income tax | Pixr8 News

6Apr By reutersNo Comments

INDIA

India court says ByteDance should deposit $11 million in tax evasion case

Mumbai, 04/07/2021: An Indian court on Tuesday said China's ByteDance must deposit around $11 million that federal authorities believe the company owes in an alleged case of tax evasion, a setback for the firm which wanted to unblock its bank accounts to pay salaries. An Indian tax intelligence agency in mid-March ordered HSBC and Citibank in Mumbai to freeze accounts of ByteDance India as it probed some of the firm's financial dealings. ByteDance challenged the move in court saying the freeze amounted to harassment and was done illegally. ByteDance has said in court it does not owe the tax government is demanding and does not agree with the tax authority's decision to freeze its accounts. After a government counsel said ByteDance owed the authorities about 790 million rupees ($11...

25Aug By AnkitaNo Comments

INDIA

DPIIT Registered Startups Exempt from Angel Tax: Indian Finance Minister

The Indian government exempted all startups that are registered with the DPIIT from the so-called 'angel tax', which will help resolve difficulties faced by the fledgling businesses and their investors. "To mitigate genuine difficulties of startups and their investors, it has been decided that Section 56(2)(viib) of the IT Act shall not be applicable to a startup registered under DPIIT," Finance Minister Nirmala Sitharaman told Pixr8 News. She added that while the said section will continue to be part of the Income Tax Act, it will not be applicable to the startups registered with the Department for Promotion of Industry and Internal Trade (DPIIT). Besides, a dedicated cell, headed by a member of the Central Board for Direct Taxes (CBDT), will be set up to address concerns faced b...

Luxury brands Harley Davidson, Louis Vuitton under IT Scan

27Jun By Lavina TolaniNo Comments

News

Luxury brands Harley Davidson, Louis Vuitton under IT Scan

Luxury Brands Louis Vuitton and Harley Davidson and several other prominent players in the business industry have fallen under tax radar for taking cash above Rs. 2 lakh in clear violation of a new income tax law introduced in this year's budget. Earlier this year between January and March, The Directorate of Intelligence and Criminal Investigation, Department of Income Tax had run a special project to nail these companies. Moreover, a survey has also revealed that Harley Davidson in Guwahati, Venkys in Pune, a Louis Vuitton dealer, a Gucci dealer, 5-star hospitals in Mumbai, Delhi, Chennai, Lucknow and Indore were accepting cash of more than Rs.2 lakh. According to sources involved with the survey, a total of 1705 cases were found to be violating Section 269ST of the Income Tax A...

DIPP Cancels Certification of Companies Posing as “Startups”

3Apr By Lavina TolaniNo Comments

INDIA

DIPP Cancels Certification of Companies Posing as “Startups”

Department of Industrial Policy & Promotion (DIPP) has put an end to some certifications and issued warnings to organizations seeking to avail exemptions by categorizing themselves as "startups". In a recent meeting of Inter-Ministerial Group on Startups held on March 15, certificates of recognition and that of eligibility given to two entities- Riot Solutions and JVS Flow Control PC were revoked on account of failing to give a report on whether they were subsidiaries of some companies or working as individual organizations. A government official reported, "These organizations were sent queries by IMG a few months back but have not responded yet. Hence, IMG has revoked certifications issued to them. It should serve as a warning to others." IMG has come to know that certain fir...

7 Income Tax Changes to Take Effect From April 1, 2018

2Apr By Lavina TolaniNo Comments

INDIA

7 Income Tax Changes to Take Effect From April 1, 2018

While we have already begun with our new financial year, there is a lot to look forward in the coming months. Finance Minister, Mr. Arun Jaitley did very less for taxpayers or middle-class salaried employees in Union Budget 2018, yet there are a few tax proposals that are going to significantly affect your earnings and lifestyle in the upcoming year. Herein, we will focus on 10 such tax rules that you should take keynote for the financial year 2019 which will come into effect from April 1, 2018. Standard Deduction Gets Re-introduced Coming as a much-needed relief to the salaried class, a standard deduction of Rs. 40,000 for medical expenses and transport allowance has been provided.While the net benefit will reduce down to Rs. 5,800, the pensioners too will be eligible to avail...

These 5 Startups Can Help You to File Your Income Tax

16Mar By NitishNo Comments

Story

These 5 Startups Can Help You to File Your Income Tax

In the previous article, we mentioned the steps about how to file the income tax online. If you are still not sure that you can make this process done by itself, don't worry, we came up with the article on 5 online startups, which can help you to file your income tax without any hassle! Have a look, ClearTax: ClearTax is a India based online platform which helps individuals prepare and e-file their Income Tax Return online. All one has to do is log on to ClearTax and upload their Form 16. The platform will prepare the income tax return automatically. The whole process does not take more than 10 minutes. Founded by Archit Gupta in 2011, Cleartax receives $15.4 million funding till date. UrbanClap: UrbanClap is the largest on-demand service marketplace in India. It ensures quality pro...

How to File Income Tax Returns, ITR Online in 5 Simple Steps

12Mar By NitishNo Comments

INDIA

How to File Income Tax Returns, ITR Online in 5 Simple Steps

The Modi Government has been very active in emphasizing the use and inclusion of new and emerging technologies in its digital space for simplifying resource-heavy procedures to trivial tasks like filing the ITR, which was once filled and submitted manually, is now completely online and autonomous. From huge opportunities in the IT Sector to coordinating community events like professional workshops and hackathons, the government has come a long way ahead of what it was but there's no way to backtrack the past checkpoints. Not only the central government, but the state governments are also showing exceptional enthusiasm to carry the agenda set by the center regardless the political party the state government belongs to. This has resonated a great momentum to the movement. Experts suggest ...

I-T Department Conducts Surveys At Bitcoin Exchanges Country-Wide

13Dec By Press Trust of IndiaNo Comments

INDIA, News

I-T Department Conducts Surveys At Bitcoin Exchanges Country-Wide

The Income Tax Department today conducted survey operations at major Bitcoin exchanges across the country on suspicion of alleged tax evasion, official sources said. They said various teams of the sleuths of the department, under the command of the Bengaluru investigation wing, today visited the premises of nine such exchanges in the country including in Delhi, Bengaluru, Hyderabad, Kochi and Gurugram, since early morning. The survey, under section 133A of the Income Tax Act, is being conducted for "gathering evidence for establishing the identity of investors and traders, transaction undertaken by them, identity of counterparties, related bank accounts used, among others," they said. The survey teams, sources said, are armed with various financial data and inputs about the workin...

#Budget2016 Key Highlights For Startup Ecosystem

2Mar By No Comments

News

#Budget2016 Key Highlights For Startup Ecosystem

The third budget of Mr. Jaitely under the BJP led government has great offerings for the Startup world. Start-up India, Stand-Up India’ plan is most visible campaign of Prime Minister Narendra Modi’s Government which will boost jobs and investments in India. The campaign promotes & encourage entrepreneurs to start new firms that are not inspired by traditional businesses, is capable of generating jobs, and build an economy driven by technology and science. We spoke to Jaspal Singh co-founder of TaxZippy.com, India's largest Income tax filing site and he felt that this budget had a focus on startups as they are growing industry and help boom the economy. He also added that the budget has reinstated a positive push to the startup ecosystem. Here are the pointers placed by him. &nbs...