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News Direct Tax-Income Tax

  • Apr 20, 2019
  • Key changes in ITR-1 and ITR-2 forms for FY 2018-19 that you need to know

    The income tax return (ITR) forms for FY 2018-19 notified by the government are different from those used to file the previous year's returns. Some of the changes in the forms have been done in keeping with the changes in income tax laws made in Budget 2018 for FY 2018-19 and onwards. Apart from that, there are other changes as well in the ITR forms which you should be careful about while filing your return for FY 2018-19.

  • Apr 20, 2019
  • Form 16: New format for salary TDS certificate makes it difficult to fudge income, tax breaks

    The CBDT has notified a new format for Form 16 – the salary TDS certificate – requiring a detailed break up of tax exempt allowances paid to the employee and also of all tax breaks claimed by him/her. The earlier format allowed companies to give consolidated figures or break-up in different formats for both these thereby leaving some ambiguity regarding their individual composition.

  • Apr 19, 2019
  • Investors panic as Income Tax seeks details from unlisted companies

    A Mumbai-based investor who has stakes in a few startups and unlisted companies is seeking to exit the investments in the next few months. Another person, who had invested in a Kolkata-based company a few years ago and is on its board, is in an advanced stage of selling his shares. What triggered the action in both instances was the same: a tax department instruction.

  • Apr 19, 2019
  • I-T dept proposes new norms for taxing MNCs in India

    The income tax department on April 18 proposed change in the methodology for taxing multinational companies, including digital firms, having permanent establishment in India by giving weightage to factors like domestic sales, employee strength, assets and user base. The CBDT Committee on 'Profit Attribution to Permanent Establishment (PE) in India' also said MNCs that are incurring global losses or a global profit margin of less than 2 per cent and have operations in India will be deemed to have made a profit of 2 per cent of Indian revenue or turnover and will be taxed accordingly.

  • Apr 19, 2019
  • Profit attribution to PE: CBDT invites public comments on report

    Suggestions and comments on the 85-page report — which has been made public — will have to be furnished electronically within 30 days from the date of its publication on the department’s website, the CBDT has said. Commenting on the draft report, Sandeep Jhunjhunwala, Director, Nangia Advisors (Andersen Global), said: “The report submitted by the committee is an exhaustive report, which provides insights into the economic basis for allocation of taxing rights in respect of business profits by looking at how economies contribute to business profits of multinational enterprises and also documents various international practices for profit attribution”.

  • Apr 19, 2019
  • Govt panel submits report on taxing profits of foreign companies

    A Central Board of Direct Taxes (CBDT)-appointed committee has submitted a report on taxing the profits of non-residents, including multinational corporations, with a permanent establishment (PE). A PE is a fixed place of business that generally gives rise to tax liability in a particular jurisdiction. The board has invited suggestions from stakeholders within a month.

  • Apr 17, 2019
  • Income tax return: CBDT amends Form 16, Form 24Q for detailed reporting on TDS

    The Central Board of Direct Taxes (CBDT) has notified amendments in Form 16 — which acts as certificate for tax deducted at source (TDS) —and Form 24Q — quarterly TDS statement for salaries. The new forms require taxpayers to provide more details related to bifurcation of exemptions under Section 10 of the Income Tax Act, various deduction under Chapter VI-A, disclosure of standard deduction amount and other income. Section 10 covers several tax-free allowance as part of the salary, including leave travel, uniform, travelling and house rent.

  • Apr 17, 2019
  • Mauritius puts India-focussed funds, others under its regulatory lens

    Mauritius has stepped up scrutiny of offshore fund structures as the country tries to shed its image as a quasi-tax haven and showcase its compliance with all major international tax norms. The move has put several global and India-focussed funds wanting to set up structures in Mauritus under the country’s regulatory glare.

  • Apr 15, 2019
  • CBDT sets June 30 deadline to dispose of demonetisation cases

    Tax authorities have set a deadline of June 30 to clear up all demonetisation-related cases. In its interim action plan for the first quarter of 2019-20, the Central Board of Direct Tax (CBDT) has instructed its officials to “dispose of all cases related to demonetisation where assessment is required to be framed”.

  • Apr 15, 2019
  • Direct tax target may be scaled down in Budget

    he direct tax target of Rs 13.80 lakh crore for the current fiscal may be scaled down in the regular Budget to be announced after the formation of the new government at the Centre, a source said. "The Department of Revenue may pitch for lowering the current target of Rs 13.80 crore in the Budget. It is difficult to grow 21 per cent (over the actual revised direct tax collections of Rs 11.4 lakh crore).

