Page 5 - Tax

Govt raises windfall tax on petroleum crude to Rs 9,600 per MT from Apr 16

The tax, which is revised every fortnight, will remain unchanged at zero for diesel and aviation turbine fuel

BMC warns of strict action if property tax dues not paid by May 25

The Brihanmumbai Municipal Corporation (BMC) on Friday warned of taking stringent action against those who do not pay their property tax by May 25, the deadline set for the financial year 2023-24. In a release, the civic body appealed to the citizens to pay their property tax within the deadline, but did not specify what action it plans to initiate against those who fail to do so. The BMC's tax assessment and collection department has launched an awareness programme through media, social media platforms and other modes. Its ward officer and citizens' facilitation centres are being kept open on holidays for the convenience of the property owners, it said. During the last fiscal, the civic body collected Rs 3,195 crore property tax of FY 23-24. Last week, the BMC decided to collect from May 1 double property tax from the shops and establishments for not displaying signboards in Marathi language or Devnagari script.

USISPF appoints ex-revenue secy Bajaj as chair of US-India Tax Forum

The US-India Strategic and Partnership Forum (USISPF) has appointed former Revenue Secretary and ex-Secretary of Economic Affairs Tarun Bajaj as the head of the US-India Tax Forum. Bajaj, 61, joined the USISPF as an advisor to the Board of Directors in January and will now spearhead the US-India Tax Forum, an official announcement said on Tuesday. With his extensive experience and profound expertise in finance and taxation, Tarun stands as an ideal candidate to steer our efforts forward. His adept leadership in shaping fiscal and tax policies and navigating intricate economic terrains will fortify our mission of nurturing strong economic bonds between the United States and India, said Mukesh Aghi, president and CEO of USISPF. A 1988-batch Haryana Cadre IAS officer, Bajaj served as Revenue Secretary. During his tenure with the Indian government, he played a pivotal role in shaping fiscal policies and promoting economic growth. Bajaj managed both the direct and indirect tax revenues

United Breweries gets tax demand of over Rs 263.70 cr from Maha GST dept

United Breweries Ltd on Friday said it has received a tax demand of over Rs 263.70 crore, including interest and penalty from the Maharashtra State Goods & Service Tax Department. In a regulatory filing, the company said the Deputy Commissioner of State Tax, Raigad Division, Maharashtra State Goods & Service Tax Department passed an order levying an additional tax of Rs 1,19,82,34,560, interest of Rs 1,15,03,04,218 and penalty of Rs 28,86,97,379 -- totalling to Rs 2,63,72,36,156 for FY 2019-20. "The demand order has been raised on account of levy of 60 per cent CST on debit notes raised by UBL on Telangana State Beverage Corporation (TSBCL), Karnataka State Beverage Corporation (KSBCL), Andhra Pradesh State Beverage Corporation (APBCL) for reimbursement of state excise duties paid on behalf of State Beverage Corporations for the period April 2019 to March 2020," United Breweries Ltd (UBL) said. Demand is also raised on account of non-submission of declaration forms for ...

From United Spirits to Zomato, multiple companies get tax demand notices

ICICI Securities on Tuesday said it has received a tax demand of about Rs 66.70 lakh from the Gujarat state GST department. In a regulatory filing, the brokerage firm said the demand includes demand of GST worth Rs 31.78 lakh, interest of Rs 31.72 lakh and penalty of Rs 3.20 lakh. The Gujarat GST authority has demanded about Rs 66.70 lakh GST, along with interest and penalty, for alleged excess claim of GST credit. The company will defend the matter before the appellate authorities and file an appeal against the order before the Commissioner (Appeals). Shares of ICICI Securities closed at Rs 719.85 apiece, down 0.54 per cent over the previous close on BSE.

Infosys receives Rs 341 crore tax demand for assessment year 2020-21

Infosys has received a tax demand of Rs 341 crore for assessment year 2020-21 from the Income Tax Department, the IT services company said on Monday adding it is evaluating filing an appeal against the said order. The Bengaluru-headquartered company said it is in the process of evaluating the impact of the order on its financial statements for the quarter and year ending March 31, 2024. Infosys also said it is evaluating filing an appeal against this order. "Infosys Ltd on March 31, 2024, received order...from the Income Tax Department, Government of India for assessment year 20-21 with a tax demand of Rs 341 crore (including interest). The company is in the process of evaluating the implications of this order on the financial statements for the quarter and year ending March 31, 2024, and also evaluating filing an appeal against this order," Infosys said in a BSE filing. Further, a subsidiary of the company has received refund order from the Income Tax Department for assessment year

Airtel arm Telesonic Networks penalised for irregularity in claiming ITC

Bharti Airtel Group firm Telesonic Networks has been penalised for alleged irregularity in claiming input tax credit, according to a regulatory filing. Bharti Airtel informed stock exchanges that the office of the Assistant Commissioner of Commercial Taxes (Audit) in Bengaluru has passed an order under the Central Goods and Services Tax Act against a subsidiary of the company, levying a penalty of Rs 2,19,873. According to the filing, the penalty has been levied for "alleged irregular input tax credit claimed during the financial year 2018-19" on the company's subsidiary Telesonic Networks. The company received the order on March 30. "The maximum financial impact is to the extent of the penalty levied. The company does not agree with the order and will take appropriate action(s) for the same," the filing noted.

