Tax liability News

If you miss an advance tax payment, penal interest is charged under sections 234B and 234C.

While GSTR-1 for a month is filed by the 11th day of the succeeding month, GSTR-3B is filed and taxes paid by the 20th day of the succeeding month.

In the Walmart-Flipkart deal, the revenue department will go through the share purchase agreement to ascertain the purpose of investment and the emanating gains.

Walmart runs 21 Best Price wholesale stores in India that sell everything from fast-moving consumer goods to furniture to other retailers and institutions.

You can earn a regular monthly income just by investing a substantial portion into mutual funds.

He had revealed to the authorities that he had not disclosed an income of Rs13,860 crore. That puts him for a direct tax liability of Rs4,500 crore.  

In order to present the revenue side more effectively in high-value and important cases before the AAR judicial forum, CBDT has decided to stop the practice of sending junior-level Income Tax officials to these hearings and has ordered their seniors to take up the task.

"The number of FIIs and the amount involved would come down substantially as many of them would be eligible for treaty benefits," a Finance Ministry source told PTI.

With regard to arm's length price for computing tax liability under the transfer pricing rules, he said a new "range concept" would be introduced in line with the international practices.

With Rs 4 lakh crore locked in litigations, Finance Minister Arun Jaitley Thursday proposed to allow domestic companies to obtain advance ruling with regard to their direct and indirect tax liabilities.

Vodafone said that its Indian subsidiary had received a letter in January last year from the authorities reminding it of the tax demand of Rs 14,200 crore in relation to the dispute over acquisition of Hutchinson in 2007.