TAX DISPUTES
Far-right groups that block aid to Gaza receive tax-deductible donations from US and Israel
Under American pressure, Israel has agreed to send aid to Gaza, but tax-deductible donations to far-right groups have hindered its delivery. These groups, backed by donors in the U.S. and Israel, have raised over $200,000. Despite U.S. sanctions on one group, Israel has not taken action. The groups claim aid is misused by Hamas, while critics accuse them of obstructing humanitarian efforts.
Union Budget: What lies ahead in Budget 2024 for indirect taxes?
Budget Expectations: The upcoming Union Budget by NDA 3.0 is highly anticipated for its economic and social welfare policies to rejuvenate India. The budget is expected to focus on infrastructure, healthcare, education, job creation, and tax reliefs. Indirect taxation, including GST, will be a key area of scrutiny, with potential adjustments to customs duties and the introduction of production-linked incentive schemes. The industry eagerly awaits measures to streamline compliance processes, boost revenue, and support the Make in India initiative.
Ahead of budget, US-India forum urges FM Sitharaman for stable & predictable tax environment
The US-India Strategic Partnership Forum (USISPF) has urged Union Finance Minister Nirmala Sitharaman to prioritize a stable and predictable tax environment in the upcoming Union Budget 2024-25. Emphasizing the need for measures that stimulate growth across sectors, the US-India Tax Forum, a part of USISPF, recommended enhancing ease of doing business, rationalizing business costs, and simplifying tax rates.
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.
Delhi man pays half a lakh to CA for 1 rupee income tax dispute
Delhi's Apoorva Jain paid Rs 50,000 to a CA due to an Income Tax notice for Re 1. Sharing on social media platform X sparked reactions on the fee and absurdity. The initial dispute involved lakhs, stressing taxpayer challenges, need for transparency, clarity, fairness, and managing additional documentation in complex tax procedures.
Filing a nil ITR: 6 unexpected benefits from getting a travel visa, loan, scholarship and more
Benefits of filing an ITR: There are multiple benefits of filing an income tax return (ITR). As per Swapnil Bhaskar, Chief of Strategy, Niyo, "Filing an ITR can significantly help an individual secure a travel visa. ITR provides proof of income and hence many embassies ask for the last three years' ITR to evaluate applicant's financial stability and history."
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Union Budget consultations done, Sitharaman set to announce measures and reforms on July 23
Budget expectations: Finance Minister Nirmala Sitharaman completed pre-Budget consultations with diverse stakeholders, setting the stage for presenting her seventh Union Budget on July 23. This first full budget of Modi's third term aims to steer India towards becoming a developed nation by 2047. President Murmu hinted at significant economic reforms ahead.
Europe is slapping tariffs on Chinese electric vehicles - for now. Here's what to know
EU raises customs duties on Chinese electric vehicles due to unfair subsidies. Tariffs aim to address market imbalance. Negotiations ongoing between EU and China. Concerns about impact on European jobs and green technology production. Uncertainty looms over potential solutions and retaliatory measures.
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.
GST simplified compliance, improved tax buoyancy; fake ITC generation still a challenge
Introduced seven years ago, the Goods and Services Tax (GST) has streamlined compliance and boosted tax revenues, but challenges persist with fake invoices and fraudulent registrations causing tax evasion concerns. Despite this, GST has simplified the tax regime, increased taxpayer numbers, and improved tax buoyancy and state revenues. However, efforts to combat evasion are ongoing, with the need for further measures such as operationalizing the GST appellate tribunal.
GST suppliers giving post-sale discount have to take undertaking from clients: CBIC
In a separate circular, Central Board of Indirect Taxes and Customs (CBIC) clarified that ITC is available to insurance companies in respect of motor vehicle repair expenses incurred by them in case of reimbursement mode of claim settlement.
