Page 14 - Tax
CBDT chairman tells taxmen to boost collection without harassing taxpayers
In an internal communication to principal chief commissioners of I-T on February 26, the apex body for direct taxes asked the officials to maximise revenue collection
 "CBDT chairman tells taxmen to boost collection without harassing taxpayers")
Start-up tax woes: I-T dept can withdraw from bank accounts, say experts
It's not unusual for the tax departments to freeze bank accounts and there have been instances of the authorities recovering the outstanding from the bank
 "Start-up tax woes: I-T dept can withdraw from bank accounts, say experts")
Unlisted shares to be taxed only if transferred below fair value: Experts
Taxing receipt of shares of unlisted company: CBDT clarifications affect ongoing litigation
 "Unlisted shares to be taxed only if transferred below fair value: Experts")
Don't invest more than 80C limit in equity-linked savings schemes
Since the scheme has a lock-in period of three years, any additional investment in equities should be done through open-end funds
 "Don't invest more than 80C limit in equity-linked savings schemes")
India's experience in taxing foreign digital platforms is a mixed bag
Media reports have pegged the aggregate Equalisation Levy collections between Rs 10 billion to Rs 30 billion
 "India's experience in taxing foreign digital platforms is a mixed bag")
Here is a quick guide on how you can save tax on gifts
Gifts could be either in the form of cash or kind. Let us look at the tax implications in both cases.
 "Here is a quick guide on how you can save tax on gifts")
The case for simpler tax laws
The government should bring in a new Direct Tax Code to end the current ambiguities, usher in a taxpayer-friendly environment and improve ease of doing business
 "The case for simpler tax laws")
Number of crorepatis has risen by 60% to 140,000 in last three years: CBDT
Annual growth in number of crorepatis was 68%
 "Number of crorepatis has risen by 60% to 140,000 in last three years: CBDT")
BS Primer: All you need to know about tax on inheritance in India
The income tax law specifically carves out an exemption from levy of gift tax on transfers done by way of will or inheritance.
You may get expensive gifts during the festive season: Are they taxable?
There are ten different gift categories that need to be declared and paid tax on when received from someone in a personal capacity
 "You may get expensive gifts during the festive season: Are they taxable?")
Gross direct tax collections in Apr-Sep FY19 up 17% YoY to Rs 5.47 trillion
Net direct tax collections in April-September 2018 were 38.6 per cent of the total Budget Estimates for direct taxes during full 2018-19
Readers' corner: Tax
Gift received from vendors is taxable in your hands and hence, should be disclosed as 'income from other sources'
Tax terrorism is thriving
There are cases of taxpayers being forced to pay 20 per cent of disputed demands
 "Tax terrorism is thriving")
Incurred a capital loss? Here is how you can set it off in your tax returns
If an investment you made incurred a loss then this is how you can make the most of the situation
 "Incurred a capital loss? Here is how you can set it off in your tax returns")
A cesspool of cesses has undermined GST and hurt states' interest
Total collections from cesses and surcharges levied by the Centre have been rising at a steady pace
Taxmen asked to step up collections to meet Rs 10.05 trillion target
The focus areas for stepping up tax collection will be to follow up with entities currently giving taxes on the basis of self-assessment
 "Taxmen asked to step up collections to meet Rs 10.05 trillion target")
Tax lawyers hope for a quiet and less 'revolutionary' 2018
We hope there are fewer reforms and more holidays for our tax department lawyers, said the executive chairman of a legal firm
 "Tax lawyers hope for a quiet and less 'revolutionary' 2018")
Delhi HC resets game-changer tax standards
The High Court verdict is a sigh of relief for taxpayers and tax practitioners
Wonder if cess is a tax or penalty: Audi India's Rahil Ansari
RAHIL ANSARI took charge as India head of German luxury car maker Audi in February, when the industry was recovering from demonetisation and hoping to grow on a flat performance in 2016. The new goods and services tax (GST) brought down vehicle prices from July but it now seems the GST Council might hike the cess on large SUVs and luxury cars to 25 per cent, from the current 15 per cent, beside the GST of 28 per cent. Ansari tells Ajay Modi these uncertainties drive buyers away and impacts companies, dealers and the supply chain. How do you react?Yes, a second tax change discussion. I don't understand whether it's a penalty or a tax. We've just implemented the GST from July, a lot of work went into it and everyone looked forward to this uniform tax. Now, after five weeks of implementation, there is discussion on an increase. This is clearly against any liberal market dynamics that India has been offering so far. Have you briefed your headquarters?Obviously, everyone is concerned ...
 "Wonder if cess is a tax or penalty: Audi India's Rahil Ansari")
Aadhaar now mandatory to identify deceased while registering death
The new rule is said to be applicable starting October 1, 2017.
