TAXATION


Moneylife Digital Team 03 February 2022
The Bombay High Court (HC) has asked the Union government to file an affidavit-in-reply in a writ petition filed by Adlabs Entertainment Ltd, seeking upfront exemption in goods and services tax (GST) leviable on its theme park and water park at Khalapur in Maharashtra.    The division...

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IANS 02 February 2022
Only India and Bangladesh have income-tax (I-T) limits that are much higher than the average income.   This implies that there is, indeed, food for thought for lowering direct taxes but ensuring such a system is equitable and not regressive, State Bank of India (SBI) said in a...

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IANS 01 February 2022
The Union Budget has plugged a loophole as it was noticed that in some cases, assessees claim set off of losses or unabsorbed depreciation, against undisclosed income corresponding to difference in stock, undervaluation of stock, unaccounted cash payment etc, which is detected during the...

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IANS 01 February 2022
The Finance Bill has notified that income-tax shall not be charged on the amount received by a taxpayer for medical treatment from employer or from any person for treatment of Covid-19 during FY 2019-20 and subsequent years.   The Finance Ministry had earlier announced that in order...

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Moneylife Digital Team 01 February 2022
Ending the party for investors of virtual digital assets like non-fungible token (NFT) and exchanges, finance minister (FM) Nirmala Sitharaman on Tuesday announced a 30% tax on income from the transfer of virtual digital assets. The FM says that starting from FY22-23, the Reserve Bank of...

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Moneylife Digital Team 28 January 2022
Coming down heavily on officials in the Telangana goods and services tax (GST) department, the Supreme Court (SC) imposed an additional cost of Rs59,000 for harassing an assessee who faced a delay in transportation of goods due to agitations and road blockade. The apex court also allowed the...

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A new survey has revealed that nearly two-third or 65 per cent of the respondents were unhappy about the current tax structure in the country.   YouGov's latest survey shows sentiments of the public around income tax and reveals their expectations from the upcoming...

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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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