ED Can’t Arrest Once Court Has Taken Notice of Complaint: SC
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ED Can’t Arrest Once Court Has Taken Notice of Complaint: SC

In a significant ruling the Supreme Court on Thursday ruled that Enforcement Directorate cannot arrest an accused booked under the prevention of Money Laundering Act (PMLA) once the court had taken cognizance of its prosecution complaint (equivalent of a charge sheet) The Supreme Court made it clear that in case Where an accused was not…

Q1 Tax Revenue Likely to Exceed budgeted Growth
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Q1 Tax Revenue Likely to Exceed budgeted Growth

The government expects its tax revenues in the first quarter to exceed budgeted growth but is likely to stick to the interim budget revenue estimates in the full budget. Officials said the full-year projection in the interim budget was realistic and arrived at after taking into account multiple factors including global headwinds. “With continuity in…

Nepalese Citizens’ Plea Puts I-T in Dock for invoking Black Money Act  
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Nepalese Citizens’ Plea Puts I-T in Dock for invoking Black Money Act  

In a development which would decide whether foreigners can be booked under India’s Black Money Act, two Nepalese citizens have challenged the Income Tax (I-T) department which invoked the harsh statute to serve them notices. According to the tax office, the law can be used against anyone who is a ‘resident’ a status an individual,…

Top Court Admits Petition Against GST on Realty JVs
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Top Court Admits Petition Against GST on Realty JVs

The Supreme Court has admitted a petition challenging imposition of goods and services tax (GST) on the transfer of development rights within joint development agreements between realty developers and landowners. The court has issued notices to the Union government, GST Council and Central Board of Indirect Taxes and Customs (CBIC), seeking their replies to the…

New Functionality in AIS Rolled out for Taxpayers
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New Functionality in AIS Rolled out for Taxpayers

In a move towards making the tax filing system more transparent, the Central Board of Direct Taxes (CBDT) has introduced a new functionality in the Annual Information Statement (AIS) that will allow taxpayers to share feed- back on every transaction displayed therein, confirm any transaction listed and provide response on the feedback on a real-time…

Esops from Foreign Cos on Taxman’s Radar

Esops from Foreign Cos on Taxman’s Radar

A brush with the harsh Black Money law can sometimes be an unwanted consequence of employee stock ownership plan (Esop) offered by overseas companies. A number of resident individuals working in Indian subsidiaries and arms of offshore parents have recently received notices from the income tax (I-T) department, which has pointed out amounts that either…

GST on Croporate Guarantees: SC to Offer Clarity, say Officials
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GST on Croporate Guarantees: SC to Offer Clarity, say Officials

A clarity on the contentious provision of levying GST on corporate guarantees between two related entities will emerge only after the Supreme Court gives its final word on the subject, and until then, holding companies are likely to keep getting demand notices, a section of GST officials told ET. Several companies caught in the crosshairs…

HNI Investors in Offshore ‘Blank Cheque’ Cos Receive I-T Notices

HNI Investors in Offshore ‘Blank Cheque’ Cos Receive I-T Notices

Well-heeled Indians betting on ‘blank cheque’ firms -the Wall Street term for special purpose acquisition companies or SPACs-have started receiving notices from the tax department. (I-T) department has served notices to at least four people in the last 10 days, sources told ET. SPACs are formed solely to raise capital by inviting investors in a…