The new service tax rate of 14 per cent will come into effect from June 1, the government said in a notification. In his Budget statement in February, Finance Minister Arun Jaitley had proposed a hike in effective service tax rate from 12.36 per cent (including cess) to 14 per [...]
Key changes in new ITR Forms applicable for all returns from financial year 2014-2015 1. Details of all bank accounts held by assessee Under new ITR forms, an assessee is required to report details of all bank accounts held by him in India at any time (including opened/closed ones) during [...]
Concealing foreign assets or income can lead to jail up to 10 years with a maximum fine of ₹1 crore along with tax and penalty of up to 120 per cent, if the Bill on black money introduced in the Lok Sabha on Friday is enacted into law. The ‘Undisclosed [...]
Ever since the Foreign Account Tax Compliance Act (FATCA) was enacted in 2010 by the US Congress to target non-compliance by taxpayers using foreign accounts, the hallucination effect has come into force. Banks and financial intuitions are related with US treasury accounts in some way or the other just like [...]
For the first time, tax evasion may become a prosecutable offence. The Supreme Court has appointed a Special Investigation Team headed by two retired judges which has recommended the government to make tax evasion a predicate offence under Prevention of Money Laundering Act. [...]
It is important to understand the tax consequences and benefits when you own more than one home Income Tax Deductions for Repayment of Principal Section 80C allows you an overall deduction upto Rs 1.5 lakh for repayment of the housing loan. You can claim this for as many homes as [...]
Each family in India has at least one family which is resident outside India. Previously, the number of transactions between a resident and non-resident were limited but with growing number of family members now settling outside India, there is a tremendous increase in inflow and outflow of money between the [...]
With March around the corner, it’s time you start thinking about your tax-saving investments for the year if you haven’t done so already. Scrambling at the eleventh hour could mean getting rushed into investments not best suited for you We can all get tax breaks when we donate, pay [...]
Multinationals Confront Increased Tax Audit Risk According to a survey of nearly 1,000 tax professionals conducted at our annual SYNERGY conference in Miami Beach, corporate tax audits have increased dramatically over the past two years. Forty four percent of respondents said their audits increased 25-50% over the last two years, 15% said their [...]
CBDT vide order u/s 119 dated 24/10/2013 has directed that in cases where the ‘due date’ of audit and corresponding income-tax returns was 30th September, 2013 and where the same are furnished electronically on or before 31st October, 2013, such reports of audit and returns of income shall be deemed [...]