TAXATION


Come 18th July, 18 per cent Goods and Services Tax (GST) will be applicable on bank cheque book/loose leaf cheques and 12 per cent on maps, atlas, and globes   Similarly, unbranded but pre-packed curd, lassi, butter milk, food items, grains etc will be brought under the GST net from...

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The income-tax (I-T) department said on Monday that it carried out search and seizure operations on 15th June at the premises of a leading industrial group in Chennai engaged in the business of manufacturing of IMFL (Indian made foreign liquor), logistics, hospitality and entertainment, for...

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Moneylife Digital Team 18 June 2022
While stating that the income tax appellate tribunal (ITAT) at Kolkata had committed a serious error in setting aside the orders of the commissioner of I-T for appeals [CIT(A)], the Calcutta High Court (HC) ruled in favour of the tax department. The case is related to bogus claims of...

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Moneylife Digital Team 15 June 2022
The Central Board of Direct Taxes (CBDT) has notified the cost inflation index (CII) for financial year (FY) 2023 through a notification on 14 June 2022. The CII for FY23 relevant to assessment year (AY) 2023-24 is 331.    This notification will take effect on 1 April 2023 and will...

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Moneylife Digital Team 07 June 2022
On 7th June, even as the new  income-tax (I-T) portal launched last year was completing its first anniversary, the I-T department said software services-provider Infosys has been directed to look into the issue relating to malfunction of search option on the e-filing portal. People who tried...

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Srinivas Kotni (The Leaflet) 02 June 2022
Collaborative federalism will be under threat, once a constitutional institution like the GST Council is rendered teethless. —— What does the working of the GST Council till now tell us about the institution?   The Goods and Services Tax (‘GST’) Council has been in existence...

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Former chief trader and fund manager of Axis Mutual Fund (Axis MF) Viresh Joshi is on the radar of the income-tax (I-T) department amid allegations of irregularities.   Mr Joshi has been accused of taking bribes from the brokers in lieu of sharing Axis MF's tips.   It has been...

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Parsa Venkateshwar Rao Jr (The Leaflet) 23 May 2022
The Supreme Court’s judgment last week in Union of India versus Mohit Minerals Pvt Ltd Through Director underscores the gap between the GST Council’s purely consultative mandate and the reality in which the states have willingly abdicated their right to tax in favour of an artificial cabal,...

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Moneylife Digital Team 21 May 2022
Paying heed to anger among common people over increased fuel prices, the Union government on Saturday decided to reduce excise duty on petrol by Rs8 per litre and on diesel by Rs6 per litre. Further the government will also give Rs200 per cylinder subsidy for Ujjwala Yojana beneficiaries for...

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The Supreme Court on Thursday ruled that GST council's recommendations are not binding on the Centre and state governments.   A bench headed by justice DY Chandrachud said GST council recommendations only have a persuasive value as India is a cooperative federalism, and the Centre and...

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The Supreme Court on Tuesday disapproved of the Centre's practice to conduct additional verification of members chosen for the income-tax appellate tribunal (ITAT), despite recommendation for the appointment by the search and selection committee (SCSC).   A bench of justice DY...

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Moneylife Digital Team 20 April 2022
Interest-free refundable security deposits are not exigible (liable to be exacted or required) to service tax since they are not collected in consideration for providing a service, rules the Ahmedabad bench of the customs, excise & service tax appellate tribunal (CESTAT).    As per a...

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Accelerated economic recovery along with enhanced compliance pushed India's FY22 tax collection to Rs 27.07 lakh crore, almost Rs 5 lakh crore above the Union budget's estimate of Rs 22.17 lakh crore.   Accordingly, the current tax collection grew by 34 per cent over last year's...

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Moneylife Digital Team 01 April 2022
The income tax (I-T) department conducted a search and seizure operation on a leading automobile manufacturer group along with a company operating chartered flights and a real estate group of Delhi-National Capital Region (NCR) covering more than 35 premises. The I-T department has not...

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Non-linking of PAN with Aadhaar number by March 31, 2022 would attract a penalty, the Finance Ministry said on Wednesday.   As per the Ministry, non-linking of PAN-Aadhaar will lead to a penalty of Rs 500 up to three months from April 1, 2022 and a fee of Rs 1,000 thereafter....

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Ranganathan V Ranganathan V 30 March 2022
“Stellar jury picks the best of India Inc” screams today's (29th March) headline in one of the top pink broadsheets circulating in the country; and many other business newspapers and various other forums vie with each other to decorate and award businessmen and entrepreneurs of different hues...

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Moneylife Digital Team 28 March 2022
Strange as it may sound, the Union government does not collect any data on cryptocurrency exchanges in India. However, it has investigated 11 cryptocurrency exchanges and recovered Rs95.86 crore, including interest and penalty, the Lok Sabha was informed.    In a written reply, Pankaj...

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Moneylife Digital Team 24 March 2022
The Central Board of Indirect Taxes and Customs (CBIC) has issued a standard operating procedure (SOP) for scrutiny of returns for FY18 and FY19 as an interim measure till the time a scrutiny module for online scrutiny of returns are made available on the CBIC-goods and service tax (GST)...

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The income-tax (I-T) department is conducting a search operation on the premises of Hero MotoCorp in Gurugram and Delhi in connection with alleged tax evasion.   The search operation started this morning.   On Tuesday, the I-T officials formed a team for the...

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Moneylife Digital Team 21 March 2022
While admitting a writ petition to examine tax deducted at source (TDS) and tax collected at source (TCS) proceedings involving transactions in cryptocurrency, the Karnataka High Court has granted an interim stay on the proceeding by the tax department, says a report from...

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