In an order that could provide great relief to many tax payers, who missed the opportunity to make proper claim before tax authorities, ITAT held that it has powers to hear fresh claims of tax payers.
Out of the total collection of Rs 48,000 crore, Rs 26,000 crore came from corporate tax.
Most cos in 100 top taxpayers list from Mumbai have reported a higher tax payment for the April-June quarter. Gainers: BSE ( A, B ), NSE | Losers: BSE ( A, B ), NSE
Employment generating companies in the service sector are likely to get a boost in the forthcoming Budget in the form of tax incentives. This can be through a tax benefit, which will be in proportion to the number of new jobs created by companies.
India's commercial capital is expecting a surge in advance tax payments for the first quarter of this fiscal, with the collections from tax deduction at source (TDS) registering an 18% jump so far compared with the previous year.
AAR has held that tax is to be paid on all cross-border transactions even if the parties involved are exempt from taxation in their countries. Tax myths I Safe tax saving
Of the 50 Indians who stashed away unaccounted money in the European tax haven of Liechtenstein, 25 belong to Mumbai. Tax authorities have reopened assessments of all these 25 taxpayers, or rather evaders, under section 148 of the IT Act.
KT Corporation, a South Korean telecom major, has secured a favourable judgement from the Authority for Advance Ruling, a quasi-judicial body on tax matters, that will have a bearing on company's tax liability in India. AAR ruling can support its case for not paying tax in India.
Goa’s humble feni, that comes under the category of “country liquor”, is now joining the ranks of Darjeeling Tea, Mysore Sandalwood and Scotch Whiskey.
Collections by way of the Securities Transaction Tax, the tax levied on buying and selling of securities, from Mumbai dipped by around 22%, according to Central Board of Direct Taxes sources.
- No blogs yet have been written by the author, we’re sure the author will contribute one soon