TAX APPEAL
Budget 2024: Export tax relief, and import duty cut on gold among top demands from industry
The gems and jewellery sector eagerly awaits Union Budget 2024, anticipating tax reductions on exports to enhance demand for Indian-made gold and diamond jewellery. Industry leaders seek a decrease in export taxes from 15% to 10% to boost competitiveness globally.
CBIC issues fresh norm for recovery of GST dues
The CBIC issues a new guideline for taxpayers to address outstanding dues until the GSTAT is functional. Payments can be made via electronic liability register with an undertaking to avoid recovery proceedings.
Why a proposed ‘robot tax’ could kill tech innovation, impede growth and complicate tax system
On the face of it, a robot tax sounds appealing. This perspective suggests that as robots take over human jobs, a tax could mitigate job losses, provide funding for retraining programmes and support social safety nets, thus preventing the widening of the wealth gap and inequalities. But won't job loss due to AI be a transitory phenomenon in the long run?
FADA seeks vehicle depreciation benefits for income tax payers in Budget 2024
The Federation of Automobile Dealers Associations (FADA) urged the government to introduce vehicle depreciation benefits for individual taxpayers to boost automobile demand and expand the taxpayer base. FADA also requested reducing corporate tax for LLPs, proprietary, and partnership firms. These measures aim to stimulate the automotive industry and the broader economy.
Now paying income tax through select credit cards can be rewarding; know how to pay income tax through credit cards
Tax payment using credit cards: "Currently, only a select few cards, such as the HDFC BizBlack and HDFC BizPower credit cards, offer rewards for tax payments. Besides these you can also use other credit cards which provide milestone benefits even on paying income tax using it like SBI Vistara Cards/IDFC Vistara Card," says Ankur Mittal, co-founder and CTO, cardinsider.com
Centre notifies GST council decision on corporate guarantee, GSTR1 reconciliation
The Central Government of India (CGS) has announced that goods and services tax will be applied to the 1% per annum corporate guarantee fee, effective from October 23, 2023. The move is expected to provide relief to businesses facing cash flow concerns and restrict the deemed valuation to domestic transactions. The GST Council also capped the maximum fee for filing appeals in the GST Appellate tribunal at Rs 25,000 and the minimum fee at Rs 5,000.
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SC rejects I-T dept's appeal due to delay, emphasises impact on foreign investors
Chief Justice DY Chandrachud dismissed a petition from the income tax department due to a 215-day delay in filing a tax appeal against Xerox India, emphasizing the negative message it sends to foreign investors who provide revenue and jobs in India.
Income Tax Bonanza in Budget 2024: Will FM Sitharaman make new tax regime attractive in Budget? Changes taxpayers want
Budget expectations 2024 of taxpayers: The Finance Minister, Nirmala Sitharaman, needs to make the new tax regime more attractive to taxpayers while ensuring that key benefits are retained. These benefits, such as the exemption for House Rent Allowance, deduction for housing loan interest, and provident fund contributions for salaried individuals, have been crucial for tax planning.ax planning.
Process to pick GSTAT judicial and tech members to start after Budget
Sanjay Malhotra's panel progresses GSTAT selection with an advanced appeals portal. Mishra heads GSTAT amid delays, critiqued by Mathews. GST Council sets time and monetary limits for cases, enhancing tribunal functionality.
8th year of GST: Friendlier, simpler regime ahead? What the future likely holds
It would be unreasonable to expect very quick results. While concrete outcomes on this agenda are likely to be backloaded within the financial year, clear timelines and a glide path of transition may well emerge sooner.
Zomato gets Rs 9.5 crore tax demand, company to appeal against order
Food delivery company Zomato said it has received a tax demand from the Karnataka authorities, aggregating to Rs 9.5 crore. This is the latest of multiple orders the company has received previously; the last was Rs 11.82 crore in April.
Budget should double standard deduction, raise basic exemption to Rs 3.5 lakh under new tax regime: EY
EY recommends significant tax reforms in the upcoming Budget, urging the government to double the standard deduction under the new concessional tax regime to Rs 1 lakh or increase the basic exemption limit to Rs 3.5 lakh. Key suggestions include maintaining corporate tax stability, rationalizing TDS provisions, and improving dispute resolution mechanisms.
Makeover likely to give faceless I-T assessment a friendlier face
"It is being reviewed to assess effectiveness," said an official, adding that there is a line of thinking that it should be made optional for taxpayers. Another official said the idea is to address challenges in its implementation to ease compliance further for taxpayers. A final call will be taken shortly, the official said. The scheme was introduced on April 1, 2021, to reduce the human interface in tax disputes and assessments.
