More than 150 companies that have raised funds through initial public offering (IPO) since July 2017 are now staring at additional goods and services tax (GST) liability. Tax authorities have started issuing notices to these companies, asking them to reverse credit claimed on expenses for listing of the shares, people aware of the matter said. … Read more
Several companies and individuals who may have avoided paying taxes have come under the taxman’s lens following an elaborate investigation based on application of data analytics and machine learning and robust data sharing between various tax authorities. The government has used statistics of the last two financial years to create the audit checklist. Tax department … Read more
The revenue department has started issuing notices to several multinationals to comply with the transfer pricing timelines after many multinationals and their tax advisors missed filing deadlines assuming that the extension of timelines due to Covid-19 pandemic applied to transfer pricing assessment as well. Some of the tax advisors have also reached out to the … Read more
The income tax department will launch a new e-filing portal on June 7, which will be integrated to immediately process returns and issue refunds. The new tax payment system will be launched on June 18, 2021 after the advance tax instalment date to avoid any taxpayer inconvenience. “The new e-filing portal is aimed at providing … Read more
Beginning this financial year, the income tax department will have direct access to details of capital gains made, dividends received and interest earned by investors, which is expected to plug under reporting or non-declaration of such income. A notification issued by the I-T department on March 12 has included stock exchanges, depositories, clearing corporations and … Read more