Tax Payment

Income Tax searches on premises of Exel Group of companies in Hyderabad

The Income Tax department on Wednesday conducted searches on premises of Exel Group of companies in Hyderabad and neighbouring Sangareddy district for alleged irregularities in income tax payment

ONGC Q2 profit tumbles 30% to Rs 12,826 crore on windfall tax woes

Profit fell 15.6 per cent over the preceding June quarter when it had reported a net of Rs 15,205.85 crore

Quash Pernod bid to halt lawsuit against $244 mn tax demand: Govt to court

Oct 3 Mumbai court filing by India's customs authority underlines growing dispute between PM Modi's government and Pernod's local unit over how the company valued some of its imports for over a decade

Apply for re-computation of income under Rule 132 to avoid tax penalty

Those with income from business or profession, who have availed deduction on cess/surcharge, must do so by March 31

How to pay MCD property tax online? A step-by-step guide to the procedure

Property tax is one of the major sources of revenue for local governments/Urban Local Bodies (ULBs)

Tax payments: spurt in quarter-end activity may squeeze liquidity further

Interest rates on term deposits, money market instruments could go up further, even as RBI may conduct repo operations to maintain liquidity in the system

Central government to help domestic solar industry after sharp duty hike

The government may provide direct incentives to the producers of solar modules as it believes that tax cuts may lead to practical difficulties

At Rs 42,679 crore, advance tax collection up 48% in April-June quarter

Direct tax collection, net of refunds, stood at Rs 2.81 trn, according to initial estimates; advance tax collection for the period between April 1 and June 15 was Rs 42,679 cr

GST Council likely to modify monthly tax payment form for ITC clarity

The modified form will help in checking bogus ITC claims and ensure that honest taxpayers are able to timely avail the ITC benefit

Over one million returns a day needed to meet December ITR deadline

This is at least 3.3x times the current pace of daily returns filed

14 firms approach govt to settle retrospective taxation cases: Revenue Secy

The government in August enacted a law to end all retrospective taxation imposed on indirect transfer of Indian assets

Govt waives late fee on delayed filing of March, April GSTR-3B, tax payment

The government has waived late fee on delayed filing of monthly return GSTR-3B and tax payment for the months of March and April and also cut interest rate for late filers

CBDT clamps down on coercive assessment, tax recovery measures by officers

Says recovery surveys be resorted to only if assessee is not responding to notices, can only be undertaken by those in investigation or TDS wing of tax dept

GST-registered businesses to get pre-filled return form soon: GSTN CEO

GSTN, which handles the IT backbone for GST has already started providing tax liability data based on sales return GSTR-1 of the taxpayer to be used in his tax payment form GSTR-3B in pdf form

Taxes taking a bite out of your salary? Use Section 197 to manage cash flow

Only payments made after submission of this certificate are eligible for lower or nil tax rate

Many landmark decisions by Modi govt to honour honest taxpayers: Amit Shah

Union Home Minister Amit Shah on Thursday said the Narendra Modi government has taken several key decisions to empower and honour honest taxpayers and launch of 'Transparent Taxation-Honoring the Honest' is a gift to the taxpayers. The Prime Minister on Thursday unveiled a faceless tax assessment and appeals to reduce the scope for corruption and overreach by officials. "Modi govt has taken several landmark decisions to empower and honour the honest taxpayers who are the backbone of India's progress & development," Shah tweeted. Shah said this platform is another step towards the prime minister's resolve of 'Minimum Government, Maximum Governance'. "Reforms for a New India! Launch of 'Transparent Taxation-Honoring the Honest' is a gift to our taxpayers by PM @narendramodi & FM @nsitharaman. With reforms like faceless assessment, faceless appeal & taxpayers charter this platform will further strengthen our taxation system," he said in another tweet. On the major overhaul of

Delhi govt warns strict action against companies defaulting on tax payments

Cracking the whip on tax defaulters, the Delhi government Tuesday warned them of stringent action as it found that 10,800 companies did not pass on the full amount they collected from people as taxes

Covid-19: Tamil Nadu gives 3-month extension for payment of taxes, loans

The state also urged house owners to consider being lenient with tenants on rentals

NPA norms may be eased, tax deferment likely in coronavirus healing touch

These are among the measures that could be discussed in the Covid-19 Economic Response Task Force

I-T dept to move SC against Reliance Jio's plan to sell stake in tower arm

Mumbai, 24 DecemberReliance Jio Infocomm's plan to reduce debt by selling stake in its telecom tower arm to Canadian investor fund Brookfield isn't free of the income tax (I-T) department hurdle. The latter plans to petition the Supreme Court against the National Company Law Appellate Tribunal (NCLAT) order of December 20 which cleared Jio's proposed demerger of tower and fibre optic network assets to two infrastructure trusts. The clearance was in spite of I-T objections. The department argued that the proposed conversion of preference shares worth Rs 65,000 crore by Jio - by cancelling and then converting these into loans -- would substantially reduce the profit of the demerged company. And, so, cause huge loss of revenue to the department. In sum, a move to avoid and evade taxes, it contended. Jio denied the charges. An e-mail sent this week by this publication to Reliance for its views on the issue did not elicit a response.In July this year, Brookfield had said it would pay Rs ..