Income tax department to reward officials for good performance
Officers who have unearthed unique modus operandi by tax evaders, helped in tax mop-ups and even those who have implemented the Prime Minister’s Swachh Bharat Abhiyan will be feted. The Central Board of Direct Taxes (CBDT) has decided to award such officials at public ceremonies and use their body of work for future references.
'Vivad se Vishwas' scheme: Cases in arbitration abroad eligible, says I-T dept
The I-T department issued advertisements in leading dailies sa...
US treasury department to handhold six cities on municipal bonds
The US treasury department would sign memorandums of understanding with six ...
Cabinet Secretariat seeks expeditious DoPT views on Ashok Lavasa case
The Income-Tax department is already probing allegations of tax evasion by the family members of Ashok Lavasa, who is due to be appointed Chief Election Commissioner in April 2021.
Income tax benefits on EPF contributions: New vs existing tax regime
In the new tax regime, the tax benefit available on employee's own contribution to EPF account is impacted.
8,700 pharma firms in India claimed tax deductions for ‘gifts’
Around 8,667 pharmaceutical companies claimed income tax deduction under “sales promotion expenses” and “gifts” during 2019-20, the income tax department informed the Madras high court in response to a suo motu case taken up by the court against such unethical marketing practices.
Companies take taxman to court over denial of GST credit on gifts
Under the Goods and Services Tax (GST) framework, companies can set off costs incurred on raw materials or input services against future tax liabilities. However, it denies this benefit on goods distributed as gifts or given free.
Income Tax department may ask NRIs to explain 'bloated' income
Clarification that overseas earnings of bona fide workers won’t be taxed is ambiguous, say experts.
I-T department moves HC against Flipkart's ITAT ruling
The contention of the I-T department has been that Flipkart earned an enduring benefit via aggressive cash discounts, which in turn resulted in losses.
Assam govt to receive report of panel on Clause 6 of Assam Accord on February 25
Justice B. K. Sarma, former Judge and Chairman of High Level Committee on Clause 6 of Assam Accord, earlier stated that no team or member including the Chairman of the HLC had ever visited New Delhi after February 10 for the purpose of apprising or handing over the report to the MHA.
Hedge funds record slowest growth in inflows on higher tax
It has seen the slowest half-yearly growth in investments made during the July-Dec period of 2019.
Coronavirus: Department of Pharmaceuticals recommends ban on export of 12 drug formulations, ingredients
China accounted for 67.56 per cent of India''s total imports of bulk drugs and drug intermediates at USD 2,405.42 million in 2018-19.
Wall St week ahead-fund managers look for value in high-priced consumer sector
Now fund managers are looking for ways to profit without getting burned.
Impact of proposed new income tax rates on a Rs 15 lakh salary
If an individual earning Rs 15 lakh is wondering which tax structure will be more beneficial, then he/she can figure out the same by calculating the total amount of deductions that he/she is claiming in a financial year.
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