NANGIA ANDERSEN INDIA
Paying rent in cash without a rent receipt? Know why your HRA claim may be rejected, and you may get an income tax notice
House rent allowance: Tenants will get into trouble with the income tax department if they are paying rent in cash and the landlord does not offer it for income tax. For every claim of HRA there should be a corresponding income offerred for tax. Read here to know how a tenant got into trouble because of this.
New govt to inherit strong economy, focus on making India developed nation by 2047
India's record-breaking economic growth rate and strong tax revenues provide a foundation for future reforms aimed at transforming the country into a developed nation by 2047. The new government must address challenges such as unemployment and rural distress, while also focusing on controlling inflation. Despite potential obstacles, experts expect continued infrastructure-led growth, investor-friendly policies, and reforms to maintain India's economic momentum and attract investment.
Central govt employees, private employees can't claim LTA if they don't follow these rules; LTA eligibility, other latest updates
LTA for central govt employees: Employers offer Leave Travel Allowance (LTA) to offset travel expenses during leave. It covers airfare, train tickets, or public transport, but reimbursement is capped by employer or tax limits. Confusions arise, especially with air travel. Here's a breakdown: Can you claim LTA with a confirmed flight ticket? Does the booking platform matter? Is family included? What documents are required for flight-based LTA claims?
Tax free settlement of family assets: How Godrej like family arrangement can help in redistribution of wealth among members without capital gain tax
The Supreme Court of India permits re-distribution of wealth using family arrangement among the members of the family. Further using this method eliminates the possibility of the family memebers paying any capital gains tax. The Godrej family recenlty used this process. Read here to know how you too can use family arrangement process.
How to claim LTA: Eligibility, LTA rules, documents you need to submit, how much amount you can claim and more
Leave Travel Allowance or LTA, a component in your salary, helps offset travel expenses incurred during your vacation. The benefit extends to family – covering travel costs for your spouse and dependent children, and family members. To claim LTA, you need to submit documented proof of travel costs to your employer within the stipulated deadlines. Who can claim LTA? What are the documents that you need to submit? What are the conditions you need to keep in mind while claiming LTA? All questions answered.
India, Mauritius sign protocol to amend tax treaty; principal purpose test introduced
Tax experts said a new article has been added to the protocol "Article 27B Entitlement to Benefits". The amended protocol was signed on March 7 and made public now.
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Mauritius to amend DTAA with India
The amendment, which is in sync with the ongoing global tax agreement, will discourage existing source-based tax exemptions claimed by the companies and will make it difficult for them to abuse the tax treaty purely for treaty shopping. The Base Erosion and Profit Shifting rules under 'pillar two' model are crafted to ensure large MNCs pay a minimum level of tax on income arising in each jurisdiction they operate in.
Sharp decline in FDI into India from Cayman Islands, Cyprus during April-Sep
For Cayman Islands, Kumar said that in October this year, the region was removed from the grey list by FATF (Financial Action Task Force) and this may result into positive FDI flow from Cayman Islands in coming times. FDI into India declined 24 per cent to USD 20.48 billion in April-September 2023-24, dragged by lower inflows in computer hardware and software, telecom, auto and pharma.
Govt should consider lowering TCS on overseas tour packages to increase outbound tourism: Report
The growth in the Indian travel and tourism industry is driven by a combination of rising income levels and changing lifestyles, development of diverse tourism offerings and policy and regulatory support by the government authorities, it added.
Income Tax department sends notices over donations to charitable trusts
The I-T Dept has issued notices to around 8,000 taxpayers on account of them making large donations to charitable trusts, which are believed to be attempts to evade paying tax. Tax officials say that these individuals and entities have made donations not commensurate with their earnings, while the donated amount is the exact sum required to get an exemption or lower the tax slab. The IT department is also looking into independent tax professionals who facilitated these transactions.
Govt paves way for IFSC units to issue P-notes to foreign investors
Finance Minister Nirmala Sitharaman in her Budget speech on Wednesday recognised "offshore derivative instruments (ODIs) as valid contracts" in order to enhance business activities in the Gujarat International Finance Tec-City (GIFT City).
FinMin to stick to privatisation of already announced CPSEs next fiscal
The Finance Ministry will move ahead with the already-announced and planned privatisation of state-owned companies in the next fiscal, and the chances of the new addition to that list of CPSEs in the Budget for 2023-24 is unlikely, sources said.
