TAXATION


The government will resume blocking of E-way Bill (EWB) generation facility for all taxpayers who fail file their monthly or quarterly GST return for two successive periods.   E-way is a permit needed for inter-state and intra-state transportation of goods. If this is blocked, the...

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The Central Board of Direct Taxes (CBDT) has decided to further extend the due dates for electronic filing of tax forms in view of difficulties reported by the taxpayers and other stakeholders.   The Income Tax Department had mandated electronic filing of certain forms under the...

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Moneylife Digital Team 02 August 2021
Rupali Kini (name changed), a senior executive working with an investment bank, received an income-tax (I-T) notice in the last week of April 2021. The notice referred to assessment year (AY)2014-15 and alleged that “...we have reason to believe your income has escaped assessment…” while...

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Subhash Narayan (IANS) 31 July 2021
Taxpayers looking at ease of compliance requirement for filing annual GST returns for 2020-21 are in for a rude shock as the government has not completely done away with the process of including the reconciliation statement along with the returns.   The preparation of the...

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The Central Board of Indirect Taxes and Customs (CBIC) has abolished the requirement of periodic renewal of licence and registration issued to Customs Brokers and Authorised Carriers.   This move is expected to help reduce the compliance burden cast on the trade, which had to...

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The Central Board of Indirect Taxes and Customs (CBIC) has clarified that extension of time limit for tax-related matters as per recent Supreme Court order is restricted only to quasi-judicial and judicial matters relating to petitions, applications, suits and appeals and will not impact...

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Moneylife Digital Team 21 July 2021
The Central Board of Direct Taxes (CBDT) extended till 15 August 2021, the date for submission of form 15CA and form 15CB. Taxpayers can now submit their form 15CA, 15CB online or in manual format with authorised dealers till 15th August.   Due to glitches on the new income tax...

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In a major relief for jewellers, the Karnataka Authority for Advance Ruling (AAR) has held that in case of resale of second-hand gold jewellery, jewellers have to pay GST only on the profit earned from such sale.   The ruling was made in reference to the application filed by Aadhya...

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Moneylife Digital Team 16 July 2021
Infosys, which has been facing scathing criticism from taxpayers over the continuous glitches on the much-touted new income tax (I-T) portal ever since its launch on 7th June, is said to be still working on resolving all the issues.    During the company's first quarter (Q1) earnings...

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The big crackdown on fake GST input tax credit (ITC) filers launched by tax sleuths over the last couple of years has provided rich dividends with the CGST zones and the Directorate General of GST Intelligence (DGGI) booking about 8,000 cases of fraud involving fake input tax credit (ITC) of...

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In what can increase tax liability on companies that have undergone mergers and acquisitions in recent years, the Central Board of Direct Taxes (CBDT) has notified new set of rules on tax treatment of goodwill where depreciation provisions have been used.   The new rules that frame...

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Moneylife Digital Team/IANS 08 July 2021
UK's Cairn Energy has secured an order from a French court to seize about 20 properties in Paris belonging to Indian government for recovering a portion of $1.2 billion from India against the backdrop of the arbitration victory of the company. In December 2020, an international...

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Moneylife Digital Team 07 July 2021
Taxation of equity shares is easy – if the shares are sold after a year, any capital gains arising from such sale are taxed at 10% after crossing a threshold of Rs1 lakh. Shares sold in a year or less are taxed at a flat rate of 15%. But this taxation is applicable for listed shares. What...

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India's gross GST revenue collection fell below the psychological mark of Rs 1 lakh crore for the first time this year, clocking Rs92,849 crore in June 2021, as collections fell due to disruptions caused by the fresh wave of Covid-19.   Though the GST revenues during June 2021 are...

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Buyers will have to deduct tax at source at 0.1% of the amount paid for goods for all purchases made during the year post 30 June 2021 if the value of purchases or advance payments during the year between April and June exceeds Rs50 lakh.   In a clarification issued by the Central...

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On completion of four years of GST implementation in India on Thursday, the Confederation of All India Traders (CAIT) said that, much against the declared spirit of GST as Good & Simple Tax, GST (goods and services tax) has become a 'colonial taxation system' not compatible with the ground...

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In a big relief to the taxpayers, the Central Board of Direct Taxes (CBDT) has decided not to frequently assess the tax filing status of individuals and companies, and complete the process of preparing the list of non-filers only once at the beginning of an assessment year.   The...

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Moneylife Digital Team 25 June 2021
The union government on Friday announced tax exemption for expenditure incurred on COVID treatment and ex-gratia amount received on death. Granting further relief in difficult COVID times, it also extended dates of several compliances.    Govt announces tax exemption...

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Moneylife Digital Team 23 June 2021
While the income tax (I-T) department is still struggling with its newly launched portal, fraudsters are sending emails to taxpayers about the unavailability of the old e-filing portal.   However, this message sent from a Gmail email ID is spam and it is advisable to never open such...

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As part of the efforts to ease the compliance burden of taxpayers, the Central Board of Direct Taxes (CBDT) has issued a new functionality that would disclose if a person is liable to pay taxes at a higher rate for non-filing of returns with just a click of the button.   Accordingly,...

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