A tax tribunal has ruled that Oravel Stays Private Limited, the company which runs OYO Rooms, is not required to pay the tax deducted at source (TDS) on the minimum guarantee payments made to hotels.
The Delhi-based Income Tax Appellate Tribunal (ITAT) observed that hotels conduct their operations in terms of providing lodging and accommodation services whereas OYO Rooms provides technology, sales, and marketing services through its platformOYO Rooms assures minimum benchmarks, occupancy of hotels and in case such benchmark is exceeded, the service fee is payable by the hotel and in case of shortfall, the former is required to meet the same.
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The income-tax department is set to launch a screen-based automated reconciliation system for plugging mismatches between returns filed by taxpayers and information processed by the department.
In some select cases, people who did not file I-T returns (ITR) can use the automated reconciliation facility.
In the first phase, information mismatches related to financial years 2021-2022 and 2022-2023 will be considered.
Sources said no notice needed to be issued for this, and the I-T department would send alerts through SMS and e-mail to taxpayers where mismatches were identified.
The Income Tax Appellate Tribunal (ITAT) has come to the rescue of a salaried individual who was deputed to work outside India, by holding that the salary income (which includes allowances) of a 'non-resident' for services rendered overseas cannot be taxed in India.
In this case, which was heard by the ITAT Delhi bench, Devi Dayal was deputed by his employer - an Indian company engaged in digital technologies - to work on a project in Austria.
Net direct tax collection so far in current fiscal grew 20 per cent year-on-year to Rs 15.60 trillion, which is 80 per cent of revised budget estimates for full fiscal year.
"The provisional figures of direct tax collections continue to register steady growth. Direct tax collections up to 10th February, 2024 show that gross collections are at Rs 18.38 trillion, which is 17.30 per cent higher than the gross collections for the corresponding period of last year," Central Board of Direct Taxes (CBDT) said in a statement.This collection is 80.23 per cent of the total revised estimates of direct taxes for 2023-24.
Refunds amounting to Rs 2.77 trillion have been issued during April 1, 2023 to February 10, 2024.
Gross revenue collections for Corporate Income Tax (CIT) and Personal Income Tax (PIT) also showed a steady growth.
Growth rate for CIT was 9.16 per cent while for PIT, it was 25.67 per cent (PIT only).
After adjustment of refunds, the net growth in CIT collections was 13.57 per cent and that in PIT was 26.91 per cent (PIT only), it added.
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.