Govt allows non-resident taxpayers to manually file Form 10F till March 31 for claiming TDS benefit
In a notification, the CBDT said to mitigate genuine hardship to such taxpayers, it has been decided that such category of non-resident taxpayers who are not having PAN and not required to have PAN as per relevant provisions of the I-T Act would be exempted from mandatory electronic filing of Form 10F till March 31, 2023.
Common ITR form for individuals in the works
The Central Board of Direct Taxes (CBDT) has proposed a common income-tax return (ITR) for individuals by merging all the existing returns into a single form.
Andersen Global sees 'extraordinary' mkt opportunities in India, to continue to add quality workforce: CEO Mark Vorsatz
"We will continue to add quality people. We see the market opportunities as extraordinary. We have invested in both a global tax program (we have about 180 people enrolled globally, and India graduated 7 candidates last year), have launched a global MBA program this last May and hope to add a global accounting master's program next year," he said in an email interview.
India's outbound tourism to surpass USD 42 bn by 2024: Report
With a growing economy, young population, and growing middle class, India is ideally positioned to become one of the most lucrative outbound tourism markers in the world.
India's outbound tourism to surpass USD 42 bn by 2024: Report
With a growing economy, young population, and growing middle class, India is ideally positioned to become one of the most lucrative outbound tourism markers in the world. Europe sees 20 per cent of the travellers from India's outbound traffic. 10 per cent travel to Australia and New Zealand, while the rest of the traffic is towards South east Asia, it said.
India should allocate funds to develop 'high-end' tourism, focus on hosting global biz events: Report
The 'Rebuilding Tourism For the Future 2022' report, prepared by Nangia Andersen LLP in association with Ficci, said post COVID, a new term 'Bleisure travel' was coined, which is the rise of professionals who are mixing businesses with leisure activities.
FEMA clearance must for offering securities to companies from border nations
In 2020, the government had placed all FDI from border countries under the approval route to curb opportunistic takeovers during the pandemic. The latest move is in line with these changes, which were largely aimed at preventing Chinese investors from taking control of Indian companies.
Finance Ministry notifies e-advance ruling scheme, allows filing e-mail application
The advance ruling mechanism is provided in the Income Tax Act to provide upfront clarity to non-residents and certain other specified taxpayers, regarding the taxability of their transactions in India under Indian I-T laws.
OECD paves way for new global tax regime roll-out
The global tax framework, drawn up by the OECD, has two pillars. Pillar One seeks to ensure a fairer distribution of profits and taxing rights among countries with respect to the largest and most profitable multinational enterprises.
Retrospective tax: Govt to put safeguards in place to avoid another Cairn
The govt is trying to make sure that settlement arrangements align properly with international laws. A leading tax expert said the wording of the undertaking will need to be seen from the perspective of international rules to ensure that all scope for any future dispute is nipped in the bud.
Contributions to Patanjali Research Foundation for scientific research tax deductible, says CBDT
Experts said tax breaks in the form of deduction of expenses incurred for specified purposes, channelizes the funds of the taxpayers in the desired area of investment, that is scientific research in this case.
Lens on goodwill tax: Last 5 years’ M&A deals likely to be reviewed
The Central Board of Direct Taxes on Thursday notified a mechanism for computation of short-term capital gains and written down value where depreciation on goodwill has been taken. Companies where typically the goodwill has not been substantially depreciated by April 2020, will need to immediately quantify their tax impact, tax experts said.
FDI in computer software, hardware jumps threefold to $26.14 billion in 2020-21: DPIIT data
The computer software and hardware sector accounted for about 43 per cent in the total $59.63 billion foreign inflows that India attracted in 2020-21.
Indian taxman comes sniffing as bitcoin hits an all-time high
India’s tax department is closely monitoring the cryptocurrency prices and tracking investors who are exiting after bitcoins hit a three-year high of $20,000.
Govt makes it mandatory for foreign cos operating e-commerce platforms in India to have PAN
"An e-commerce operator will be a "non-resident who owns, operates or manages digital or electronic facility or platform for online sale of goods or online provision of services or both," the CBDT said in the notification.
Refund of unutilised input tax credit not to be available to cos facing inverted duty structure: Madras HC
The ruling is in contrast to one from Gujarat High Court that had allowed claims of such refunds. Experts said the two rulings are bound to create confusion for taxpayers, especially e-commerce companies that were hopeful of getting refunds as per the Gujarat court order.
CBDT lays out five parameters for compulsory selection of returns under faceless assessment
The selection process has to be completed by the month end, field offices have been instructed in letter issued on Thursday. The Board has also laid out the guidelines for assessment proceedings in such cases.
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