HITESH D GAJARIA
India Inc expecting budget to lower personal income tax rates
Finance Minister Nirmala Sitharaman will increase the income tax exemption limit from Rs 2.5 lakh per annum currently, majority of respondents surveyed by tax consultancy firm KPMG opined. The majority of respondents also feel that the government in the forthcoming Budget to be unveiled on February 1 will increase the standard deduction and give more incentives for housing loans.
Taxman urges India Inc to opt for Vivad Se Vishwas scheme
Top officials of the Income Tax (I-T) department recently reached out to members of Corporate India and senior tax professionals, strongly advising them to opt for the Vivad Se Vishwas scheme.
ITAT wants Volkswagen to pay taxes for a six-year-old deal with Nicolas Cage
Six years later a tax tribunal has ruled that the payment of $440,000 by Volkswagen Finance, a Volkswagen arm in India, for the celebrity appearance should be taxed in India.
Companies can’t evade tax on profit from overseas office after ITAT ruling
Practice of companies interpreting treaties in a certain way to avoid tax on foreign offices’ profits to end. The practice continued even after 2008 when the tax law was amended to clarify that India may tax earnings of overseas branches. Several companies still avoided tax by citing earlier court decisions that seemed to favour their interpretation.
Lack of clarity over date for dividend tax worries Street
The law has left a gap for overzealous tax officers to interpret.
Taxpayers need to be careful while assessing provisions in tax laws
This ordinance provided for significant tax cuts for domestic companies.
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Typo in tax bill? Bill says lower MAT not this year
However, while the Ordinance said that the lower MAT will be effective immediately, the Bill said the reduced MAT will come into effect from next financial year.
MAT credit not available to companies opting for lower corporate tax rate
Firms that opt for the new tax rate will lose out on the Minimum Alternate Tax credit lying on their books.
Govt-sponsored incubators eligible for CSR funds
Nirmala Sitharaman said that research funding in science, technology, engineering and medicine will be counted as part of mandatory CSR expenditure.
Tax relief to kick-start capex plan, revive corporate sentiments: Tax experts
The government's decision to reduce base corporate tax to 22 per cent from 30 per cent will boost net income of Indian corporates and is credit positive.
Surcharge hike: Will the rich outsmart the taxman?
Many biz families holding assets under local pvt trusts are considering to change the character of the trust.
Corporate tax proposals to fuel new India
The budget seems to have made a genuine attempt at stimulating the economy by incentivising businesses, promoting rural economy and improving education.
Tax treaties under scanner as Australia court says Tech Mahindra to be taxed
Tech Mahindra's services were partly performed by employees in Australia and partly by its India staff.
US tax reforms may impact Indian business groups
For BEAT to apply, two tests have to be met. First, the US group’s average annual gross receipts for the past three years should exceed $500 million.
Companies investment vehicles set up in Dubai free trade zone under taxman scrutiny
I-T dept probes transactions to check if firms used these subsidiaries to siphon off money, escape tax
Relief to IT sector: CBDT withdraws controversial circular, amends another
CBDT withdrew the circular relating to Profit Split Method (PSM) as a preferred mode for computation of tax liability and modified another one.
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