U.S. airlines have been petitioning the federal government for years to intervene in what they see as unfair competition by the three major Gulf carriers.
Now exporters of services who paid IGST and those making zero rated supplies to SEZ units as well as those merchant exporters who want to claim refunds for input credit can approach their jurisdictional commissioner with their refund form.
Here are the reasons why you may be required to pay tax which is called self assessment tax at the time of filing the ITR.
Justice T S Sivagnanam yesterday quashed March 31, 2016 demand notice and the consequential December 30 reassessment order issued by the assistant commissioner of Income Tax, Chennai, seeking payment of about Rs 6 lakh from Chidambaram and others.
In comments that infuriated Democrats and left some senior Republicans unsure what comes next, Senate Republican leader Mitch McConnell told reporters: "We're optimistic that inserting the individual mandate repeal would be helpful and that's obviously the view of the Senate Finance Committee Republicans as well."
According to assurance, tax and advisory firm Grant Thornton's latest Dealtracker, January-October saw 624 PE deals worth of USD 16.40 billion, but the number of transactions declined by 25 per cent, indicating an increase in average deal size.
Recent reports suggested that the finance ministry had demanded a dividend payout between 30 per cent and 100 per cent from 12 of the state-owned firms from their 2016-17 or 2017-18 net profit, share buybacks or bonus shares.
In another significant decision aimed at easing compliance and simplifying procedures, tax assesses will now be required to file only two sets of forms— GSTR1 and GSTR 3B — instead of four earlier.
The high-powered committee headed by Union Finance Minister Arun Jaitley is meeting in the Assam city to discuss GST rates.
It is anticipated that clarifications may come in sooner than later, especially since the country is projecting itself as a friendly destination for foreign investors especially in the matters of taxation.
In a statement issued here, Paramjit Singh Kainth, president of the NSCA, has urged the central government to raise income tax slab for the Scheduled Castes from the present Rs 2.5 lakh per annum to Rs 6 lakh.
The 429-page bill, representing what would be the largest overhaul of the U.S. tax system since the 1980s, called for slashing the corporate tax rate to 20 percent from 35 percent, cutting tax rates on individuals and families and ending certain tax breaks for companies and individuals.
The Nikkei Manufacturing Purchasing Managers' Index, compiled by IHS Markit, fell to 50.3 last month from September's 51.2, marking its third month above the 50-point threshold that separates growth from contraction.
Congressional aides late yesterday confirmed that the roll-out, originally slated for today, had been pushed back as GOP negotiators continued to hammer out a deal.
In absolute terms, the fiscal deficit -- difference between expenditure and revenue -- was Rs 4.99 lakh crore during the April-September period of 2017-18, according to the data of Controller General of Accounts (CGA).
U.S. corporations are saying they would use a tax reform windfall to buy back shares, retire debt and other shareholder-friendly moves, in recent post-earnings calls with investors and securities analysts.
The tax office had called it clear case of tax evasion as no tax was deducted by Google India while remitting funds to Google Ireland.
Ivanka Trump joined US Treasurer Jovita Carranza and former US Rep. Nan Hayworth of New York for an hour-long, town hall-style meeting at a senior center outside Philadelphia.
Toshiba, which separated out the unit in April as a prelude to a sale, said it was being taxed on the basis of assets and liabilities of the transferred business at the time of the split.
Republicans hope to push the first tax overhaul in three decades through Congress by year's end, an ambitious goal that would fulfill multiple campaign promises but could run aground over any number of disputes. Failure could cost the GOP dearly in next year's midterm elections.
A window has been hosted on the main page of the department's website -- www.incometaxindia.gov.in/ -- with a prominent icon stating 'Live Chat Online- ask your query'.
The administration announced that the value added tax (VAT) on diesel or high speed diesel will be reduced from 16.40 per cent to 11.40 per cent.
In first public appearance at the IMF headquarters here after his arrival in the city, Jaitley echoed International Monetary Fund Managing Director Christine Lagarde and World Bank President Jim Yong Kim, who have said that the world is experiencing a strong economic recovery.
"At present, the negative effects of GST among the small businessmen outweigh the positive vibes. We hope that the norms and guidelines will be simplified further to help these entities to file returns and claim input tax credit," MD of Bengaluru-based Tally Solutions, Bharat Goenka, told reporters here today.
In a circular, the home ministry said the revised cash management system, formulated by the Ministry of Finance, has to be followed in view of the changes in tax receipt under the GST regime.