The Income-tax Appellate Tribunal (ITAT), Mumbai bench, in the case of Comstar-Mauritius has upheld the exemption of long-term capital gains (available under Article 13 of the India-Mauritius tax treaty) on sale of equity shares of an Indian company, which were acquired prior to April 1, 2017. It has overturned a revisionary order passed by the Commissioner of Income-tax (Appeals).
The Supreme Court on Monday issued a notice to the union government in a case relating to the constitutional validity of anti-profiteering provisions under the goods and services tax (GST).
A three-judge bench comprising Chief Justice D Y Chandrachud, Justice J B Pardiwala and Justice Manoj Misra was hearing a special leave petition against the order of the Delhi High Court upholding the constitutional validity of the provisions.The petitioner, detergent manufacturer Excel Rasayan Private Ltd, submitted that the High Court erred in failing to appreciate that the impugned provisions are ultra vires the constitution.
Taxpayers can verify the genuineness of any communication (including summons) from the department by using the 'VERIFY CBIC-DIN' window on the CBIC’s website or the DIN Utility Search on the online portal of Directorate of Data Management (DDM), CBIC.
The CBIC on Saturday cautioned against fraudsters issuing fake GST summons and asked taxpayers to check the veracity of any communication received from GST authorities. In a statement, the Central Board of Indirect Taxes and Customs (CBIC) said the Directorate General of GST Intelligence (DGGI) has recently noticed that some individuals with fraudulent intent are creating and sending fake summons to taxpayers who may or may not be under investigation by the DGGI.
Online gaming companies may get a breather as the Union government is likely to soften its stance on the retro goods and services tax (GST) demand notices, sources told CNBC-TV18 on February 7.
Sources say the government realises the existential issue that gaming companies face if they have to pay GST demands raised for the period between July 2017 to March 2023.
The government now sees merit in the argument that a company cannot pay unrealistic tax demands. It is likely to have sought legal opinion on the way out of tussle with online gaming firms, sources added.
Goods and services tax (GST) authorities have issued notices to several companies for discrepancy in claim of input tax credit, or ITC, people aware of the matter said. This follows close scrutiny of input tax availed by the companies and mismatch with their annual return.
The notices have been sent under Section 150 of the CGST Act, 2017. The department has asked the taxpayers to file an information return, giving details of the reason for the "short reporting" of input tax credit. ET has seen...
Assuring the market participants stability in the capital gains tax regime, Finance Minister Nirmala Sitharaman said that Prime Minister Narendra Modi is never in favour of quick twists and turns in policy.
“Policy stability is one thing, which Prime Minister lays a lot of emphasis on. He doesn't like periodic tweaking; he would tell you it's only two years or three years, and let it play out, let it settle down and so on. He's never in favour of quick twists and turns. And this is not me saying. People who have observed him since his tenure as chief minister will know that the biggest strength under Prime Minister Modi is stability in policy,†the finance minister said on February 2 in a post-Budget interview with Network 18 with Editor-in-Chief Rahul Joshi.
Taxpayers who earn more than Rs 50 lakh or have more than one house need to share extra information when they file their income tax return (ITR).
The Central Board of Direct Taxes (CBDT) has notified the income tax return (ITR) forms, ITR-2 and ITR-3. Many entities, including individuals, whose income iexceeds Rs 50 lakh are required to file their ITR using these forms for FY 2023-24 (AY 2024-25). The last date to file ITR-2 and ITR-3 is July 31, 2024. Whereas taxpayers who are required to conduct income tax audit and have business income must file ITR-3 by October 31, 2024
The Income Tax Department will soon send notices to individuals who have not filed income tax returns (ITRs). The notices will be sent to even those whose income tax has been deducted at source, The Economic Times reported on Sunday.
Central Board of Direct Taxes (CBDT) chairman Nitin Gupta said that the department will be sending notices to only those taxpayers for which it had definitive information. He said the department's focus was on improving taxpayer services, from bringing down the period of refund to updated returns or solving a large tax dispute