Zomato gets GST demand order of Rs 23.26 cr from Karnataka tax authorities

Zomato on Sunday said it has received a tax demand, interest, along with penalty, to the tune of Rs 23.26 crore from the Assistant Commissioner of Commercial Taxes (Audit), Karnataka. The online food delivery platform said it will appeal against the order before the appropriate authority. In a regulatory filing to the BSE, the company said it has "received an order for FY 2018-19 pursuant to the audit of GST returns and accounts by the Assistant Commissioner of Commercial Taxes (Audit), Karnataka, raising demand of GST of Rs 11,27,23,564, along with applicable interest and penalty totaling to Rs 23,26,64,271. "We believe that we have a strong case on merits and the company will be filing an appeal against the order before the appropriate authority," Zomato said in the filing.

Opted for old tax regime? Explore last-minute income tax saving options

Last-minute income tax saving options: ELSS funds, PPF, NPS, and fixed deposits are some of the popular options under section 80C. Don't forget health insurance

I-T dept expands scope for officers filing appeals, includes TDS disputes

The CBDT has permitted income tax authorities to file appeals irrespective of monetary threshold in cases relating to TDS/TCS, undisclosed foreign income, or information received from investigating agencies like ED and GST Intelligence. Currently, tax authorities can file appeals before the ITAT, High Court and Supreme Court, if the disputed tax demand exceeds Rs 50 lakh, Rs 1 crore and Rs 2 crore respectively -- a threshold fixed in 2019. The Central Board of Direct Taxes (CBDT) in a circular dated March 15 said that the said monetary limits will not be applicable for filing appeals in cases where prosecution has been filed by the department in the relevant case, and trial is pending and conviction order has been passed and the same has not been compounded. Cases where the assessment is based on information with regard to an offence alleged to have been committed under any other law and information received from law enforcement or intelligence agencies like CBI, ED, DRI, SFIO, NIA,

Govt hikes windfall tax on petroleum crude to Rs 4,900 per tonne

The new rates will be affective from Saturday, according to a government notification released on Friday

SC reserves its verdict on whether royalty payable on minerals is tax

The Supreme Court on Thursday reserved its verdict on the hugely contentious issue of whether the royalty payable on minerals is a tax under the Mines and Minerals (Development and Regulation) Act, 1957, and if only the Centre is vested with the power to levy such exaction or states also have the authority to impose levies on mineral bearing land in their territory. A nine-judge bench headed by Chief Justice DY Chandrachud heard the matter on eight days, while dealing with a batch of 86 appeals filed by different state governments, mining companies and public sector undertakings. The bench, also comprising Justices Hrishikesh Roy, Abhay S Oka, BV Nagarathna, JB Pardiwala, Manoj Misra, Ujjal Bhuyan, Satish Chandra Sharma and Augustine George Masih, heard the arguments of various parties including the Centre. During the hearing, the top court had said the Constitution vests the power to impose tax on mineral rights not in Parliament alone but also the states and underlined that such .

States denuded of power to levy tax on minerals by virtue of MMDR: SC told

The states are denuded of power to levy taxes on mines and minerals under the Constitution as the field is taken over by the Centre by virtue of the Mines and Minerals (Development and Regulation) Act, the Supreme Court was told on Wednesday. A nine-judge bench headed by Chief Justice DY Chandrachud was told by senior advocate Abhishek Singhvi, appearing for mining companies, that the 1989 verdict in India Cements case which held that royalty is tax is correct in law. "... once the field of mining and levies including taxes on mining are taken over by the Centre (which they in fact are, by virtue of the MMDR Act, 1957 as confirmed in Orissa Cement (1990 verdict) and Mahanadi Coalfields (1994 verdict)), the states stand denuded of their powers under both Entries 23 as well as 50 of List 2," he said. The bench, also comprising Justices Hrishikesh Roy, Abhay S Oka, BV Nagarathna, JB Pardiwala, Manoj Misra, Ujjal Bhuyan, Satish Chandra Sharma and Augustine George Masih, is considering t

Tax dept finds inconsistencies in transaction report of market entity

The income tax department on Monday said it has identified "certain inconsistencies" in the data of the securities market provided by one of the reporting entities in the statement of financial transactions (SFT). In a post on X, the I-T department said based on feedback from taxpayers on the e-campaign for advance tax, the inconsistencies have come to light and the reporting entity has been asked to submit a revised statement to the department. "Hence, the data on AIS (Annual Information Statement) will be updated. Taxpayers are advised to wait for further updates on AIS based on the revised statement," the I-T department said. As per income tax rules, specified institutions are required to furnish SFT to the I-T department with the details of certain financial transactions or any reportable account registered/recorded/maintained by them during the year. The data submitted in SFT then gets reflected in the Annual Information Statement (AIS) of the taxpayer. "The Department has ..

