GST data may be used to track income-tax evaders The government may be looking to use data obtained from Goods and Services Tax (GST) filings to track those who are escaping income-tax, two people close to the development said.
Tag Archives: Income Tax updates
Selective capital reduction – Applicability of section 50CA and section 56(2)(x) of Income-tax Act, 1961 Capital reduction refers to corporate reorganization activity in which the existing share capital is extinguished. Companies consider utilizing this route for various business reasons, such as returning excess capital to shareholders, distributing assets to shareholders, loss of original share capital […]
Ind AS 24- Related Party Disclosures 1. Introduction Ind AS 24 describes the various disclosures to be made by the parent entity regarding its associate, subsidiaries or joint venture which are termed as related parties. Let us first understand the terms associate, subsidiaries or joint venture before getting into details of this Ind AS.
Tax Benefits by taking of Loans under the Income Tax Act, 1961 Generally, we consider loans to be a necessary financial burden, particularly when we’re looking to buy something big. There are loans for almost whatever you need, and they work because they can help you get closer to your dreams, whether it’s buying a […]
Section 79 and its implications on globally As after prolonged litigation and different interpretations across judicial hierarchies, certain provisions of the Income Tax Act, 1961 (the Act) still require clarifications to ensure that they meet the intent with which the provision was introduced and do not cause undue hardship to taxpayers.It is the provision is […]