TAXATION


Moneylife Digital Team 20 January 2022
The Delhi High Court (HC) has asked the income-tax (I-T) department to refund within four weeks Rs72 crore to Tata Teleservices Ltd.    In an order issued on 17 January 2022, the division bench of justice Manmohan and justice Navin Chawla says, "Prima facie, it appears that there is...

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Moneylife Digital Team 19 January 2022
After the Calcutta High Court quashed 1,083 reassessment notices and dismissed the income-tax (I-T) department contentions, the government has taken the matter to the Supreme Court. The I-T department has challenged an order passed by the Allahabad High Court in October 2021. This is despite...

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It seemed more like a crime investigation thriller when the Directorate General of GST Intelligence (DGGI) busted a planned all-India tax evasion racket and unearthed Rs 4,521 crore of tax evasion.   A series of raids and investigation landed the DDGI to Kolkata finally, once infamous...

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Moneylife Digital Team 11 January 2022
Taking cognisance of the outrage on social media on issues faced by taxpayers and tax professionals, the central board of direct taxes (CBDT) has decided to further extend the due dates for filing of income-tax returns (ITRs) to 15th March and various audit reports to 15 February 2022 for...

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CA Ameet Patel 10 January 2022
Last week, Sucheta Dalal reminded me on Twitter about my cover article for Moneylife magazine published long back when we had a different ruling party and different finance minister. It was titled “Taxtortion The Nightmare Continues” – a term coined by Debashis Basu. He nudged me to write on...

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Moneylife Digital Team 10 January 2022
Several bodies representing chartered accountants (CAs) from across the country have requested finance minister (FM) Nirmala Sitharaman to extend the deadlines for filing returns for income-tax (I-T) and other tax audit reports due to technical glitches and errors in the I-T portal and third...

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Moneylife Digital Team 01 January 2022
While the Union government says nearly 58.9 million income-tax returns (ITRs) have been filed on the new e-filing portal as on 31 December 2021, the website, developed and maintained by Infosys Ltd, continues to frustrate taxpayers and chartered accounts (CAs) from across the country. Many...

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IANS 31 December 2021
The Ministry of Home Affairs on Friday extended the December 31 deadline for validity of Foreign Contribution (Regulation) Act (FCRA) registration of NGOs to March 31.   A notice issued by the Ministry's Foreign Division said that in continuation to its Public Notice of September 30,...

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Moneylife Digital Team 31 December 2021
Mentioning that the filing of income tax (I-T) return (ITR) is going on very smoothly, finance secretary Tarun Bajaj says there is no proposal to extend the due dates for tax filing; 31st December is the last date to file ITR for FY20-21.   #IncomeTaxReturn filing is going on...

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Moneylife Digital Team 31 December 2021
The goods and services tax (GST) council on Friday decided to defer the hike on textiles to 12% following objections from state governments and industry. The proposal intended to hike the GST rate on apparel 12% from 5% from 1 January 2022. The current GST rate of 5% in the textiles sector...

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IANS 27 December 2021
Kanpur perfumer Piyush Jain was arrested on Sunday night for evasion of Goods and Services Tax (GST).   Jain recently made headlines after pictures of a raid at his premises showing officials counting heaps of currency notes with note counting machines went viral recently. A...

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IANS 22 December 2021
With the Income Tax department conducting searches at several premises of Chinese mobile companies across the nation, smartphone brand OPPO said on Wednesday it will continue to cooperate with authorities as per procedure.   According to sources, the smartphone companies were...

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Moneylife Digital Team 21 December 2021
In a significant relief to thousands of taxpayers, a division bench of the Delhi High Court (HC) has asked the income-tax (I-T) department to quash all notices issued under Section 148 of the I-T Act after 1 April 2021. The division bench was hearing a batch of 1,346 writ petitions filed by...

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Moneylife Digital Team 16 December 2021
The Income-tax  (I-T) department, which carried out search and seizure operations on four asset reconstruction companies (ARCs), has found a nexus between the borrower group and ARCs and a maze of shell or dummy companies used in acquiring non-performing assets (NPAs).   In a release,...

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IANS 08 December 2021
Continuing its drive against tax evasion, the CGST Mumbai Central Commissionerate has busted a racket of generating fake Input Tax Credit (ITC) notes worth Rs 35 crore and nabbed the kingpin of the scam, an official said here on Wednesday.   The CGST said that as per investigations,...

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IANS 07 December 2021
The income-tax (I-T) department on Tuesday said that a leading retail chain group that has branches across Tamil Nadu has suppressed sales worth Rs1,000 crore over the past few years.   The I-T department had conducted searches across the group in 37 locations at Chennai, Coimbatore,...

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Moneylife Digital Team 25 November 2021
After partly hearing public interest litigation (PIL) challenging the constitutional validity of the faceless appeal scheme, the Bombay High Court (HC) adjourned the matter to 29 November 2021.   Chamber of Tax Consultants (CTC) had filed a writ petition in a representative capacity....

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Shivanand Pandit 11 November 2021
Tax terrorism is a known enemy of taxpayers of India. Tax disputes and assessments have instilled tremendous anxiety in the minds of the taxpayers.   Finally, the government recognised this fact and tried to simplify the tax processes by introducing annual information statement (AIS)...

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Moneylife Digital Team 09 November 2021
Cairn Energy PLC of UK has decided to drop litigation to seize Indian properties abroad to recover the Rs7,900 crore tax refund due to it and indemnified the Indian government in writing as part of the provision to settle restrospective tax disputes under the the Taxation Laws (Amendment)...

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Moneylife Digital Team 03 November 2021
While allowing a taxpayer’s writ petition against faceless assessment and quashing an order, a demand notice and a penalty notice issued by the income-tax (I-T) department, the Bombay High Court (HC) ruled that the officer who has passed the order for faceless assessment alone can file an...

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