Industry bodies are set to raise several issues with the government related to goods and services tax (GST) compliances, legislation and administration ahead of July 1, which marks the fourth anniversary of the indirect tax reform. Simplifying input tax credit procedures, addressing issues arising from inverted duty structure, exploring faceless assessment within the GST structure, … Read more
The income tax department has notified the cost inflation index for current fiscal beginning April 2021 for calculating long-term capital gains arising from sale of immovable property, securities and jewellery. The cost inflation index (CII) is used by taxpayer to compute gains arising out of sale of capital assets after adjusting inflation. The Central Board … Read more
There were two weeks left in the Trump administration when the Treasury Department handed down a set of rules governing an obscure corner of the tax code. Overseen by a senior Treasury official whose previous job involved helping the wealthy avoid taxes, the new regulations represented a major victory for private equity firms. They ensured … Read more
NEW DELHI: The Income Tax department has issued refunds worth over Rs 1.32 lakh crore to over 39 lakh taxpayers so far this fiscal. This include Personal income tax (PIT) refunds amounting to Rs 35,123 crore and corporate tax refunds amounting to Rs 97,677 crore during this period. “CBDT issues refunds of over Rs 1,32,800 … Read more
E-way bill generation facility would be restricted in case taxpayers with turnover over Rs 5 crore fail to file their GSTR-3B returns, for a consecutive period of two months or more. The Goods and Services Tax Network (GSTN) has issued notices to taxpayers stating that it will implement this from 15 October, 2020. “Large non-compliant … Read more
The Delhi High Court has restricted the tax authorities from issuing show cause notices to 13 banks for not levying service tax on the commitment to maintain ‘minimum average balance’ (MAB) in bank accounts. While the government has sought that show cause notices to the banks should prevail, the banks contended that if show cause … Read more
NEW DELHI: The income tax surveys to collect information for scrutiny assessment will be undertaken only by the investigation wing and the tax deducted at source (TDS) directorate with effect from Thursday, the Central Board of Direct Taxes ( CBDT) has said. In an order, the CBDT said officers in Directorate General of Income Tax … Read more
New Delhi: Blocking of the online system for exporters to apply for tax incentives under the export incentive scheme MEIS has created an “extremely precarious situation” for aluminium exports, the Aluminium Association of India (AAI) said on Wednesday. The move will further render exports vulnerable and uncompetitive, the industry body added. The commerce ministry has … Read more
The Central Board of Direct Taxes (CBDT) and the Central Board of Indirect Taxes and Customs (CBIC) signed a Memorandum of Understanding (MoU) for exchange of information This MoU supersedes the MoU signed between CBDT and the erstwhile Central Board of Excise and Customs (CBEC) in the year 2015. “Significant developments have taken place since … Read more
Voters in Switzerland have shocked the political establishment by rejecting a reform plan that would have brought the country’s corporate tax system in line with international norms. The tax reforms, which were widely supported by the business community, would have removed a set of special low-tax privileges that had encouraged many multinational companies to set … Read more