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IANS 13 September 2022
Home-buyers in Odisha do not need to pay GST (goods and services tax), cess and any other charges above the fixed price to the builders, as per new norms.   Following the direction of Orissa High Court, the Odisha government has amended the Odisha Real Estate (Regulation and...

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Moneylife Digital Team 01 September 2022
In a significant ruling, the Supreme Court (SC) says, money paid to a builder or developer for buying commercial premises and then writing off the same amount as irrecoverable is neither allowed as bad debt nor as business loss.    In an order last week, the bench of justice UU Lalit,...

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Moneylife Digital Team 19 August 2022
While finding out weak monitoring mechanism in the income-tax (I-T) department for the gems and jewellery sector, the comptroller and auditor general of India (CAG) noticed 230 instances of non-compliance to the provisions of the I-T Act involving potential tax effect Rs38,449.59...

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