The Supreme Court has requested a response from the Income Tax Department regarding notices issued to a committee assisting the court in sealing residential premises used for commercial purposes. The court also summoned the concerned tax officer for an explanation. Justices AS Oka and Pankaj Mithal …
The Central Board of Indirect Taxes and Customs (CBIC) is considering amending its June 26, 2024, circular to quash Goods and Services Tax (GST) liabilities for Infosys and similar companies facing tax demands on fund transfers to their overseas branches. According to an official source, this …
In a major relief for Reliance Communications (RCom), the National Company Law Appellate Tribunal (NCLAT) has dismissed a tax claim of Rs 6.10 crore filed by the state tax department. The tribunal upheld the earlier decision of the National Company Law Tribunal (NCLT), which had rejected …
The Income Tax Department has officially notified the Vivad Se Vishwas Scheme 2.0, aimed at providing a mechanism for settling pending income tax disputes with reduced settlement amounts for those who file declarations before December 31, 2024. The scheme, introduced by Finance Minister Nirmala Sitharaman in her …
In a significant ruling that could reshape tax obligations for multinational companies (MNCs) in India, the Delhi High Court has mandated that MNCs with a presence in the country, whether through liaison offices, subsidiaries, or fixed setups, must pay taxes on income attributable to their Indian …
The Income Tax Department has released its latest data on direct tax collections and advance tax collections for FY 2024-25, reflecting a notable growth in India’s tax revenue. According to the Central Board of Direct Taxes (CBDT), as of September 17, 2024, the country’s net direct …
Starting October 1, 2024, significant reductions in Tax Deducted at Source (TDS) rates under the Income Tax Act, 1961, will come into effect, making tax compliance easier and reducing the burden on taxpayers. These updates are part of the government’s ongoing efforts to streamline tax processes …
Understanding the tax implications and compliance requirements for cash withdrawals and deposits is crucial for financial management. Here’s a comprehensive guide on the relevant rules and regulations to help you stay compliant and avoid unnecessary penalties. Section 194N: TDS on Withdrawals TDS on High Withdrawals: 2% …
In a significant development, the Government has proposed an amendment to offer substantial relief to taxpayers in the real estate sector under the Long-Term Capital Gains (LTCG) regime. This move aims to provide flexibility and potential tax savings for those involved in real estate transactions. Key …
When selling your Employee Stock Options (ESOPs) or Employee Stock Purchase Plan (ESPP) shares, it’s crucial to use the Fair Market Value (FMV) as of the grant or purchase date to determine the cost basis, not the actual amount you paid. This is because you’ve already …