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 Meeting: Sin goods windfall, tax relief talks, and more ahead of budget buzz
GST Council Meeting: The upcoming 53rd meeting of GST Council is poised to discuss several key measures that could pave the way for significant tax reforms ahead of the government's first full budget. Among the agenda items are -- the use of approximately Rs 70,000 crore collected from GST compensation cess on products like pan masala and cigarettes. Discussions may also cover the potential waiver of interest or penalties on tax notices issued between 2017 and 2020, excluding cases of deliberate default.
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.
EVs versus pork: China has its hand on a raw nerve of Europe
The escalating trade tensions between Europe and China over electric vehicles have the potential to ignite a new trade war. As Europe imposes tariffs on Chinese EVs, China retaliates by targeting European farmers, particularly in the pork industry. This tit-for-tat strategy threatens to impact various sectors on both sides.
Waiver, other tax reforms top GST Council's docket
The GST Council is set to discuss various measures at its upcoming meeting on June 22 to pave the way for broader tax reforms in the new government's first full budget. These measures include considering a conditional waiver of interest or penalty on tax notices issued between 2017 and 2020, with exceptions for wilful defaulters. The budget announcement is expected in July.
Most of top-level executives have positive perception of GST: Deloitte survey
A Deloitte survey shows growing confidence in India's GST among C-suite executives, with 84% perceiving it positively in 2024, up from 72% in 2023. Key reforms suggested include rationalizing tax rates, improving dispute resolution, and enhancing automation and technology. The survey also highlights the need for further simplification and support for MSMEs.
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.
Outcome of tax disputes holds key to Xiaomi’s ops
Xiaomi Technology India's ability to continue as a going concern depends on the outcome of multiple regulatory and tax disputes and additional funds from the Chinese parent. However, the company doesn't see a threat "for the foreseeable future" based on legal opinions obtained and cash flow projections. Xiaomi has faced multiple investigations and legal proceedings launched by income tax authorities, the Directorate of Enforcement, and the customs department on matters such as alleged evasion of custom duty and irregularities in royalty payments.
Government adopted pro-poor approach in GST implementation, revenues reached pre-GST levels: Nirmala Sitharaman
Sitharaman's efficient tax administration highlighted in maintaining stable revenues with a pro-poor approach in GST implementation. Despite lower tax rates, revenues reached pre-GST levels, benefiting states. The turnover threshold rose, tax submissions reduced, and tax buoyancy improved post-GST implementation.
Why an inheritance tax can be an eminently bad idea
Ever since inheritance tax was abolished in 1985, it keeps hitting the news from time to time. Many times it is speculated before the presentation of the Union budget if the finance minister would re-impose the inheritance tax. Many countries impose inheritance tax in different ways. Pitroda's comments have brought it back into the discussion again.
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.
CBDT signs record number of 125 Advance Pricing Agreements in FY24
The Central Board of Direct Taxes (CBDT) has entered into a record 125 Advance Pricing Agreements (APAs) with Indian taxpayers in 2023-24. This includes 86 Unilateral APAs (UAPAs) and 39 Bilateral APAs (BAPAs), the finance ministry said in a statement on Tuesday.
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.
CBIC chief wants speedy disposal of legacy cases
According to the official data cases with tax demand of about ₹29,000 crore are stuck, some of which are over 10 years. In most of the cases demand was raised but because of missing assesses, inadequate assets and liquidation of assets recovery is not possible.
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.
Bombay HC grants relief to Godrej Industries in a Dispute against the Income Tax department
The Bombay High Court has ruled that the show cause notice issued by the revenue department against Godrej Industries was illegal due to a limitation. The company challenged the notice, which was issued during reassessment proceedings under an earlier notice. The court clarified that the time limit to issue a notice under Section 148 of the Income Tax Act 1961 was six years from the end of the relevant assessment year, which expired on March 2021 for the assessment year 2014-15.
Govt to withdraw 1.1 crore small tax demands totalling Rs 3,500 crore: Revenue Secretary
In her interim budget speech for 2024-25, Finance Minister Nirmala Sitharaman announced withdrawal of outstanding direct tax demands up to Rs 25,000 pertaining to 2009-10 and up to Rs 10,000 for financial years 2010-11 to 2014-15, to benefit about a crore tax-payers
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