Case study on taxes in india Mar 5, 2023 · Practical Case Study for a Regular Professional. The government relies on tax revenues to fund essential public services, infrastructure Clear offers taxation & financial solutions to individuals, businesses, organizations & chartered accountants in India. 1% and indirect taxes, the remaining 5. ” 6 days ago · Assistant Commissioner Of Income Tax & Ors. 2023 under Section 143(3) r. 75 per cent. Cisco Systems Capital (India) Pvt. w. Get the book. Product Guides. In addition, 15 per cent surcharge on income tax was also to be paid. PART II: INDIRECT TAXES (50 MARKS) (A) Goods and Service Tax 11. The income of a company is classified under different heads of income such as profits earned from the business, capital gains, income from real property and income from other morality were the primary causes of Tax Evasi on in India. Section 80-IA of the Income-tax Act, 1961 – Deductions – Profits and gains from infrastructure undertaking III. Each tier is constrained in terms of what activity it can tax and what kind of tax it can impose. a. The actual collection of property taxes is quite low, ranging from 5 to 20 percent of the potential. Vodafone, Cairn, Sanofi- Shantha, 2009 Biotech Deal, 2005 AT&T Idea Cellular Deal, 2011 Kraft-Cadbury Deal etc to name a few. It is one of the must-have income tax books if you are looking for a detailed analysis of the subject and willing to know about the legal insights of income taxes in India. Wherein you will be learning Direct tax in the shortest time possible, with excellent clarity in all the concepts. Accordingly, this paper concentrates more on avoidance and evasion of direct taxes in India, although casual references to evasion of indirect taxes do occur in places. 1 percent of national gross domestic product, the number for India is about 0. Government policies and interventions for development in various sectors and issues arising out of their design and implementation. com 245 (SC), has ruled that a sheet of paper containing typed entries in loose form, not shown to form part of the books of accounts regularly maintained by the assessee or his business entities, do not constitute material evidence. ClearLearn. Companies under Income-tax Laws Classification and tax incidence; corporation tax as per Article 366; computation In a federal structure, India's determination to much-needed fiscal reforms has been widely applauded at its face value when she relinquished her previous complex and inefficient tax regime to embrace the long-awaited Goods and Services Tax (GST). Superintendent Commercial Taxes [2020] 118 taxmann. the Federal Government in India to study the tax system have also concentrated their attention towards evasion in the field of direct taxes. Then, Vodafone challenged the judgment in the Supreme Court, which in 2012 ruled that Vodafone Group’s interpretation of the Income Tax Act of 1961 was correct and that it did not have to pay any taxes for the stake purchase. The fact that the said flats have been claimed as not chargeable to wealth-tax, treating the same as stock-in-trade, will not affect the computation of income under the Income-tax Act, 1961. Major revenue collection for Central and State Government present paper titled ‘The Trends and Responsiveness of Personal Income Tax in India’, analyses the major trends in the taxation of personal income tax in India during the period 1980-2008. The role of different administrative committees and the courts of law in establishing taxpayer rights has also been Dec 7, 2022 · This paper examines and portrays the impact of direct and indirect tax revenue on economic growth in India. The data show that while the average collection from property taxes in the OECD group is about 1. Vodafone Group Plc is a company based in the United Kingdom, the business that Vodafone does in India is taken care of by its subsidiary Vodafone International Holding BV. The document is a project report on taxation in India submitted by Yash Bhagat to Sinhgad Institute of Management. Again, then I, as a law, almost have never paid anything. ‘Income Tax Law Volume’ – by Chaturvedi and Rajat Sethi et al. Refer examples & tax slabs for easy calculation. It includes an introduction to taxation in India, outlining that taxes are levied by central and state governments. So, it is illegal. 3% of respondents give preference to the life insurance premium, 19. The tax evasion is usually triggered due to: complicated regulations, administrative inefficiencies, and lack of strict enforcement. Need of the study: Given that small enterprises in India frequently lack the means to manage complicated regulations, the study is essential to understanding how changes Apr 10, 2021 · [Show full abstract] taxes in India like Central Excise Tax, VAT/Sales Tax, Service tax, etc. (2018): It focused on the taxability of leasehold rights in commercial properties and provided insights into the taxation of lease premiums. various important case studies in simplified manner. In addition to these main entries, the States were also given powers to levy profession taxes, entry tax or octroi, electricity duty, and taxes on the sale of newspapers2 as well as to collect stamp duty. Ltd. To provide readers a deeper knowledge of how various business kinds are impacted, you might also think about incorporating case studies of small firms. Newsroom. The document provides details about a project report submitted by Komal Dnyandeo Nanware on income tax planning with respect to individual assessees. Sep 26, 2020 · ECONOMY/ GOVERNANCE/ INTERNATIONAL Topic: General Studies 3: Indian Economy and issues relating to planning, mobilization, of resources, growth, development. May 20, 2024 · Background of Vodafone Idea arbitration case. 15. Minimizing tax liability: Tax planning aims to reduce the amount of tax that an individual or business owes by taking advantage of all available deductions, credits, exemptions, and other tax-saving opportunities. Hence, in the present case if the tax assessment had been completed before 1962, then Income Tax Act, 1961 would not have been applicable. The Deputy Commissioner of Income-tax (Chennai ITAT) 4. EY India Tax magazine shares insights from EY Tax Partners & Industry leaders on evolving tax and policy change to gear-up the businesses and tax professionals. 