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India Business News: The new income-tax (I-T) portal launched on June 7, which promised to be a gamechanger, continues to be plagued by glitches. Taxpayers and tax profess

Buyers and sellers of companies are clashing over how long they are willing to take responsibility for future tax liabilities, after the Centre allowed the tax department more time to relook at old transactions. This has emerged as a headwind for private equity (PE) players, in particular. It comes amid a record number of PE-backed mergers and acquisitions (M&As) over the last two years. PE funds are essentially schemes, which take money from a number of rich investors and use it to buy large stakes in companies. Sometimes, they buy out the existing owner. Funds were doing as many as five s...

Mar 11 2021, 4:11 PM March 10 2021, 5:19 PM March 11 2021, 4:11 PM Singapore-based investment companies who’ve invested in Indian entities prior to 2017 stand to benefit from a recent order by the Authority for Advance Ruling. Singapore-based investment companies who’ve invested in Indian entities prior to 2017 stand to benefit from a recent order by the Authority for Advance Ruling. Capital gains arising to a Singapore company from transfer of shares in an Indian entity will not be taxed domestically, the authority has ruled. Such a transaction will only be taxed in Singapore as pe...

ITAT denies refund of taxes of Rs 182 cr to Bank of India but allows it as business deduction © Provided by The Times of India MUMBAI: The Mumbai bench of the Income-tax Appellate Tribunal (ITAT), in its recent order, has denied a refund in respect of foreign taxes aggregating to Rs. 182.64 crore paid by Bank of India (BOI), as the bank had losses and did not have any tax liability in India. However, the taxes paid overseas will be allowed as a deduction in computing the bank’s business income, added the ITAT. The order, if jurisdictionally applicable, is likely to have wide ramifications...

Finance minister Nirmala Sitharaman (File photo) NEW DELHI: Finance minister Nirmala Sitharaman faces a huge challenge this year. The Covid pandemic raged through 2020, roiling economies and ruining many lives. The government’s revenues are down but expenditure commitments are up (think of the free vaccines promised). What path should the finance minister now take? Should she try and balance the books by levying additional taxes? Say, introduce a temporary Covid-19 cess at the highest income-tax slab, or maybe reintroduce the wealth tax? Or, should she focus on maintaining tax stability wh...