News | Tax

Not serving notice period at job to attract 18% GST

The Gujarat Authority of Advance Ruling has held that an employee exiting a company without completing notice period would be liable to pay 18% goods...

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Dubai-based executive of HDFC Bank made to pay tax on ESOPs in India

In a recent order, the ITAT (Income Tax Appellate Tribunal) bench rejected the contention of the HDFC Bank employee that the ESOPs related to...

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Income Tax surveys shall be permitted only after nod from high-ranked officers, says CBDT

Only after approval from principal chief commissioner or chief commissioner level officer the TDS directorate will be allowed to conduct Income tax...

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CBDT lays out parameters, situations for scrutiny of returns under faceless assessment

The Central Board of Direct Taxes (CBDT) has prescribed five broad parameters for compulsory selection of returns for complete scrutiny under...

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No need to disclose high-value transactions in income tax returns, say tax officials

Taxpayers would not need to mention their high-value transactions in their income tax returns, reports The Economic Times.

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Tax officials upset over lack of clarity on restructuring under faceless assessment scheme

Income tax field offices are yet to receive orders from the top on re-organisation of units under faceless assessment scheme, leading to uncertainty,...

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Taxman Widens Scope of Reported Transactions to Ensure Tax Compliance

Income tax department is eyeing tapping transactions such as hotel bills over Rs 20,000, education fee over Rs 1 lakh, purchase of jewelry, white...

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New Form 26AS will help file returns accurately, handhold taxpayers

From this assessment year, taxpayers will see an improved Form 26AS carrying some additional details on taxpayers' financial transactions as...

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Employees Can Claim Exemption under New Tax Regime for Conveyance, Travel Expenses

Individuals will be able to claim income tax exemption for conveyance, travel and other allowances given by employers under the new regime that...

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Companies grapple with tax liability even when salaries, payments deferred

Under current taxation laws, if a company defers an employee’s salary or a vendor’s payment, say by six months, tax is applicable on such...

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