CIRCLE TAX
Funds circling India debt risk being tripped Up by red tape
China's tax exemptions on bond investments set a precedent for India's sovereign debt market, likely attracting more foreign investors. The hurdles faced by outsiders in accessing the market include lengthy documentation, tax treaty variances impacting returns, and the need for registration via custodian banks for trading in certain bonds.
View: Raise a glass to the job creators
In a recent interview, Narendra Modi emphasized the importance of supporting businesses and avoiding demonization. The Prime Minister's stance received positive feedback, contrasting with past socialist inclinations.
DLF Urban gets ITAT relief in ₹328cr dispute
Delhi ITAT grants DLF Urban relief, rejecting ₹328 crore addition. Property valued via Cushman and Wakefield for Moti Nagar land development rights. TPO's adjustment upheld by Commissioner regarding transfer pricing.
Real-money gaming firms look for cues in Google billing row
As the battle between Google and startups over service fees unfolds, online real-money gaming (RMG) companies are observing the situation closely. These companies are concerned that they might be the next group of app developers to face the 15-30% fee implementation starting from June this year.
Indian businesses fear higher taxes over unsettled dues to small vendors as March 31 deadline inches closer
Indian businesses are facing a higher tax outgo due to a new law that requires them to clear outstanding dues to small and micro vendors within 45 days. The law, passed in 2023 and unchanged in the 2024 budget, treats incurred expenditures as income on which tax must be paid for FY 24-25. Many businesses are consulting auditors and tax experts to estimate the extent of the impact and find ways to avoid a tax blow. Some small units are even considering surrendering their 'small and micro' registrations to protect their order books.
Infosys charged $225 penalty by US authority on tax violation
On January 25, the Nevada Department of Taxation sent a communication to the Bengaluru-based software services exporter for collection of penalty. The violation(s)/contravention(s) committed or alleged to be committed is “short payment of modified business tax for Q4 2021 to Q1 2022”, Infosys said in the disclosure on Monday evening.
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Gaming firms offer to pick up tax bill to keep players hooked
Companies are subsidising tax liability on users through deposit offers and bonuses, say industry insiders.
Tax and disclosure norms: NRIs asked to state number of days spent in India
Unlike residents, NRIs are not required under the law to pay tax on overseas earnings or declare foreign assets. However, if they overstay - spending more than 181 days in a year in India - tax and disclosure regulations, as related to residents, apply to them.
Hindustan Zinc gets 28.83-crore tax penalty notice
Hindustan Zinc intends to file appeal before the Appellate Authority within the time limit prescribed for both these demands. “The company is hopeful of a favourable outcome thereof and does not expect the said order to have any material financial impact on the company,” it said. Earlier this month, the company had also got a 13.47-crore rupee demand order from the Additional Commissioner, Central Goods Services Tax and Central Excise Commissionerate, Udaipur for disallowance of Input Tax Credit on account of procedural issues.
Bata India gets Rs 60 crore sales tax notice
The issues raised include differences in turnover on outward supplies in the monthly GST returns, differences in tax on outward supplies in the GSTR-9 & GSTR-9C returns, excess Input Tax Credit (ITC) availed, and ITC Reversal on credit note. The company said it initially received an audit notice on April 27, 2023, and submitted relevant documents in response.
SC defers hearing of IT assessment case of Gandhis till Dec 13
The court clarified it has not examined the "controversy between the parties on merits" and said the Central Circle's jurisdiction is not confined only to search cases, and no assessee has any fundamental or vested legal right to be assessed by a faceless assessing officer. The Gandhis had opposed the transfer of their cases to the Central Circle on several grounds including that they have nothing to do with the Sanjay Bhandari group's cases.
UK borrowing figures give Hunt some room for tax cuts
Britain's government borrowed less than predicted in the first seven months of the financial year, according to data from the Office for National Statistics (ONS). Government borrowing between April and October totalled 98.3 billion pounds ($122.49 billion), about 22 billion pounds higher than last year but nearly 17 billion pounds less than the Office for Budget Responsibility (OBR) forecast.
Taxing cheeseburgers could help save the climate
The people across the world tend to eat richer as they earn more wealth, which typically includes consuming more meat.
Vedanta Ltd arm Hindustan Zinc receives Rs 1.81 cr tax penalty order
Based on the Company’s assessment and prevailing law, the Company is hopeful of a favourable outcome at the appellate level and does not expect the said Order to have any material financial impact on the Company, Vedanta said.