  • Apr 15, 2019
  • All the new details required in income tax return forms for FY18-19

    The Central Board of Direct Taxes (CBDT) kickstarted the annual income tax return filing ritual recently. The new income tax return (ITR) forms for the assessment year 2019-20 come with a set of changes—essentially more detailed disclosures— taxpayers have to contend with. “The idea is to check evasion and eliminate loopholes,” says Alok Agarwal, Partner, Deloitte India. While the last date for filing returns is 31 July, the changes and penal clauses for late filing mean one should start the process as soon as possible.

  • Apr 12, 2019
  • Startups get angel tax breather: 277 startups secure all-clear from Income Tax department

    As many as 277 startups have got an all clear certificate from income tax department, shielding them from the what has been popularly dubbed as the angel tax, as the government gets cracking with the implementation of the new startup framework. A total of 302 entities had applied for it, said a government official privy to the development. The move comes after the Central Board of Direct Taxes (CBDT) and the Department for Promotion of Industry and Internal Trade (DPIIT) amended the startup framework in February to ring-fence them from ‘angel tax’.

  • Apr 11, 2019
  • I-T crackdown: Over 100,000, mostly HNIs, come under lens for AY12-13

    Over 100,000 taxpayers across the country, particularly high networth individuals, have come under the scanner of the income-tax (I-T) department for the assessment year (AY) 2012-13. According to sources in the know, the department has issued notices under Section 148 of the I-T Act to reopen returns for scrutiny, saying some portions of income had escaped assessment.The notices were issued mostly between March 15 and March 31, amid fear of revenue slippage. The last date for reopening the tax assessment for AY2012-13 was March 31, 2019. The identified taxpayers have

  • Apr 10, 2019
  • Direct tax collection may fall short of Rs 50,000 cr in FY'19: Official

    The government has fallen short of Rs 50,000 crore in its direct tax collection target of Rs 12 lakh crore for 2018-19, said a senior finance ministry official Tuesday. The shortfall in direct tax mop-up coupled with lower Goods and Services Tax (GST) realisation may have implications on fiscal deficit, which the government has pegged at 3.4 per cent of the GDP. "Direct tax collection for 2018-19 is around Rs 11.5 lakh crore," the official said.

  • Apr 10, 2019
  • Double tax avoidance pact based on OECD model, says Mauritius

    The Economic Development Board of Mauritius has stressed that the country is compliant with all OECD norms and its model double tax avoidance pact is based on the OECD model, developed after years of best practices. “Mauritius is compliant with all OECD norms, including the Global Forum on Transparency and Exchange of Information for Tax Purposes, the Base Erosion and Profit Shifting project, and the Common Reporting Standard,” the EDB said in a statement on Tuesday, adding that companies operating in Mauritius are subject to stringent substance requirements, including minimum of number of resident directors, full-time employees, expenditure, and principal bank accounts in Mauritius.

  • Apr 10, 2019
  • I-T Dept looking at IBC resolution cases for possible tax violations

    The Income Tax Department has sought details of the status and identification of creditors and debtors under the Insolvency and Bankruptcy Code (IBC) to investigate possible tax violations. Senior IT officials told BusinessLine that the Mumbai Office of the Director of Intelligence and Criminal Investigation has been in touch with the National Company Law Tribunal (NCLT) seeking minute details of the parties in all such cases where it believes that tax violations may have happened.

  • Apr 10, 2019
  • Select mid-size MNCs get I-T notices

    The Income-Tax Department has issued notices to select mid-scale multinationals for escaping assessment over the past seven years and has initiated investigations against them, two people with knowledge of the matter said. Most of these multinationals do not have a presence in India and haven’t filed tax returns domestically. Their transactions are limited to their clients, which are required to deduct tax before making payments.

  • Apr 09, 2019
  • Taxman to go after 65,000 non-filers for 2016-17

    The Income Tax Department will initiate recovery of tax along with penalty from approximately 65,000 assessees who deposited Rs.10 lakh or more in their bank account during demonetisation, but did not file return for the assessment year 2017-18 (financial year 2016-17). These 65,000 plus are part of nearly 3 lakh non-filers with large deposit. After getting notice from the tax department, nearly 2.1 lakh filed their return by March 31, 2018, while other nearly 25,000 only responded after that.

  • Apr 09, 2019
  • Get ready to file more details in new ITR forms

    The disclosure requirement in the income tax return (ITR) forms have been rising in recent years as the income-tax (I-T) department has been using technology extensively to track tax evasion and process returns. But this year, the number of changes made to the ITR forms notified for the assessment year (AY) 2019-20 is probably the highest in the recent time.

  • Apr 06, 2019
  • New I-T return forms: Expats need to give more info for claiming tax pact relief

    Expats who claim tax relief in India under double taxation avoidance agreements will now have to provide extensive disclosures such as tax identification number of their home country, assets held outside the nation and overseas tax residency certificate, according to the latest income tax return forms. Any person who is a director or shareholder in an unlisted company will need to disclose this along with details and permanent account number of the company.

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