The unseemly haste with which the finance minister has replaced ‘permanent establishment’ with ‘significant economic presence’ will open up the floodgates for international tax disputes.
The new scheme to buy electoral bonds seeks to ‘cleanse the system of political funding’, but without revealing the names of donors.
Until It Shines Light on Nature of Mass Surveillance, India’s Data Protection Committee Will Fail To Do its Job
The job of the committee of experts should be to provide insight and evidence on what is otherwise not accessible to those of us outside the government.
The Prevention of Money Laundering Act will likely need to be amended for mandatory Aadhaar-bank account linkage. The punishment for non-compliance, however, is without doubt unconstitutional.
The Supreme Court’s loosely worded judgment has given the government the necessary ammunition to link more welfare and non-welfare mechanisms with Aadhaar.
While it may be mandatory under 139AA(1) to enroll for Aadhaar and quote it in your tax return, there appear to be no consequences for non-compliance with that mandate for the moment.
The clarification was issued after the apex court’s order was “studied” by a high-level team of authorities from various ministries.
Contrary to the finance minister’s assurance in the Budget speech, amendments to the Finance Bill ensuring anonymity to the donor as well as the receiver will only add opacity to political donations.
Proposed amendments to the IT Act and the RBI Act will exempt political parties from keeping records of donations made through electoral bonds.
Proposed amendments to RBI Act, IT Act and RP Act would leave the RBI and IT department with no means to probe funding of political parties.
Prominent lawyer Prashant Bhushan discusses the Sahara-Birla diaries case, the fallout of the Income Tax Settlement Commission’s decision to absolve Sahara and what measures he will take in the Supreme Court as the counsel of Common Cause – the petitioner in the case.
Although the BJP says demonetisation will target unaccounted money, it and other national parties have in the past failed to submit their income tax returns and disclose sources of donations.
An HUF entity is against the rights enshrined in our constitution and has become a mere tax planning tool in the hands of tax consultants who advise affluent Hindus.
Although RTI activist Shubhash Chandra Agrawal alleged that many political parties exist only to “whiten black money”, the CBDT remained silent on whether tax exemptions are indeed used to channel illegal funds.
India must remember that in all developed countries, greater scrutiny of taxpayers has gone hand in hand with fair, clear and predictable tax systems. Can it ensure that there are adequate safeguards in place to meet the expectations of a fair tax regime?
The Finance Act, 2015 amended Section 6(3)(ii) of the Income Tax Act, 1961 to introduce a new test called ‘place of effective management’ (POEM) to determine when a company is a resident in India for tax purposes. This change targets foreign companies as companies incorporated in India are […]