Page 15 of Tax

With the ITD unable to recover over 97.5% of the total arrears demanded, it is obvious that pending litigation is untenable.

Tax travails: Reduce untenable tax litigation

The income tax department should target to complete all pending appeals within the next one year and release the inappropriately…

February 17, 2022 05:00 IST

Two ends of spectrum: Tax windfall gains to address inequality

Include unrealised capital gains in taxable income. If the purpose is to tax large windfall gains, then the size of…

February 16, 2022 03:45 IST

FY22 collections: Net tax receipts may exceed revised estimate by Rs 80,000 crore

Corporate firms pay their final advance tax of 25% of full-year tax liability by March 15.

February 15, 2022 04:15 IST

There is an enhanced limit of Rs 5 lakh where there is no employer contribution involved.

Tax Talk: Budgeting for tightening of tax rules on EPF

Look out for clarifications on taxability of big-ticket provident fund contributions in coming Budget

January 31, 2022 01:45 IST

Budget 2022: Amend CGST to bring input tax credit under inverted duty refunds

For the upcoming Budget, input tax credit and inverted duty structure are the way forward. An important ask in the…

Updated: January 25, 2022 18:23 IST

income tax, income tax return, ITR, ITR filing, capital gain, long-term capital gain, LTCG, equity, equity-oriented mutual fund, MF, SIP, page 112A

Common mistakes to avoid in the last days of filing ITR

ITR filing after the due date would attract a penalty up to Rs 5000. Another drawback of not filing the…

Updated: December 31, 2021 16:29 IST

Fiscal deficit for FY22 may narrow on higher tax collection, says India Ratings

India Ratings and Research expects the fiscal deficit for FY22 to be at 6.6% of the GDP, 20 basis points…

Updated: December 31, 2021 13:58 IST

Robust tax revenues this fiscal to improve tax-GDP ratio: Revenue secretary Tarun Bajaj

The governments’ gross tax collections (after refunds but before devolution) stood at Rs 5.31 lakh crore in Q1FY22, 97% higher…

August 12, 2021 02:45 IST

As was expected, the 2012 law drew the ire of investors as well as global taxpayer fraternity.

Retrospective Tax Law: Good riddance to a bad taxation approach

The move to defang the 2012 retrospective tax law will boost investor sentiment

August 9, 2021 06:00 IST

The law, widely contested in the courts, hounded Vodafone for years over its acquisition of Hutchison’s India telecom stake.

Govt proposes to withdraw retrospective tax bill that hounded Vodafone, Cairn for years

The amendment to the Income-Tax Act, 1961, which received the President’s assent in May 2012, allowed the government to ask…

Updated: August 5, 2021 19:04 IST

GST bonanza for old gold jewellery buyers; now pay tax only on difference between purchasing, selling price

When any product is purchased, it is loaded with GST. When a business entity resells the same product after refurbishing,…

Updated: July 17, 2021 10:00 IST

The Income Tax Act, 1961, was amended to the extent that goodwill will have to be removed from the block of asset as on April 1, 2020, such value to be reduced will be cost of goodwill, net of depreciation claimed till date.

Short-Term Capital Gains: New goodwill rule seen imposing tax liabilities on firms

Finance Act, 2021, had amended that ‘goodwill’ will no more be regarded as an “intangible asset” and depreciation would be…

July 9, 2021 02:00 IST

While the Sale of Goods Act, 1932(SOGA) defines 'goods' to include stocks and shares within its genre, a matching definition in Central Goods and Services Tax Act 2017 (CGSTA) excludes securities from its ambit.

Tax Talk: Do shares come under the ambit of ‘goods’?

Clarity from the tax department is needed on TDS implications on transactions in unlisted shares and securities

July 9, 2021 00:30 IST

Covid relief: No income tax on financial aid for treatment; exemption to ex-gratia received by kin of deceased

It also extended the due date of various compliances, including the last date of linkage of Aadhaar with PAN from…

June 26, 2021 02:30 IST

Manjula Muthukrishnan, MD —India operations, Avalara

Tax automation: Easing GST compliance and taxation with technology solutions

Leveraging Artificial Intelligence, Avalara aims to make a mark in the Indian market by addressing dynamic taxation and accounting needs…

June 17, 2021 08:32 IST

Refunds declined 32% to Rs 30,731 crore as on June 15 of FY22 compared with Rs 45,143 crore in the year-ago period.

Advance tax collections rise 150% in Q1 on low base

The net direct tax collections include corporation tax (CIT) at Rs 74,356 crore and personal income tax (PIT), including security…

June 17, 2021 03:15 IST

The government should consider doubling the limits under Section 80D.

How India is leading by example with its faceless E-assessment system for income tax

The most important aspect of new procedure is coverage of ‘Best judgement assessment’ in faceless Assessment Scheme.

May 8, 2021 11:44 IST

GST, goods and services tax, tax, world bank

No backdate entries, recovery cases, more return filing, others help tax officers to up GST collection

Every taxpayer in India spends a good deal of time and money in undertaking tax compliance and procedures, still the…

April 10, 2021 17:02 IST

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Page 15 of Tax

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