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In a boost for businesses, the UK has agreed to recognize India’s carbon credit trading scheme, which will enable exporters to avoid “double taxation”. Officials said that the UK treasury has agreed to govt’s argument and decided to exempt goods…
The Central Board of Indirect Taxes and Customs (CBIC) has released a standardized checklist for Customs officers to review prior to approving import consignments of cosmetics, drugs, and medical devices. Under the provisions of the Drugs and Cosmetics Act, 1940,…
Rajasthan’s Commercial Taxes Department has cracked down on tax evasion, seizing 44 vehicles in three weeks ending on September 3. The vehicles were impounded due to discrepancies between actual cargo and billed quantities, an official of the Commercial Taxes Department…
The Income Tax Department is conducting searches at premises linked to Dentsu Media Group as part of a suspected tax evasion probe. The searches are underway at locations in Mumbai, Delhi, Chennai and Bengaluru. The Income Tax officials are examining…
The Income Tax Appellate Tribunal (ITAT) has deleted a ₹11,003-crore tax disallowance against Reliance Jio Infocomm for the assessment year 2019-20, ruling that how a company records an expense in its books does not, by itself, determine how it should…
A proposal to do away with state-wise GST compliance in favour of a single, nationwide registration has been turned down by states, stalling one of the more ambitious recommendations of the Rajiv Gauba-led High-Level Committee on Regulatory Reforms, three government sources said.
A car or other high-value products provided by a brand to a social media influencer may not always be treated as a simple ‘gift’ and could have income-tax and GST implications, chartered accountants discussed at a two-day sub-regional conference of the Institute of Chartered Accountants of India (ICAI) in Vadodara.
Maruti Suzuki India is witnessing strong growth in both the 18% and 40% GST segments, said Partho Banerjee, Senior Executive Officer, Marketing & Sales, at the 66th Society of Indian Automobile Manufacturers (SIAM) Annual Convention in New Delhi.
Ahead of the forthcoming GST Council meeting, Credai Gujarat has submitted a representation to state govt urging it to take up key taxation issues impacting housing delivery, demanding clarity on GST applicability to FSI and additional FSI purchased from urban local bodies.
A ₹9.6 lakh addition to an individual’s taxable income can be burdensome, especially when the amount stems from something as simple as an incorrect entry in an income tax return (ITR).