In an effort to scale back litigation, the Earnings Tax Division on Friday introduced e-Dispute Decision Scheme (e-DRS). “That is one other initiative by the federal government in direction of minimising litigation,” the Division stated in a press release. As per e-DRS, a taxpayer can go for the scheme in opposition to the ‘specified order’ … Read more
Supreme Court docket has dismissed a Particular Depart Petition (SLP) filed by the Earnings Tax Division that Delhi Excessive Court docket’s resolution disallowing retrospective applicability of Benami Transactions (Prohibition) Modification Act 2016. The Excessive Court docket’s resolution had adopted a Supreme Court docket ruling on August 23, 2022 (Union of India vs Ganpati Dealcom). Within the … Read more
The Delhi Excessive Courtroom has upheld that taxpayers can select an choice for Angel Tax valuation. Nevertheless, the Revenue Tax Division can go for impartial Honest Market Worth (FMV) dedication. Specialists really feel that the strategy adopted by the division shouldn’t be totally different from that utilized by taxpayers. Within the matter of Agra Portfolio … Read more
IT main Infosys has acquired a tax demand of ₹341 crore from the Earnings Tax Division for the evaluation yr 2020-21. “The corporate is within the technique of evaluating the implications of this order on the monetary statements for the quarter and yr ending March 31, 2024, and likewise evaluating submitting attraction in opposition to … Read more
Infosys Ltd has stated that it expects a refund of ₹6,329 crore from the Revenue Tax Division. It additionally knowledgeable the inventory exchanges about tax demand to the tune of ₹2,763 crore, citing varied evaluation orders. The corporate stated stated it has obtained orders from the Revenue Tax Division for evaluation years 07-08 to 15-16, … Read more
Google Eire (GIL) is not going to need to pay tax on over ₹8,600 crore acquired from Google India (GIPL), the Revenue Tax Appellate Tribunal (ITAT) has dominated. The cost was made throughout fiscal yr 2012-13 to 2015-16 (evaluation Yr 2013-14 to 2016-17) beneath the Google Reseller Agreements in direction of advertising and marketing & … Read more
The Revenue Tax Division has finalized pointers for assessing or re-assessing of high-risk worth in up to date Revenue Tax Returns filed for Evaluation 12 months 2020-21 (Fiscal 12 months 2019-20). In the meantime, the final date to file an up to date Revenue Tax Return for Evaluation 12 months 2021-22 is March 31. Based … Read more