After Anna , its time for Baba Ramdev to get government agencies ire. Media report suggest that the income tax department is in process of completing its report on Baba Ramdev’s trusts and Ayurveda ventures. It is rumored that there is every chance that a case for tax evasion against the trusts associated with the yoga guru […]
Vodafone Wins ! Tax Dept Has No Jurisdiction to Tax Deals of Two Non Resident Companies For Shares Transactions Out Side India
Vodafone wins ! Supreme Court of India has just set aside a Bombay High Court judgement directing Vodafone International Holding to pay income tax of Rs 11,000 crore on its buy transaction with Hutchison .Readers may recall that what had actually was the issue between Vodafone and Income Tax Department was explained in earlier post Complex issue of […]
I-T demands have been pegged at staggering Rs 1,01,836 crore as per latest data .CAG is already very sensitive to huge arrear of tax . Therefore , the Income Tax Department has started work on tax payers who are “untraceable” or have reported inadequate assets to pay back tax demands. The department has also decided […]
Some good news about the GAAR – a set of rules that invalidates arrangements by entities to avoid tax- is in air.Media report quotes Chairman of Central Board of Direct Taxes (CBDT) promising that a threshold limit for applying General Anti-Avoidance Rules (GAAR) under the Direct Taxes Code (DTC) shall be applied . “I can […]
A new Directorate of Income Tax (Criminal Investigation), to be known in short as DCI, has been created in the Central Board of Direct Taxes, has been created by the Central Government through a notification. As per notification , The DCI will be headed by a Director General of Income Tax (Criminal Investigation), who will […]
Finance Minister , Mr Pranab Mukherjee, while addressing conference of chief commissioner of Income Tax in New Delhi announced that salaried class will get big relief from filing return of income from Assessment Year 2011-12 (FY 2010-11) who have total income below Rs 5 Lakh. He said a notification in this regard shall be issued […]
whether it was a bad debt or not as contemplated by Section 36 of the Act. It was then submitted by the learned counsel that the... Read more...
While India is concerned about money stashed in Switzerland and other banks abroad by corrupt Indians ,news has come that Internal Revenue Services of USA thinks India is being used by HSBC bank to let rich Indian Americans to stash money in India. Media reported that the Internal Revenue Service asked a U.S. judge in […]
<p>* IN THE HIGH COURT OF DELHI AT NEW DELHI + ITA Nos.892/2010 & 935/2010 Reserved On: 29.03.2011</p> <p>%</p> <p> Date of Decision: 06.04.2011</p> <p> ITA No.892/2010</p> <p>Commissioner of In...