Tax Liability

Maruti Suzuki India (MSI) on Wednesday said a Haryana GST appeals authority has upheld a tax demand of Rs 139.3 crore against the company.

P&G agrees to pay Rs 36 cr to settle tax liabilities

The transactions between the firm’s affiliate units, which was under scrutiny, fall between the years 2010-11 and 2018-19, it said

Taxes | Will the CBDT fill the gaps in a timely manner?

While officials have assured that any refund (sans interest) arising pursuant to the Vivad Se Vishwas Act would be granted within 'reasonable time', it would be good if the CBDT can provide clarity on the timing issue of such refund and adjustment against any tax payable under the Act.

Budget provisions that will discourage investment in high-value homes

The Union Budget 2017-18 has proposed some provisions, which will boost the affordable housing sector but at the same time, will discourage tax payers from treating real estate as an investment class. One such &#82

US Supreme Court rejects Dow over $1 billion tax deduction claim

The US Supreme Court on Monday declined to hear Dow Chemical Co's bid to revive its claim to more than USD1 billion in tax deductions based on partnerships the company entered into that lower courts said were created primarily to avoid tax liability and had no legitimate business purpose.

Modified norms to lower taxes of small traders by 30%: FM

Finance Minister Arun Jaitley today said the government's decision to tweak the presumptive income norms would reduce the tax liability by up to 30 percent for those small traders opting for digital transactions.

How much tax Sindhu and Sakshi will pay on their prize money?

Section 10(17A) of the Income Tax Act, authorises the Central Board Of Direct Taxes (CBDT) to approve some specific payments, made by the Central and State Governments as exempt from payment of taxes, which are of public interest.

HDFC Ltd Financial Results for the Year Ended March 31, 2016 Standalone & Consolidated

Performance Highlights   Standalone profit ...

HDFC Ltd Financial Results for the Year Ended March 31, 2016 Standalone & Consolidated

Performance Highlights   Standalone profit ...

Are you a senior citizen? Know your tax liability

Senior citizens cannot get away saying banks have deducted tax at source. They have to account for their tax liability and also file their income tax returns if applicable.

Govt negotiating issues relating to DTAA with Mauritius

"India has proposed changes in the existing DTAA to address concerns relating to treaty abuse, around tripping of funds, double non-taxation and revenue loss. Both sides are working bilaterally to resolve these issues," Minister of State for Finance Jayant Sinha said in a written reply to Rajya Sabha.

Govt trying to resolve Vodafone tax issue: Prasad

On February 4, the I-T department issued Vodafone a reminder over its Rs 14,200-crore tax demand and threatened to seize assets in the case of non-payment.

Inclusion of income received abroad is must in IT returns

The problem in many cases lies with actually recognising that there are receipts that are taxable.

Do I need to file my income tax return?

Income tax filing and payment of income tax payment are two different obligations. it is better to file income tax before due date as it saves you from possible penal actions and allows you to make the most of provisions of Income Tax Act.

Nokia tax bill may jump to Rs 10Kcr, draws plant sale plan

Nokia has received a memorandum of understanding from a bidder interested in its locked-out Chennai plant -- which has become a casualty of a Rs 3,500-crore tax claim -- the company told Delhi High Court today.

Voda chief meets Chidambaram, says it's good to talk

The British telecom major is facing a tax liability of over Rs. 11,200 crore, along with interest, on its 2007 acquisition of Honk Kong-based Hutchison Whampoa‘s stake in India‘s telecom major, Hutchison Essar.

Shome against retro amendment of tax laws to raise revenue

Parthasarathi Shome was replying to a question whether retrospective amendment in the tax laws has vitiated business environment in the country, particularly the one related to the tax dispute with the UK-based telecom giant Vodafone Group.

Entertainment industry now under taxman's spotlight

According to the service tax department, the sale of satellite rights and also some of the support services which these production houses provide are liable to come under the service tax net.

NSEL fiasco: Taxman finds no stock at warehouses

The tax department had conducted surveys on 24 borrowers, all the warehouses and they found that no stock actually existed in these warehouses. In addition to this, there was no actual transaction and there no purchase actually took place and thus no tax liability holds in this case of transaction.

GAAR provisions positive for large stakeholders: KPMG

In an interview to CNBC-TV18, Bhavna Doshi of KPMG reacts to the Finance Minsiter's defering the GAAR (General Anti-Avoidance Rules) aimed at curbing tax evasion, to April 2016.

I-T catches LIC in sights, slaps bill of Rs 9k cr

CNBC-TV18‘s Ashmit Kumar, quoting sources, reports that the taxman has slapped government-owned insurance giant LIC with a notice to pay a tax of Rs 9,000 crore

Tax on rent income and sold property!

If you choose to use the capital gains from selling your house to buy a residential property, you will not be taxed and there is no tax liability from such a sale as stated under Section 54F of the Income Tax Act.

No tax liability on Axis or Enam: Nishith Desai & Asso

The Axis Bank’s board has approved the buy of investment banking and equities businesses of Enam Securities. Siddharth Shah, Nishith Desai and Associates, in an interview on CNBC-TV18, shared his views on this transaction.

CBDT order on Mah Satyam won't take effect for 2 weeks

The Supreme Court today said the CBDT order, as and when it is passed, on Mahindra Satyam tax dispute case would not take effect for two weeks so that the IT company may challenge it in an appropriate forum.

Vodafone CFO says $2.6bn tax on deal with Hutchison unfair

Terming the USD 2.6 billion tax liability on the company as "inequitable", UK-based Vodafone today questioned the Indian authorities for not raising the tax claim on the party (Hutchison) which made profit by selling its stake.