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ITAT denies refund of taxes of Rs 182 cr to Bank of India but allows it as business deduction

ITAT denies refund of taxes of Rs 182 cr to Bank of India but allows it as business deduction © Provided by The Times of India MUMBAI: The Mumbai bench of the Income-tax Appellate Tribunal (ITAT), in its recent order, has denied a refund in respect of foreign taxes aggregating to Rs. 182.64 crore paid by Bank of India (BOI), as the bank had losses and did not have any tax liability in India. However, the taxes paid overseas will be allowed as a deduction in computing the bank’s business income, added the ITAT. The order, if jurisdictionally applicable, is likely to have wide ramifications, for a large number of Indian corporates having overseas operations.

Budget 2021: Why finance minister should not bring in any new tax

Finance minister Nirmala Sitharaman (File photo) NEW DELHI: Finance minister Nirmala Sitharaman faces a huge challenge this year. The Covid pandemic raged through 2020, roiling economies and ruining many lives. The government’s revenues are down but expenditure commitments are up (think of the free vaccines promised). What path should the finance minister now take? Should she try and balance the books by levying additional taxes? Say, introduce a temporary Covid-19 cess at the highest income-tax slab, or maybe reintroduce the wealth tax? Or, should she focus on maintaining tax stability while stepping up expenditure for economic revival? To understand how both scenarios could play out, let’s first look at what impact moderate tax rates have on the tax-GDP ratio and how this compares with a high-tax regime.

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