There is no denying that as tax professionals in India, majority of our lives revolve around tax litigation. The moment a notice is received from the tax department, more often than not when we are already choked with other work, the team goes into a tizzy. The feeling only gets compounded, if the notice is … More Ever thought of managing your tax litigation with just a click?
The Finance Minister, in his Union Budget 2015 speech, had announced the Government’s intention to reduce the corporate tax rate from 30% to 25% over the next four years, and phase out or rationalize various tax incentives. In November 2015, the Central Board of Direct Taxes (CBDT) released for public comments a draft proposal to … More CBDT roadmap for phasing out tax exemptions
Which form should I use for filing my Income Tax Return (ITR) for the tax year 2014–15 and what all information am I required to declare in it? This is the question I have been asked the most by my friends during filing of returns. The ITR forms issued earlier for the tax year 2014–15 … More Choosing the right tax return form: a prerequisite to keep troubles at bay
In order to minimize alternative tax treatments and bring certainty in reporting taxable income, the Central Government (CG) has recently notified the following 10 Income Computation and Disclosure Standards (ICDS), w.e.f., 1 April 2015 for implementation: I. Accounting policies II. Valuation of inventories III. Construction contracts IV. Revenue recognition V. Tangible fixed assets VI. Effects … More ICDS: a move towards simplification or a new challenge?
The government’s scorecard on tax policy so far has certainly been good, but not bold enough to exorcise the spectres of the past. Amongst many poll promises of the NDA Government, the one on ending tax terrorism stood out. Such strong sentiment was hitherto never expressed by a political party against the perceived hostile environment … More Tax terrorism: phobia or reality?
Off late the vagaries of the Indian tax system has been blamed to be one of the reasons behind a sluggish growth in the Indian economy. There is a lack of trust, fear and uncertainty. A recent development on FII taxation is just another example of what ails our system. Laws, which are in place … More How to build a robust Indian fiscal system?
The levy of Minimum Alternative Tax (MAT) on Foreign Institutional Investors (FIIs), who are now called Foreign Portfolio Investors (FPIs), has been the subject of considerable interest and debate recently. Much has been debated on whether this is a legacy issue and indeed whether MAT is at all payable by a foreign company, which does … More MAT on FIIs – leading to clarify the tax uncertainty