The Income Tax department has sent notices in 68 cases to Foreign Institutional Investors (FIIs) for payment of dues totalling Rs 608.83 crore towards Minimum Alternate Tax (MAT), Parliament was informed today.
A growth rate of more than 7.5 per cent may not be "sustainable" for India in the present scenario and the country needs to resolve tax issues that are impacting its investment climate, global rating agency Moody's said on Thursday.
With the income tax returns filing season commencing soon, taxpayers have been advised to re-check their new assessment ranges as the I-T department has carried out a large-scale restructuring and jurisdictional change of its offices countrywide.
A move is afoot to withdraw tax exemption for donations to Greenpeace even as nearly 180 organisations and activists rallied behind the NGO accusing the government of a "shameful" crackdown against it.
With the Central Board of Direct Taxes (CBDT) announcing that the physical copy of income tax returns filed online will no longer have to be sent for verification for Aadhaar card holders, it will be a great relief for taxpayers who want to use this
On the one hand, the new income tax (I-T) return forms for individuals widen the tax net to pinpoint tax evaders and the source of income; on the other, these make filing returns onerous, with details of foreign travel required.
Foreign investors should not look to the Indian government for now to provide relief from a ruling requiring them to pay taxes on years of previously untaxed capital gains, Indian Finance Minister Arun Jaitley said on Thursday.
The government has set the record straight on tax disputes, maintaining these were not covered by any Bilateral Investment Promotion and Protection Agreement (BIPA) and needed to be judicially and legally settled.
Recently, a multinational information technology company organised a workshop on tax filing for its employees. Nothing unusual, except that the workshop focused on how to account for shares received under the company's equity compensation scheme.