Categories
Interactive Tax

Who qualify for Income Declaration Scheme, who don’t

[dropcap]B[/dropcap]efore writing this, I was a little worried why someone should read this. Then suddenly while reading a book, I got an example which is very interesting. It also highlights the government’s intention. Sunil Singh (name changed) has undisclosed an income of Rs 2 crore, which was generated by him in the previous year 1995-96 […]

Categories
Interactive Tax

We dare govt to publish names of big loan defaulters

[dropcap]A[/dropcap]s of now, the Income Tax department has published a list of 64 defaulter entities on their website. One can see and access this list on this web page of the department. It’s good that the government has started the practice of publishing and, thus, shaming tax defaulters, but it raises some questions. Are these cases genuine, […]

Categories
Interactive Tax

Equalisation levy under Finance Act 2016

[dropcap]S[/dropcap]ince 1 June, the country’s tax system has an equalisation levy on digital transactions in consonance with the initiative of the Organisation for Economic Co-operation and Development (OECD). It is aimed at addressing base erosion and profit shifting (BEPS). On 27 May, the Central Board of Direct Taxes (CBDT) had released rules on the newly introduced equalization levy on specified […]

Categories
Interactive Tax

Filing your I-T return

[dropcap]T[/dropcap]he due date for filing personal tax returns for the financial year 2015-16 is 31 July (except for tax audit and transfer pricing cases). Taxpayers need to beware of various points while filing their returns. Filing incorrect details may result in interest, penalty or delay in refunds. Following points can help you file your return […]