Tax

Revised Income Tax informants reward scheme

A new reward scheme titled “Income Tax Informants Reward Scheme, 2018” has been issued by the Income Tax Department. Under the scheme, a person can get reward up to Rs. 50 lakh for giving specific information about substantial evasion of tax on income or assets in India which are actionable under the Income-tax Act, 1961. Foreigners will also be eligible for the reward under this scheme.

Benami transactions informants reward scheme

A new reward scheme titled “Benami Transactions Informants Reward Scheme, 2018”, has been issued by the Income Tax Department. The scheme is aimed at encouraging people to give information about benami transactions and properties as well as income earned on such properties. Under the Scheme, a person can get reward up to Rs. 1 crore for giving specific information in prescribed manner.

GST Council simplifies return filing process

5 : The GST Council in its 27th meeting decided on a new, simplifed method of filing GST returns, based on the recommendations of the Group of Ministers on IT simplification. All taxpayers excluding a few exceptions like composition dealer shall file one monthly return. Goods & Services Tax Council is a constitutional body & is chaired by the Union Finance Minister

CBDT signs 200th UAPA in April

The CBDT has signed its 200th unilateral advance pricing agreement (UAPA), which is aimed at promoting government’s resolve of the non-adversarial tax regime. The Central Board of Direct Taxes had entered into one UAPA during April, thus taking the total count to 200. The UAPA entered into during April 2018 pertains to the provision of sourcing support services.

GST receipts cross Rs. 1 lakh cr. in April

Revenue from the Goods and Services Tax (GST) for April 2018 crossed the Rs. 1 lakh crore threshold, coming in at Rs. 1,03,458 crore. It Indicates that the indirect tax regime was stabilising and that economic revival was picking up pace. The GST was rolled out across the country on July 1, 2017.

India, Finland settle Nokia tax row

India and Finland have reached an accord on the tax dispute with Nokia under the Mutual Agreement Procedure.The resolution covering the disputes pertaining to Nokia India as well as Nokia Corp brings to an end one of the biggest tax disputes involving multinational companies. This paves the way for sale of Nokia’s Chennai plant, which has been shuttered since November 2014.

India to grow at 7.4% in 2018

IMF in the latest World Economic Outlook has projected India to grow at 7.4% in 2018 & 7.8% in 2019.India in 2018 & 2019 would re-emerge as one of the fastest growing major economies. IMF said the implementation of GST will help reduce internal barriers to trade, increase efficiency & improve tax compliance.

Startups with up to ?10 cr to get concession

The government has allowed startups to avail tax concession if total investment including funding from angel investors does not exceed ?10 crore.Several startups and investors had raised concerns over the ‘angel tax’ saying it could discourage investments. The tax was levied on capital raised by startups in excess of the fair market value of their shares.

Sugar tax comes into force in UK

Britain rolled out a sugar tax on soft drinks in an attempt to tackle obesity and tooth decay in children.All revenues raised through the tax will directly fund new sports facilities in schools as well as healthy breakfast clubs. The other countries which have introduced such similar taxes are Mexico, France and Norway.

CBDT facilitates seamless tax payment

The Central Board of Direct Taxes (CBDT) released a one-page simplified Income Tax Returns Form-1 ‘Sahaj’ for the assessment year 2018-19.It can be filed by an individual having income up to Rs.50 lakh and who is receiving income from salary, one house property/other income such as interest. This initiative benefited around 3 crore taxpayers, who filed their return in this simplified Form.