TAXATION


Contributions made by home-owners of a cooperative housing society (CHS) towards a sinking fund meant for future upkeep of the society will be subject to the goods and services tax (GST).   The Karnataka Authority for Advance Rulings (AAR) has held that such contribution towards the...

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In a relief for taxpayers, the Centre has again extended the deadline for linking of Aadhaar number with the Permanent Account Number (PAN) till June 30 this year.   The previous deadline ended on Wednesday, March 31.   In a tweet, the Income Tax Department said that the...

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The government has put yet another ceiling on tax-free contribution made to provident funds. Replying to the debate on Budget 2021-22, finance minister (FM) Nirmala Sitharaman said that a ceiling of Rs5 lakh per annum (PA) would be applied in cases where there is no contribution towards...

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Subhash Narayan (IANS) 18 March 2021
Transaction details of individual tax filers with respect of capital gains, dividend income and interest income will soon become a standard of the pre-filled Income Tax return (ITR) form as the government looks to make tax compliance convenient for taxpayers.   The Central Board of...

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The Central Board of Direct Taxes will provide relief to NRIs, foreign visitors facing double taxation for overstaying in India due to lockdown and suspension of international flights during current financial year (FY21).   Government had earlier given exemption to overseas visitors...

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The share of cess and surcharge in gross tax revenue has nearly doubled to 19.9 per cent in FY21, from 10.4 per cent in FY12.   This has resulted in the decline in the central transfer to states, including non-finance commission transfers. Such transfers from the Centre to states has...

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Centre has extended the deadline for filing annual GST returns for the financial year 2019-20 till March 31.   Earlier the deadline for filing the returns was extended February 28.   In a statement on Sunday, the Department of Revenue said that the decision has been taken...

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Subhash Narayan (IANS) 17 February 2021
Fuel prices have started to pinch consumers harder as petrol has become costlier by nearly 3.75 per cent and diesel about 4.5 per cent in the last 17 days, since the announcement of the new agriculture infrastructure and development cess in Budget 2021-22.   The government has...

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Subhash Narayan (IANS) 15 February 2021
Members of clubs, including sporting bodies and professional institutions will now have to fully comply with tax regulations and pay GST for any goods and service they receive from facilities to which they themselves are members or constituents.   The Finance Ministry has introduced...

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Moneylife Digital Team 10 February 2021
Do you know that if a truck reaches late by a day, it can be penalised up to 108% of value as penalty under e-way bill rules? Yes! Transporters are seriously concerned about their livelihood under such impractical rules and thus have given a call for chakka jam on 26th February. As reported...

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IANS 01 February 2021
The government has decided to exempt dividend payments to Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) from tax deduction at source (TDS).   Presenting the Union Budget FY22, Finance Minister Nirmala Sitharaman said that the move has been made to...

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Moneylife Digital Team 01 February 2021
Contrary to the expectations of crores of taxpayers, finance minister (FM) Nirmala Sitharaman on Monday did not make any changes in the income tax (I-T), except exempting senior citizen pensioners above 75 years from filing returns. In her over one and half hour Budget speech, the FM...

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The Covid-induced work from home (WFH) norms at workplaces has presented special challenges even for the government to mould tax regulations that take note of the new norm.   One such issue is coming in the IT and ITeS sectors, who have become the flagbearers of country's resilience...

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A company is liable to pay Goods and Services Tax (GST) on remunerations paid to Independent Directors on a reverse charge basis.   The Rajasthan Appellate Authority on Advance Ruling (AAR) has also clarified that the parts of Director's remuneration which are declared as 'salaries'...

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Moneylife Digital Team 21 January 2021
Lakhs of professionals like company secretaries (CSs) and chartered accountants (CAs) are having a hard time filing tax documents on the government websites. While the MCA21 portal of the ministry of corporate affairs (MCA) continues to give regular trouble, the Goods and Services Tax Network...

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The good old traditional snack food Papad or Pappadam as it's known in South India cannot be equated with packaged 'un-fried fryums' and this cannot have similar tax treatment, the Authority for Advance Rulings (AAR) had ruled.   In its order rejecting a petition seeking to bring...

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Moneylife Digital Team 12 January 2021
While rejecting representations by tax consultants and professionals, the Central Board of Direct Taxes (CBDT) has refused to grant any further extension of the due dates for filing the tax audit report (TAR) under Section 44AB of the Income-Tax (I-T) Act. CBDT says the process cannot be...

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Moneylife Digital Team 08 January 2021
To boost real estate demand, the Maharashtra government has announced 50% reduction in premiums for the sector. This will be applicable to ongoing and new real estate developments till 31 December 2021. This new year bonanza comes in addition to extension of the stamp duty cut applicable in...

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Moneylife Digital Team 08 January 2021
The Central goods and services tax (GST) department has been issuing show cause notices (SCNs) for FY2014-15 for difference in receipts as per service tax return and income tax (I-T) return in bulk without going into the legality and without fulfilling the mandate given by the law for issue...

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Moneylife Digital Team 30 December 2020
The Income Tax (I-T) department on Wednesday extended last date for filing of IT returns by 10 days till 10 January 2021.    In a statement, the I-T department says, "In view of the continued challenges faced by taxpayers in meeting statutory compliances due to outbreak of COVID-19,...

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