TAXATION


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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IANS 02 November 2021
The income-tax (I-T) department has rolled out the new Annual Information Statement (AIS) on the compliance portal, providing a comprehensive view of information to a taxpayer with a facility to capture online feedback.   The new AIS can be accessed by clicking on the link "Annual...

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In a bid to prevent suppression of information by taxpayers, the Income Tax department will now provide full details of their financial transactions such as foreign remittances, purchase and receipt of dividend on mutual funds and other off-market transactions reported by depositories in Form...

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Moneylife Digital Team 25 October 2021
 While holding that the reopening proceedings should be a clear case of change of opinion, the Madras High Court (HC) had quashed reopening proceedings against Cognizant Technology Solutions India Pvt Ltd.   Cognizant Technology was subjected to reassessment for assessment year (AY)...

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Moneylife Digital Team 25 October 2021
The Income Tax (I-T) department has detected unaccounted income of more than Rs100 crore during a search operation at Nashik in Maharashtra. The search and seizure were conducted last week in the case of a person engaged in the real estate business, primarily operating as a land aggregator in...

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Private and public sector agencies providing goods and services and collecting charges from clients on behalf of the government will not be exempt from paying GST and have to pay the tax at applicable rates, the Telangana Authority for Advance Rulings (AAR) has ruled.   Services by...

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Moneylife Digital Team 20 October 2021
Coming down heavily on tax officials, the Bombay High Court (HC) has warned that it will impose substantial cost if the income tax (I-T) department continues to pass orders "without application of mind."   In a strongly worded order, the bench of justice KR Shriram and justice Amit B...

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Moneylife Digital Team 11 October 2021
Updated to include tweet response from GSTN   During September this year, revenues collected for goods and services tax (GST) touched a five-month high at Rs1.17 lakh crore, says the Union ministry of finance. However, a whopping Rs6.14 lakh crore as input tax credit (ITC) remains...

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Moneylife Digital Team 07 October 2021
The issues with the  new income-tax (I-T) website, handled by Infosys Ltd, do not seem to end the harassment and agony being faced by taxpayers and chartered accountants (CAs). The latest in the 'technical glitch' of the I-T website is sending notices to taxpayers under Section 143(1); these...

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Moneylife Digital Team 27 September 2021
The Income Tax (I-T) department last week carried out a search and seizure operation on a group of four major steel rolling mills based at Jalna in Maharashtra. Evidence detected so far indicates that unaccounted income is likely to exceed Rs300 crore and these four companies have already...

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IANS 27 September 2021
In what may pose challenge to companies having wider spread of employees and branches all across the country, an authority for advance ruling (AAR) had said that managerial and leadership services by a corporate office to its group companies and other construction sites registered in...

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IANS 20 September 2021
The government may have extended the due date for filing Income Tax returns on account of the difficulties being reported by the taxpayers in the electronic filing of returns owing to the glitches in the Tax Portal, but taxpayers may still be required to pay additional interest at the rate of...

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Quaid Najmi (IANS) 20 September 2021
In a major revelation, the Income Tax Department on Saturday accused Bollywood actor Sonu Sood of financial irregularities worth over Rs 250 crore by way of unutilised charitable funds, bogus contracts and circular transactions with one of his partner companies, and diverting funds to evade...

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Moneylife Digital Team 13 September 2021
While observing that the formula prescribed by Rule 89(5) of the Central Goods and Service Tax Rules, 2017 (CGST Rules) suffers from anomalies, the Supreme Court says it cannot be a ground to strike down a fiscal rule that has been framed in exercise of the power of delegated...

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