Page 17 - Tax
Restaurant sector to contribute Rs 22,400 crore in taxes in 2016
Report also revealed that the organised sector accounts for just 33% of the total market
 "Restaurant sector to contribute Rs 22,400 crore in taxes in 2016")
CBDT signs 7 advance pricing agreements to cut tax litigation
The latest APAs signed with taxpayers pertain to various sectors like banking, information technology and automotives
 "CBDT signs 7 advance pricing agreements to cut tax litigation")
Tax on property income depends on owner's business
Be careful before categorising it as business income to claim deductions. Court judgements have clearly defined rules for such classification
 "Tax on property income depends on owner's business")
Letters: Grey area in taxation
With reference to the report, "Tax department must trust assessees: Jaitley" (July 4), the finance minister has assured us that he would make all grey areas in taxation clearer.In an effort to stem tax evasion, the Income Tax Department introduced Section 40A(3) that prohibits all aggregate payments of over Rs 20,000 by bearer cheques or cash to a single entity or person in a day. The law came into effect on April 1, 2009. But it is being flouted by most of the big hospitals, which even in emergency cases and irrespective of the time of day, demand advance payments of lakhs of rupees in cash. The patient is neither admitted nor is medical care provided to him or her until the advance cash payment has been made.Now, for the grey area. Why has no action being taken by the income tax department for such violations? Can the department disclose to the public how many hospitals have been booked for this violation?Also, are the hapless patients or their relatives and friends, who have to make
Govt to tighten noose on income tax evaders
PM Modi has said that India needs to move from a situation where only a few pay direct taxes and many escape to a situation where more people pay a moderate amount.
 "Govt to tighten noose on income tax evaders")
Tax department must trust assessees: Jaitley
He also said that all grey areas are being made clearer when it comes to taxation and the tax department
 "Tax department must trust assessees: Jaitley")
Portals make filing tax returns easier
Some portals also suggest possible investment opportunities for users to save on their tax liabilities
 "Portals make filing tax returns easier")
IT grievance: Taxpayers can now file a new 'e-nivaran' form
It also provides space for explaining the grievance in detail by either mentioning the Assessment Year or Financial Year
CBDT notifies foreign tax credit rules, corporates to gain
Taxpayers claiming FTC shall now be required to file a Statement of Income from a foreign country with details of tax paid in prescribed Form 67
I-T dept to establish over 60 taxpayer centres across country
ASKs help a person to obtain a new PAN to filing Income Tax Returns
Penalties will be charged if tax evaders don't come clean by Sept 30: Jayant Sinha
He said idea of providing compliance window was to be able to provide an opportunity for the people to come clean
 "Penalties will be charged if tax evaders don't come clean by Sept 30: Jayant Sinha")
Pay more for phone bills, travel from today
The payment in cash for buying goods and services worth more than Rs 2 lakh, excluding jewellery, will attract one per cent extra tax at source from June 1
 "Pay more for phone bills, travel from today")
IT dept launches e-portal to fast track taxpayers grievances
'E-nivaran' will also ensure grievances related to any section or domain of tax dept is transferred quickly to concerned dept
No penalty for changing income head
A recent court ruling says that penalty can't be imposed on income whose classification has been changed during the course of assessment
 "No penalty for changing income head")
India, China, 3 others sign pact on tax info sharing
The pact allows all signatories to bilaterally and automatically exchange Country-by-Country Reports with each other
 "India, China, 3 others sign pact on tax info sharing")
50% of smaller firms not paying taxes: Jayant Sinha
However, MoS for Finance Jayant Sinha said that things have improved as far as prevention of tax evasion is concerned
 "50% of smaller firms not paying taxes: Jayant Sinha")
I-T dept proposes to simplify foreign tax credit norms
Indian companies paying tax abroad will be able to claim credit and avoid double taxation
 "I-T dept proposes to simplify foreign tax credit norms")
India, US committed to collaboration in tackling offshore tax evasion
The statement reiterated that the US-India partnership will be one of the defining relationships of the 21st century
 "India, US committed to collaboration in tackling offshore tax evasion")
Hoodwinking taxman using family is difficult
Returns on investments received by a housewife will be taxed; parent or spouse gifting an asset will usually need to pay tax and a minor's income is clubbed with parents', with some exceptions
Severance pay is not taxable
A recent high court judgement classifies such income as capital receipt
 "Severance pay is not taxable")
