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Amnesty Scheme for customs may be announced in Budget 2025-26 to reduce litigation: Experts

Amnesty Scheme for customs may be announced in Budget 2025-26 to...

Sun, Jan 12, 2025

In a bid to reduce litigation, Finance Minister Nirmala Sitharaman in the upcoming Budget may announce an Amnesty Scheme for customs to foster ease of doing business.

Most of top-level executives have positive perception of GST: Deloitte survey

Most of top-level executives have positive perception of GST: Del...

Wed, Jun 19, 2024

An increasing number of C-suite executives have a positive perception of GST with many highlighting further reforms like rationalising tax rates and effective dispute resolution process as focus areas to usher in GST 2.0, a Deloitte survey said on Wednesday.

Tax Payers on Social Media: 'My Taxes for National Progress, Not for Freebies' Campaign

Tax Payers on Social Media: 'My Taxes for National Progress,...

Fri, Jun 14, 2024

Tax payers are running "My tax for the progress of the country, not for free" campaign on social media. watch this video

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Amazon wins $1.5 billion tax dispute over IRS

Amazon wins $1.5 billion tax dispute over IRS

Fri, Mar 24, 2017

The world`s largest online retailer has said the case involved transactions in 2005 and 2006, and could boost its federal tax bill by $1.5 billion plus interest. It also said a loss could add "significant" tax liabilities in later years.

Corporate leaders see private capex revival from H2

Corporate leaders see private capex revival from H2

Fri, Mar 17, 2017

"I think it's round the corner, you will see it this year. Better days are coming because I have never seen such strong macro-economic fundamentals," HDFC chairman Deepak Parekh said at the India Today Conclave here.

Demonetisation likely to be credit positive for India, Moody's says

Demonetisation likely to be credit positive for India, Moody...

Wed, Mar 01, 2017

Progress on the pending Goods and Services Tax (GST) reform and Finance Minister Arun Jaitley's 2017 budget speech to parliament both underscore the government's commitment to reform in the wake of demonetisation.

HSBC discloses tax evasion probes in India, other countries

HSBC discloses tax evasion probes in India, other countries

Sun, Feb 26, 2017

Disclosing the "tax-related investigations" in its latest annual report published last week, HSBC further said it has set aside $773 million (over Rs 5,000 crore) as a provision for various tax- and money laundering-related matters.

CBEC seeks exporters' feedback on drawback rates post GST

CBEC seeks exporters' feedback on drawback rates post GST

Sun, Feb 26, 2017

"In order to ensure smooth transition to GST framework, the Drawback Committee is to formulate and recommend revised All Industry Rates (AIRs) of drawback on rebate to be implemented for exports in the context of new GST environment," it said.

IRS officers seek PM's intervention for smooth roll-out of GST

IRS officers seek PM's intervention for smooth roll-out of G...

Sun, Feb 26, 2017

In a memorandum submitted to the Prime Minister's Office (PMO), the officers' body has also highlighted the serious security and financial concerns raised by the Comptroller and Auditor General (CAG) and the Home Ministry against the Goods and Services Tax Network (GSTN).

Lower tax rates possible when all pays dues: Goyal

Lower tax rates possible when all pays dues: Goyal

Sat, Feb 25, 2017

"I wonder what revenue neutral rate it would be, if we will put every thing in zero or low rates. Do we have to make profit at the cost of the nation," the minister said.

Income Tax department to go easy on up to Rs 5 lakh deposits by 70-plus people

Income Tax department to go easy on up to Rs 5 lakh deposits by 7...

Wed, Feb 22, 2017

"There is absolutely no cause for panic. We are not going after everyone who deposited their holding of the demonetised currency in bank accounts between November 8 and December 30, 2016. Very clear thresholds have been set for tax department to take up deposits for verification. I repeat, it is for verification and not scrutiny or assessment," a senior Finance Ministry official said.