Govt can withdraw duty concessions if EFTA doesn't invest $100 billion

India will have the option of temporarily withdrawing customs duty concessions on EFTA country goods under the trade agreement between the two sides, if the four European nation bloc would not fulfil its USD 100 billion investment obligations. Though the investments have to flow in 15 years -- USD 50 billion in the first 10 years (counted after implementation of the pact) and another USD 5 billion in next five years, the trade deal also provides for a three-year grace period to the EFTA bloc to meet the obligations, according to the documents accompanying the agreement. India and four-nation European Free Trade Association (EFTA) bloc signed Trade and Economic Partnership Agreement (TEPA) on March 10 under which New Delhi received a foreign direct investment commitment of USD 100 billion in 15 years from the member countries of the grouping. The EFTA members are Iceland, Liechtenstein, Norway, and Switzerland. There is a three-stage government-to-government consultation process ...

CGST Commissionerate busts syndicate involved in Rs 1,000 cr ITC fraud

Meerut CGST Commissionerate on Thursday busted a syndicate that fraudulently claimed Input Tax Credit of over Rs 1,000 crore through a network of 232 fake firms and arrested three persons. The Anti-Evasion branch of Central Goods and Services Tax (CGST) of Meerut Commissionerate started an investigation in October 2023 into a large syndicate that fraudulently claimed ITC by way of fake billing, an official statement said. The investigation conducted so far has revealed that a total number of 232 fake firms, with 91 firms registered on a single mobile number, are registered at various places across the country and have passed inadmissible ITC of around Rs 1,048 crore, it said. The total value of goods shown to be supplied through these firms is around Rs 5,842 crore, it said. Through the use of various analytical tools such as E-way Comprehensive Portal, Advait and Business Intelligence and Fraud Analytics (BIFA), the CGST Commissionerate carried out a deeper investigation, it ...

Govt panel backs higher carbon tax on coal imports to limit polluting fuel

Coal is among India's top five commodity imports by value. Despite surging domestic production, mainly of low-quality coal with high ash content

Salaried but have sizeable other incomes? You have to pay advance tax

NRIs with income in India above Rs 10,000, post-TDS and tax treaty adjustments, must pay too

I-T dept gives institutions time till Mar 31 to file correct audit reports

The income tax department on Tuesday allowed trusts and institutions, which filed audit reports for the assessment year 2023-24 in incorrect forms, to file documents in correct forms by March 31. Income of any fund or institution or trust or any university or other educational institution or any hospital is exempt from income tax subject to fulfilment of certain conditions. One of the conditions required to be fulfilled by the trust or institution in order to be eligible to claim exemption, is, that it is required to get its accounts audited and furnish the audit report in the prescribed Form No. 10B / 10BB before the specified date. In a circular, the Central Board of Direct Taxes (CBDT) said that in a number of cases trusts or institutions have furnished audit reports in Form No. 1OB, where Form No. 10BB was required to be furnished and vice versa for the A.Y. 2023-24. As per I-T rules, the report of audit of the accounts of a trust or institution, shall be furnished in Form No.

Metropolis Healthcare gets Rs 24 cr income tax demand from Mumbai officials

Metropolis Healthcare Ltd on Monday said it has received a Rs 24.46 crore income tax demand from the income tax authority. An income tax demand of Rs 24.46 crore (tax plus interest) has been raised by the Assistant Commissioner of Income Tax, Mumbai, Income Tax Department (ACIT) for assessment year (AY) 2023-24, Metropolis Healthcare said in a regulatory filing. The actual demand for AY 2023-24 will come to Rs 24.19 crore after adjusting rectification of Rs 27 lakh pertaining to AY 2023-24, it added. For the Rs 27 lakh demand, tax plus interest, for AY 2023-24, the company has brought to the notice of ACIT that an error has occurred during the computation of tax and ACIT has not granted credit for certain taxes already paid by the company. Metropolis Healthcare further said it has filed an application for rectification and issuance of the rectification order on account of TDS credit, advance tax, and self-assessment tax credits not allowed. ACIT has accepted the application and is