- 88,000 appeals pending before Income Tax Appellate Tribunal: Chairman
There are 88,000 appeals pending before the Income Tax Appellate Tribunal (ITAT) and efforts are being made for their speedy disposal, its chairman said on Wednesday.
Of the total appeals, 24,000 are pending before the Delhi bench followed by Mumbai bench (15000-16000), ITAT Chairman Justice PP Bhatt told reporters here.
- Companies, FPIs stare at tax confusion
Many companies and foreign portfolio investors (FPIs) are expected to find themselves in each other’s crosshairs over the issue of taxing dividend.
The onus is on companies to tax dividends of their investors before the pay-out. The question is at what rate should the FPIs be taxed — should they be taxed as per India’s tax treaties with the countries they are based at, or as per the domestic tax rates.
- Govt to move Supreme Court for bulk disposal of tax disputes
About 70-80% of the direct tax disputes – nearly 5 lakh involving tax demands of Rs 9.5 lakh crore at last count and piling up – may get resolved in one stroke, as the government has decided to move the Supreme Court, pleading for definitive rulings on 20 issues identified by the tax department as being at the heart of these disputes, revenue secretary Ajay Bhushan Pandey said on Monday. He also said that even though the lenient 15% corporate tax rate for new manufacturing units was for a limited window (till FY23-end), the government was taking efficient steps to widen the tax base, which could facilitate further pruning of various tax rates including those for corporate and dividend incomes, in the coming years.
- E-assessment: CBDT to honour best investigator, tax collector, others
The CBDT has decided to honour the best income tax department investigator, revenue collector and innovator among others working in the recently launched e-assessment scheme. As per an order issued on February 20 by the policy-making body of the department, there will be five categories of honours on a monthly and yearly basis and the winning tax personnel will be honoured on ‘Income Tax Day’ celebrated in July every year.
- Ecommerce companies seek more time for 1% TDS levy
E-commerce companies have sought more time to implement a government proposal to levy a new tax, although they have, in principle, agreed to its imposition.
The ecommerce entities, including Amazon.com and Walmart-owned homegrown etailer Flipkart, have said they need time to upgrade IT systems in order to enable them to collect the 1% tax deduction at source (TDS) from sellers, a senior government official said.
- Status quo for investment trusts likely on tax front
India is examining whether a carveout can be provided to real estate and infrastructure investment trusts (REITs, InvITs) under the proposed regime for taxation of dividends.
The budget proposes to scrap dividend distribution tax (DDT) and shift the taxation of such payouts to recipients.
- Get more under amnesty for plum postings, CBDT tells field officers
To maximise revenue mobilisation via the direct tax ‘Vivad Se Vishwas’ scheme, the Central Board of Direct Taxes (CBDT) has made tax officers’ performance under the scheme a vital criterion for their annual appraisals for 2019-20 and future postings. “Details of the number of disputed cases, amount involved in disputed cases as well the number of cases resolved and the amount collected under the scheme may be reported in the self-appraisal,” CBDT said. The performance of officers in respect of the scheme “will be specifically commented upon by the reporting and the reviewing officers and shall be an important factor in determining their future postings,” the tax board said in an office memorandum.
- CBDT notifies forms for firms to avail lower corporate taxes
The income tax (I-T) department has notified forms for companies to avail the reduced corporate tax rates that were announced in September last year.
The Central Board of Direct Taxes (CBDT) has notified Forms 10-IC and 10-ID for existing companies that want to avail lower I-T rate and new manufacturing firms, respectively.
- I-T department set to implement ‘Vivad se Vishwas’ scheme
From sending emails to tax assesses locked in a dispute with the tax authorities to setting up outreach programmes targeted at the trading community, chartered accountants and the like, the income tax department has made elaborate plans on how to implement the Vivadse-Vishwas scheme, people in the know told ET.