The CBDT has asked the I-T department to rectify in the next 30 days all incorrect tax demands raised due to its faulty database.
The I-T dept cannot levy penalty on a taxpayer, if he makes an incorrect claim but furnishes all relevant particulars of income , according to Bombay HC order.
AAR is a platform for foreign companies as well as Indian companies that transact or seek to transact with foreign companies, for knowing in advance the tax cost of their transaction.
Vijay Mallya is expected to take a call within the next few weeks on a proposed deal with Diageo that would help him raise cash and pay off creditors.
Though the AAR ruling was in relation to the India-Switzerland tax treaty, the principle can be applied to cases involving tax treaties with other countries as well.
Tax paid by an employer on behalf of employees is a non-monetary remuneration and therefore exempt from tax, according to an Uttarakhand High Court order.
Securities transaction tax collections by the govt fell 15% b/w Apr & Aug 15 compared with the same period a year ago.
Asuspected burglary at the Income Tax office in the business district of Bandra has sent panic waves among senior officials.
DRI busted a racket of gold smugglers, including two personnel belonging to Central Industrial Security Force (CISF).
The Etrade tax case has been closely followed by international tax authorities and multinational companies alike since judicial response to such issues give an idea of the country’s stand on the contentious cross-border tax issues.
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