Tag Archives: Tax

Excess surcharge paid by FPIs to be adjusted in future tax payments

Foreign portfolio investors (FPIs), who have been paying higher surcharge in the past two months on remittance of gains in the form of advance tax, will pay less going forward. The payment of tax will reduce to the extent of excess surcharge paid by the FPIs in the past, said experts. The higher tax paid would depend on the quantum of ... Read More »

Court Rules Life Time Tax For New Cars To Be Paid Only On Invoice Value

Life time tax can only be calculated on invoice value Highlights Hyderabad High Court rules on life time tax on new cars Lifetime tax to be calculated on invoice value, not ex-showroom prices Dealers are free to give discounts to customers on new cars The Hyderabad High Court has ruled that life time tax collected by the government can be ... Read More »

Posting photos of new car, fancy dinner on Facebook? Income Tax dept is now watching

Tax evasion is a big problem in India. So now government is not only hoping to monitor how much money people get into their bank accounts and how much they take out but also wants to monitor the Facebook, Instagram and other social media sites to see what people are buying. By keeping a note of the Facebook posts that ... Read More »

Car tax to rise for most drivers who buy new vehicles, RAC claims

The vast majority of drivers buying new cars will pay significantly more in car tax from April 1, a motoring organisation has claimed. Up to two-thirds of new vehicles that fall into three of the most popular tax bands will leave their owners worse off as a result of sweeping changes being made to Vehicle Excise Duty (VED), according to ... Read More »

Digital Payments: Indirect Tax Assessments Not To Be Reopened If Turnover Rises

The governmenthas been encouraging people to shift towardsdigital mode of payment. New Delhi: The Revenue Department on Sunday said officials will not reopen the past assessments of excise and service tax of assessees even if their turnover in the current period increases on account of digital payments in the wake of demonetisation. In a circular to excise and service tax chief commissioners, the Central Board ... Read More »

EU Regulators Want More Info on Apple’s Irish Tax Deal

European Union antitrust regulators have asked Ireland to provide further details on the country’s tax deal with Apple before deciding whether this constitutes illegal state aid to the iPhone maker. The European Commission, which has been investigating the Apple deal for more than two years, said on Wednesday that Irish authorities had not responded fully to an earlier query. “Ireland ... Read More »

Direct Tax Mop Up at Rs 5.54 Lakh Cr, Indirect at Rs 5.69 Lakh Cr: Government

New Delhi: Government has collected Rs 5,54,179 crore from direct tax as on February 29 and Rs 5,69,056 crore from indirect tax as on January 31 this fiscal, Parliament was informed today. According to revised estimate, Rs 7.52 lakh crore was estimated to come from direct taxes (corporate, and income tax) and another Rs 7.03 lakh crore from indirect taxes (customs, ... Read More »

First-Time Home Buyers to Get Additional Tax Deduction

To lower the burden for first-time home buyers, Finance Minister Arun Jaitley in Budget 2016 announced an additional income tax deduction of Rs. 50,000 on the interest paid. The first-time home buyer will get this additional deduction in the next financial year only if the loan amount is less than Rs. 35 lakh and the value of the property is ... Read More »

Government has Taken ‘One Step Forward’ on Retro Tax Issue: Jaitley

New Delhi: The government has taken “one step forward” to resolve the retrospective tax cases by putting in place a statutory mechanism for ending such disputes, Finance Minister Arun Jaitley said on Wednesday In Budget 2016, he has made a one-time offer to firms facing tax liability on the retrospective tax front by way of waiver of interest and penalty ... Read More »

Take Advantage of Tax Dispute Resolution Mechanism: Government

New Delhi: Taxpayers should take advantage of the dispute resolution mechanism and realise part of the Rs. 5.5 lakh crore locked up in appeals, Revenue Secretary Hasmukh Adhia said on Wednesday. “We have 3 lakh appeals pending and the amount involved is Rs. 5.5 lakh crore wherein people’s fate are hanging. In order to remove all these disputes, we have ... Read More »