Collecting TDS from employees and not transferring it to the income tax (I-T) department has become a common practice, as the department discovered last week during a series of surveys on firms specialising in producing TV programmes.
The scope of wealth tax will be extended to productive assets like equity or preference shares held by an Indian company in its overseas subsidiary and interest in foreign trusts or any other body located outside the country by residents.
One more whisky brand from India has made it to the list of 10 largest selling spirit brands in the world.
The new direct taxes code has provisions to restrain public sector undertakings and the tax department from taking their disputes beyond a certain level, a move aimed at curbing wasteful litigation.
Provisions of the proposed DTC will strengthen India’s tax demands on cross-border acquisitions involving Indian companies.
The official on Friday moved SC to make declaration of foreign bank accounts mandatory while filing returns.
An outsourcing contract to Infosys, has resulted in an unexpected reprieve for those with income to hide.Irked by the contract, officials of the investigation wing of Income tax dept has refused to step out of their offices.
A Delhi bench of Income-Tax Appellate Tribunal has ruled that penalty on account of delay in filing returns cannot be levied if there is a genuine reason for delay.
The I-T dept told Bombay High Court that approval from Foreign Investment Promotion Board was critical to acquisition of Hutch Essar by Vodafone.
Non-compete fees are capital expenditure and therefore liable to tax, according to a recent ruling by the Income-tax Appellate Tribunal, Delhi.
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