TAXATION


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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Moneylife Digital Team 19 August 2022
The central board of indirect taxes and customs (CBIC) has told field officers to be judicious while exercising their power of issuing summons to senior officials of companies such as chief executive officers (CEOs), chairman and managing directors (CMDs) and chief financial officers (CFOs),...

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The Union government has clarified on the new goods and services tax rules (GST) on rent, which came into effect from 18th July. In a tweet, press information bureau (PIB) said that “renting of residential unit taxable only when it is rented to business entity." It further clarified that “no...

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Artha Shastry 08 August 2022
31st July brings trepidation and fear to the hearts of many an honest taxpayer—one suspects that dishonest taxpayers, in any case, are not prone to attacks of conscience. The reason for the trepidation, of course, is that 31st July is the deadline for filing the appropriate income-tax returns...

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Moneylife Digital Team 02 August 2022
The income tax (I-T) department has reduced the time limit for e-verification or hard copy submission of the ITR-V (income-tax return verification), post-filing of returns by taxpayers, to 30 days from the current 120 days, from 1st August. E-verification of an I-T return (ITR) completes the...

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Moneylife Digital Team 30 July 2022
The income-tax (I-T) department has released answers and clarifications for top ten frequently asked questions (FAQs) from taxpayers while filing their I-T returns (ITRs). These FAQs provide resolutions to issues faced by taxpayers such as self-assessment tax not shown in pre-filled details,...

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As the deadline to file income-tax returns (ITRs) inches closer, 41% of Indians who qualify to file the return are yet to file their papers for FY21-22, 22% say it is difficult to file it by the 31st July deadline and about 10% were facing technical glitches, a new report showed on...

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The Income Tax department on Wednesday conducted search operations at around 40 premises belonging to Madhusudan Ghee in Mumbai and other places in Maharashtra in connection with alleged tax evasion, sources said.   According to information, the firm recently invested in the power and...

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Following the uproar in Parliament over goods and services tax (GST) on food items, Union finance minister (FM) Nirmala Sitharaman on Tuesday defended the imposition of 5% GST on food articles such as cereals, rice, flour and curd, which are pre-packaged and labelled, saying that it was a...

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With curd, paneer, unbranded pre-packaged food items like wheat flour and others coming under the goods and services tax (GST) net from Monday onwards, retailers and manufacturers are discussing how to account for the old stock.   "The GST falls at the time of sale. The problem now...

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Moneylife Digital Team 16 July 2022
The central bureau of direct taxes (CBDT) has accused Micro Labs Ltd, the makers of the famous Dolo-650 medicine tablet, of indulging in 'unethical practices' and distributing freebies of about Rs1,000 crore to doctors and medical professionals in exchange for promoting its products. Dolo650,...

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Moneylife Digital Team 12 July 2022
While setting aside an order passed by the High Court (HC) of Karnataka, the Supreme Court (SC) ruled that by filing the revised return of income, the assessee cannot be permitted to substitute the original return of income filed under Section 139(1) of the Income-Tax (I-T) Act.   In...

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Come 18th July, 18% Goods and Services Tax (GST) will be applicable on bank cheque book/loose leaf cheques and 12% 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 the exemption...

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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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