Taxman

Home services join quick commerce race, Taxman serves notice to Google, Banks push for higher GST limits for merchants | MC Tech3

In today’s Tech3 from Moneycontrol: From 10-minute groceries to 10-minute home help, startups like Snabbit and Pronto are racing to deliver cleaners, cooks, and handymen in record time. The taxman issues Google notices over gambling sites, while banks urge raising GST thresholds to keep small merchants on digital payments. Plus, India’s humanoid robots hit factory floors with Ati Motors’ Sherpa Mecha, and BlueStone’s IPO opens with a modest Day 1 subscription.

Terra investors in India lost big. Now they face the taxman

Because the country’s tax system is punitive to crypto investing, TerraUSD and Luna token holders who got the new coin -- known as Luna 2.0 -- in a so-called airdrop face a double whammy.

Taxman to seek info on deposits made during DeMo in new ITRs

The taxman will seek data on deposits made by an assessee during the demonetisation period as part of the new Income Tax Returns (ITRs) that would be notified soon for assessment year 2017-18.

I-T detects Rs 3,300 cr black income; seizes Rs 92cr new notes

Over Rs 3,300 crore of un-disclosed income has been detected while Rs 92 crore worth new notes have been seized till now by the Income Tax department as part of its country-wide operations against black money hoarders post the demonetisation of two high value currencies by the government.

LPG subsidy: I-T to tell OilMin on taxpayers earning over Rs 10L

The Income Tax department will soon begin sharing personal data--like PAN, residential address and mobile number--of a taxpayer earning over Rs 10 lakh per annum with the Oil Ministry as part of government's initiative to effectively block subsidised cooking gas to higher income groups.

I-T dept digs up Rs 2.6k cr concealed income in raids post Nov 8

The taxman has conducted hundreds of raids since November 8 and has seized concealed income of nearly Rs 2,600 crore in cash and jewellery. CNBC-TV18 first broke the story on Thursday and the tax department confirmed the details today.

Taxman to issue 7 lakh letters seeking info on high-value deals

The department has retrieved information on 90 lakh high-value transactions where PAN has not been quoted from FY10 till now. Within that, 7 lakh high-risk clusters having 14 lakh non-PAN transactions have been identified, sources say.

Delhi HC stays taxman from imposing fresh demands on Vodafone

The taxman was looking to add Rs 2500 crore to the company‘s taxable income for AY 2009-10, 2010-11 and 2011-12, which adds to approximately Rs 700 crore.

SC admits taxman's plea seeking Rs 985-cr dues from Sanofi

Sanofi counsels argued that SC's stance in the matter would give clarity to a number of pending tax battles involving cross border transactions.

Voda demerged tower assets to avoid payment of tax: IT dept

The Supreme Court Wednesday heard the IT department's plea opposing the merger of Vodafone's tower assets in 2012. The taxman argues that the telecom company demerged its tower assets in Indus Tower to avoid paying tax.

After Voda & Shell, Essar moves HC in transfer pricing row

The issue involves the issuance of shares by three Essar Group companies â€“ Essar Power, Essar Projects and Equinox Technology Parks â€“ to their parent company. The I-T department has alleged undervaluation of shares at the time of issuance of shares.

Cadbury India gets relief in royalty payments dispute

The I-T Department alleged that the said transaction was not in coherence with the arms-length principle. The taxman‘s concerns stemming from worries that the rightful income of an Indian company was possibly being shipped overseas to its parent, by way of alleged excessive royalty payments.

Setback to I-T department, HC rules in Cairn's favour

High Court says that because of rupee fluctuation indexation is built in and hence foreign investors need to pay only a 10 percent capital gains, which is lower tax rate.

Shell tax case: Bombay HC seeks reply from I-T in 4 weeks

After reprimanding the tax department for moving slow on the issues, the Bombay HC allowed the department 4 weeks to reply. The matter is now scheduled to be heard on the September 30.

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.

F1's India franchisee Jaypee Sports seeks tax clarity

CNBC-TV18's Aastha Maheshwari reports that with a few months go before the Indian Grand Prix flags off, Formula One's India franchisee has sought tax clarity on various aspects of its business from the AAR.

Ad billing sparks battle between media, broadcasters

For the last two days, broadcasters have said "no" to advertisements. And the battle, which sees advertising and media agencies pitted against broadcasters is about the way transactions are billed, and the tax payable on these transactions.

Enforcement Directorate summons Vodafone MD

Vodafone's India troubles just don't seem to end, after the tax man chasing it for a taxbill, the enforcement directorate has begun a formal probe under the prevention of Money Laundering Act 2002, reports CNBC-TV18's Nayantara Rai.

I-T struggles to mop up original tax target

Taking the pragmatic approach, concerned tax officials have opted to try and reach the original tax target instead of the revised, reports CNBC-TV18's Ashmit Kumar.

Vodafone nightmare for taxman; Govt to amend I-T Act

Even as investors cheer the landmark Vodafone Supreme Court ruling, the tax authorities are worried about the hole in the tax net which could cost them upwards of Rs 25,000 crore in the months to come.

Annual advance tax collection targets look out of reach

With the finance minister going on record to say that there could be fiscal slippages this year, the taxman is feeling the heat with revenue targets looking elusive. CNBC-TV18’s Neha Arora reports that upcoming advance tax figures may affirm these fears.