The ruling will also set a precedent for several other IBC cases, say industry trackers. Often, the corporate lenders and the tax department are at loggerheads over who has the first right on the proceeds from the sale of an insolvent company.
Budget2021: Didn’t file income tax returns? Be prepared for higher TDS
Budget 2021-22 a proposes steeper tax rate for those who have PAN, but don’t file income tax returns February 01, 2021 / 09:10 PM IST
Budget 2021 has laid out stringent norms for those not filing tax returns. So, if you have not been fling your income-tax returns, you have to pay a higher tax deducted at source (TDS). Even the Tax collected at Source (TCS) will increase for those who do not file their income-tax returns. Starting July 1, 2021, the penal TDS and TCS rates are 10-20 percent, as against 5-10 percent normally.
Budget 2021: Residency problem persists for NRIs, but retirement fund glitches removed
For NRIs stuck in India due to COVID-19, the tax problem persists. But mismatch in taxation period and retirement benefit funds will be addressed
Source: AFP
Contrary to what many income tax experts had expected, finance minister Nirmala Sitharaman did not change the requirement for a person to be classified as a non-resident Indian (NRI). The underlying and existing rule remains intact: those who live in India for 120 days will be considered NRIs, as opposed to 182 days earlier.
But another matter that results in significant litigation has been addressed.
Synopsis
The sudden spurt in investigations by the tax departments also comes at a time when the government is looking to increase its revenue amidst Covid pandemic. Tax officials are given annual targets they have to achieve in order to be eligible for professional growth.
Agencies
The tax department would also start scrutinising sale and purchase invoices of companies and whether this corresponds with the financial statements and taxes paid.
MUMBAI: The direct tax department has started scrutinising invoices of companies to check for tax evasion even as the indirect tax department continues its aggressive drive against tax dodgers.
The income tax department has started scrutinising financial statements of companies to check if there are any fraudulent transactions or false entry that could result in low payment of taxes.
Budget 2021: What tax experts, insurance companies and mutual funds want
The last increase in the deduction limit under Section 80C to Rs 1.5 lakh a year was in 2014 and an upward revision is long overdue January 14, 2021 / 09:12 AM IST
As the date of the Union Budget 2021 nears, various industry associations and taxation experts have been making suggestions to the finance minister for easing the burden on taxpayers.
Here are some key recommendations given by the Bombay Chartered Accountants Society, Indian Merchants Chambers (IMC) of Commerce and Industry and the Association of Mutual Funds of India (AMFI) to the finance ministry.
Real Estate