GST Council proposes interest, penalty waiver on tax dues
"Our intent is to make GST assessees' life easier, simpler and less cumbersome... We are working towards less and less compliance," Union finance minister Nirmala Sitharaman, chairperson of the body, told reporters after the council's 53rd meeting that was held in the capital.
GST Council fixes monetary limit for filing of appeals before various legal forums
The Council has also recommended that the maximum amount for pre-deposit for filing appeal before the appellate authority be reduced from Rs 25 crore CGST and Rs 25 crore SGST to Rs 20 crore CGST and Rs 20 crore SGST, she said. The Finance Minister also informed that services provided by the Indian railways like sale of platform tickets, facility of retiring rooms, waiting rooms, are exempted from GST.
GST Council proposes interest, penalty waiver on tax dues
The GST Council, chaired by Union Finance Minister Nirmala Sitharaman, empowered tax authorities to waive interest and penalties on past tax demands, aiming to ease compliance for GST assessees.
We could stop beating about GST
States may need less convincing about basic reform of the GST with their reservations over revenue neutrality successfully laid to rest. The council can step up the pace of building consensus over converging the actual weighted average GST with the revenue-neutral rate proposed before the new tax was introduced.
What is expected from the GST Council meeting today?
The GST council may delay the inclusion of petroleum products under GST and the much-awaited rate rationalization. Discussions may also focus on reducing GST on insurance products.
Budget 2024: What is Dividend Distribution Tax? Know How it will abolition impact the Indian economy?
In 2020-21, India's government abolished the Dividend Distribution Tax (DDT), shifting the tax burden on dividends from companies to shareholders directly. The move aimed to simplify taxation, enhance market appeal for Indian equities, stimulate domestic investment, and potentially attract more Foreign Direct Investment (FDI) into the country's economy.
Union Budget 2024: By eliminating exemptions in direct taxes, complexities and litigation costs can be removed
The article delves into the historical quirks of taxation, from ancient Egypt to medieval England, highlighting the unique taxes imposed by various rulers. It discusses the current scenario of tax reform anticipation with the upcoming Union budget, resonating with the historical dread of tax season.
GST council may cut upfront payment for tax appeal to 7%
The council could also consider an amnesty scheme for disputes of the pre-GST regime and a proposal to make biometric-based Aadhaar authentication mandatory for suspicious persons seeking GST registration.
Income tax dept imposes penalty of Rs 4.68 cr on L&T
Indian multinational conglomerate Larsen & Toubro Ltd has been fined over Rs 4.68 crore by the income tax department for the tax proceedings of its former subsidiary, L&T Hydrocarbon Engineering Limited. The penalty was imposed due to the adjustment in the company's income tax assessment for the 2020-21 assessment year.
Income Tax dept releases interim plan for FY25: Key focus on TDS and appeals processing
The income tax department in India has released an interim action plan for the fiscal year 2024-25, focusing on identifying cases of TDS short-payment and expediting appeals processing. The plan sets deadlines for refund approvals, asset release, and compounding proposals. It also emphasizes prioritizing appeals filed before and after April 1, 2020, with at least 150 appeals resolved by June 30.
Strong returns, tax edge boost arbitrage funds' appeal, inflows
Assets under management (AUM) of arbitrage funds doubled to ₹1.74 lakh crore since March 2023. As per Value Research data, this category has returned 7.1% over the last one year, compared with overnight funds that returned 6.60% and liquid funds 7.02%.
Now a VIP or PMO can help you to expedite pending tax appeals; Know how to file request for expedition
CBDT has revised the situations when a individual or income tax assessing officer (AO) can file a request for expedition of tax appeal cases. "Cases where a VIP/PMO reference is received for expeditious disposal," said the Central Board of Direct Taxes (CBDT) in a order dated March 7, 2024. This order is not in public domain.
New income tax rules: Tax dept expands scope for filing of appeals by officials; how this can impact taxpayers
Tax experts advocate for a cautious "wait-and-watch" approach, emphasizing that the extensive list of exceptions introduced could potentially result in heightened litigation for individuals, Indian corporations, and overseas entities.
After being imposed income tax on Rs 1.48 cr payout from surrendered pension policy, NRI filed appeal in ITAT and wins
Income tax appeal: A non-resident Indian (NRI) has won a appeal in the Mumbai bench of Income Tax Appellate Tribunal (ITAT). What happened was the NRI surrendered a pension policy purchased from ICICI Prudential Life Insurance Company and got Rs 1.48 crore. Income tax assessing officer however imposed tax on this income of Rs 1.48 crore.
I-T dept expands scope for filing appeals by tax officers, includes TDS disputes
CBDT broadens appeal scope for tax authorities without monetary limits for specific cases, including TDS/TCS and undisclosed foreign income, covering various law enforcement agencies. The circular aims to reduce unnecessary litigation and ensure taxpayer certainty in I-T assessments.
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