Tata Steel arm TCIL gets Rs 40 crore tax penalty notice
TCIL on October 4, 2023, received an order from the office of the Deputy Commissioner of Commercial Taxes, Jamshedpur Circle, Jamshedpur, imposing a penalty of approximately Rs 3,986.78 lakh on TCIL in connection with an earlier demand order from Deputy Commissioner of Commercial Taxes, Jamshedpur, pertaining to FY 2016-17, it said.
Supreme Court seeks I-T files in 'circle transfer plea' by Rahul Gandhi, other Cong leaders and AAP
The Supreme Court has requested original files from the Income Tax Department regarding the transfer of tax assessment of Congress leaders Sonia Gandhi, Rahul Gandhi, and Priyanka Gandhi Vadra, as well as the Aam Aadmi Party (AAP) and other charitable trusts. The court clarified that it will only consider the legal issues involved and will refrain from getting involved in the politics of the case.
We expect lot of opportunities for wealth creation in next seven years: Gurmeet Chadha
There are a lot of similarities. The old economy stocks are coming back. There is massive infrastructure spend which is taking shape through metros, through road, rail, airport infrastructure and there are early signs of capex and a lot of private capex picking up.
Income Tax Dept seeks more time for international cases
The Indian tax office has requested that hearings related to contentious transfer pricing and international taxation cases be adjourned until a ruling is given by the Supreme Court. If the top court upholds a ruling by either the Bombay High Court or earlier Chennai High Court order, a number of tax matters currently before the Dispute Resolution Panel would become time-barred under tax law, meaning the tax office would be unable to recover any tax from these claims.
Will government extend ITR filing deadline due to widespread floods in India?
ITR filing deadline: The income tax return filing deadline is July 31, 2023. Many taxpayers and CA associations are requesting for an extension of the ITR filing deadline in certain states as a result of floods in certain areas disrupting the lives if individuals.
14% taxpayers won’t be able to meet ITR filing deadline of July 31, 2023: Survey
The deadline to file income tax return (ITR) for individuals without audit is July 31, 2023 for FY 2022-23 (AY 2023-24). However a survey has found out that 14% of the tax filers won't be able to comply with this deadline. On top of that 27% people are still yet to file their ITR.
I-T lens on use of multiple PAN cards in weddings, big purchases
Sale and purchase of goods or services exceeding ₹2 lakh in cash must be reported on form SFT-013 by the seller. As per the board's plan, details of which have been shared on some tax platforms and are being discussed in industry circles, such transactions need to be inspected closely since it has noticed rampant circumvention of this provision.
Salaried individuals under I-T scanner as taxman serves notices asking assessees for documentary proof to claim exemption
ITRs filled with fake rent receipts from close relatives, extra claims against home loans, false donations may come back to haunt many, particularly salaried individuals. Unlike in the past when it was easier to escape the glare of the tax office, many may run out of luck now as their returns are red-flagged by softwares used by the revenue department.
Will your ‘gift’ be taxed?
Monetary gifts or property received under a will or by way of inheritance is not taxable. This will also hold in case someone bequeathes such a gift in contemplation of death (who is terminally ill and expects to die shortly from illness).
Despite the run-up, Reliance continues to be nicely balanced: Gurmeet Chadha
“It has been a while since Reliance Industries consolidated. The earnings were pretty strong. The O2C segment did pretty well while Jio continues and retail continues to get more traction. Also, the demerger of Jio Financial Services was another small trigger and the market was valuing it at about Rs 200-220.
Dream 11 Fantasy Sports, Rummy 11, or Online Gaming: How your winnings will be taxed
Finance Bill 2023 has introduced Sections 194BA and 115BBJ to tax income that users earn by winning on gaming platforms.
What makes Singapore the best place to set up a family office
The Single Family Office (SFO) structures are designed to help establishment of these Family Offices without the requirement of any license or become registered to provide fund management services to the investment vehicles held by a ultra-high net worth family.
The Circle: Founders Club successfully accelerates 13 South Korean startups in India as part of their APAC cohort
The team is also working on bridge programs for Indian startups looking to expand in South Korea and other Asian markets.
Reliance numbers will be good despite despite windfall tax; we like to add it on dips: Gurmeet Chadha
“The results could be a key trigger for Reliance and I am interested in seeing how the entire succession planning plays out in all the three companies. Reliance has made significant investments in clean energy. More than a $12-13 billion capex plan was announced in the last AGM. I will also like to see how the Jio ARPUs are shaping up.”
Extension of reduced circle rate to benefit real estate sector, say realtors
Brokerage firms and industry leaders said that transaction costs such as goods and services tax (GST), stamp duty and registrations fee are already on the higher side and that any addition will impact home buyer sentiments.
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