GST's IT infra firm under scrutiny for tax evasion

GST's IT infra firm under scrutiny for tax evasion

Sat, Feb 18, 2017

"It is a preliminary inquiry to seek clarification. But as a first step, we just send a letter and summon comes only as the second resort. In this case, it looks like the work of an over-enthusiastic assessing officer who has skipped the first step and directly given a summon, which is wrong," the source told IANS.

Note ban can't alone curb black money accumulation: Rangarajan

Note ban can't alone curb black money accumulation: Rangaraj...

Sat, Feb 18, 2017

"All this will have an immediate effect on the economy which will be adverse. The long term gains are in terms of reduction in the proportion of pure cash transactions, and a shift to digital mode of payment leading to recording of all transactions and thereby helping to widen tax net," Rangarajan said.

GST Council to finalise draft model GST law including anti-profiteering clause on February 18

GST Council to finalise draft model GST law including anti-profit...

Fri, Feb 17, 2017

GST Council headed by FM Arun Jaitley is likely to finalise the draft model GST law including final drafting of the anti-profiteering clause on February 18, Saturday.

Income Tax Department in process of developing app to pay income taxes, apply for PAN cards

Income Tax Department in process of developing app to pay income...

Wed, Feb 15, 2017

The Income Tax Department of India will soon launch an app which will help people to pay their taxes, apply for PAN cards or track tax returns.

Over 5.27 lakh taxpayers respond to IT department's 'Operation Clean Money '

Over 5.27 lakh taxpayers respond to IT department's 'Op...

Tue, Feb 14, 2017

"The explanation of cash deposit submitted by the taxpayer is being analysed in the context of nature of business and business profile in the earlier returns of the taxpayer," said the Ministry of Finance.

Tax officers to file self-appraisal report on e-assessment

Tax officers to file self-appraisal report on e-assessment

Sun, Feb 12, 2017

The assessment proceedings in all cases selected under scrutiny have to be conducted through email based communications unless the taxpayer concerned desires to opt out of the paperless assessment scheme.

Prime Minister Narendra Modi says cash crackdown is a fight for the poor

Prime Minister Narendra Modi says cash crackdown is a fight for t...

Tue, Feb 07, 2017

Prime Minister Narendra Modi on Tuesday defended his decision to abolish high denomination bank notes that has left the economy reeling, calling it a "fight" for the poor.

Tax dept scans 1-crore accounts under 'Operation Clean Money'

Tax dept scans 1-crore accounts under 'Operation Clean Money...

Sun, Feb 05, 2017

"We have initially matched 1-crore accounts with the profile in our database and identified 18 lakh people with suspicious deposits of over Rs 5 lakh. We will expand the scope of data analytics further and match the profiles with our data base," the source told PTI.

Final draft of GST laws ready; Council to meet on Feb 18: Jaitley

Final draft of GST laws ready; Council to meet on Feb 18: Jaitley

Fri, Feb 03, 2017

He pointed the government is making efforts to make the society more tax compliant.

Budget 2017: Companies can now carry their tax credit under MAT, AMT for 15 years

Budget 2017: Companies can now carry their tax credit under MAT,...

Wed, Feb 01, 2017

Ameen Khwaja, Founder & CEO, LatestOne.com “Push for digital economy is a positive step towards Digital India. However, was expecting more benefits for startups and MSMEs. Few benefits are good like - the increase in the tax break segment, MAT can be carried forward to 15 years and 5% reduction in income tax for MSMEs."

Budget 2017: Govt makes exemptions for FPIs for ease of doing business

Budget 2017: Govt makes exemptions for FPIs for ease of doing bus...

Wed, Feb 01, 2017

Jaitley announced that the threshold limit for audit of business entities who opt for presumptive income scheme increased from Rs 1 crore to now Rs 2 crore.

India's IT, Auto, Pharma sectors may face brunt of Trump's border tax

India's IT, Auto, Pharma sectors may face brunt of Trump...

Mon, Jan 30, 2017

If Border Tax Adjustment (BTA) brought into effect, there are some Indian sectors like IT services, Textiles, Healthcare and Auto that will be impacted as they might face higher competition from domestic US companies and see rise in cost of their products.

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