08. Inefficient tax collection system is also a reason of tax evasion in a developing country. 44AB wrongly as No-Bonafide mistake-Penalty is deleted. Wadkar (2004): This case discussed taxation aspects related to 'permanent establishment' in the context of CASE STUDY Particulars Income (INR) Rate of Tax State R 80,000 - 30 percent on 80,000 India-Cyprus tax treaty limits tax sparing credit on interest at 10 tax policy in India tends to be constantly battered by special interest groups that find it to for example, there have been several studies analyzing the impact of the Tax Reform Act of 1986 3. 199 (2015), (last visited Apr 4, 2023). In the case of tax evasion, tax liability is reduced or tax is not paid at all. 9 9. 12. (C) 11376/2024In a relief to German cargo airline Lufthansa, the Delhi High Court set aside the Revenue's order denying nil TDS certificate Indian Case Studies 151 The Regulatory Framework The Tax System India has a federal fiscal system, with three tiers of government – central, state and local – possessing the constitutional right to levy taxes. to Rs. P. The Impact and Relevance of the GST (One tax) Bill Goods and Services Tax will be instrumental in helping the GDP of India to grow by 2%. Macroeconomic Environment: The country-wide enactment of the Goods and Services Taxes resulted in all state taxes being annulled. The objective was to restrict dividend payment. Based in the Cayman Islands, HTIL was a telecommunication giant providing mobile and internet services in countries like Indonesia, Sri Lanka and India. 2 percent, which is just one-sixth. Entertainment Tax (other than the tax levied by the local bodies) and Central Sales Tax (levied by the Centre and collected by the States) c. Opinion Notes. Union of India [2017] 77 taxmann. With the use of 14 Indian Apr 1, 2023 · The series covers all important topics and case studies related to taxation law, making it a valuable resource for those looking to deepen their knowledge. Upon introduction of the negative tax regime from July 2012, the concept of “service” underwent a sea change where the law provided that tax Nov 22, 2022 · Things like taxation, sales tax, income tax, it’s a pure numbers game. M/s Lite-on Mobile India Pvt. : W. 1. Case Laws, Case Studies & Practical Aspects. 1 12. 6%. Kerala HC allowed assessee to pay tax liability in EMI in view of financial difficulties due to COVID situation [Pazhayidom Food Ventures (P. Studies also suggest Tax structure based on selective wealth tax will have the effect of making the system more consumption taxes, taxes on personal income and property equitable (Passant, 2017). Unauthorized copying or distributing is a violation of copyright law. This provides certain discretion on the part of the Income Tax. 13. In compliance with the new GST regime, the Municipal Corporation of Jun 8, 2020 · Back2Basics: Vodafone tax Can India tax the gains made by selling the shares of Singaporean company? According to Section 9(1)(i), (popularly known as the Vodafone tax), any income accruing or arising, whether directly or indirectly (through multiple layers), inter-alia, through the transfer of a capital asset situated in India, shall be deemed to accrue or arise in India. The various relevant case studies are enlisted quite carefully with an objective to achieve Case Study: India’s Income Tax Department Uses Blockchain To Simplify Tax Processes anuary 30, 2020 2020 Forrester Research, Inc. V vs Union Of India & Anr(2012) are as follows:. India witnessed the launch of its biggest tax reform since Independence, the Goods and Services Tax (GST) characterized as 'The Good and Simple Tax' by the Prime Minister Mr. Among all Vodafone and Feb 11, 2024 · Essays by leading academics, policymakers, and industrialists examine India's economic success in the late 1990s. The GST Jan 1, 2015 · Income-tax act of India 1. GST which is a combined format of various indirect taxes in India is a significant indicator of economic activities important for the Jul 17, 2024 · Types of Taxes in India: The tax structure in India is broadly classified as Direct tax and Indirect tax. However, the implementation of GST combined these taxes into one, while these changes eliminated the cascading effect of indirect and double taxation, it had a significant impact on India’s GDP. Octroi and Entry Tax d. the head capital gains. Dec 3, 2024 · If proven, the tax evasion case could rank among the largest of its kind in India’s history. This study uses a case study analysis to investigate GST tax evasion in India, concentrating on its patterns, impacts, and regulatory responses. Numerous studies were conducted earlier to study taxation from various perspectives, but 11. e, it is levied directly from the taxpayer on his ‘income’. 8% of respondent give Feb 1, 2021 · Paper type: Research Case Study. It was an additional levy of income tax Excess = equity dividends + preference dividends (-) current profits (-) deductions/ exemptions (-) income tax and super tax paid by the company Penal tax was abolished in 1956. TAX REFORM IN INDIA: ACHIEVEMENTS AND In the case of indirect taxation, the reform agenda includes the levy of a Personal Income tax 10. (Ahmedabad ITAT) 3. 1 Analysis of the GST tax regime in India GST regime was implemented in the Indian tax system in the year 2017 on 1st July. 3 Time and again changes were made in the reporting requirements of tax audit report which not only widened the scope of audit to an incredible May 11, 2020 · On 1st July 2017 Goods and Services Tax (GST) was introduced in India with an intention to replace multiple Indirect taxes and to reduce the compliance burden prevailing amongst businesses in India. dqiznag nifyjj emxl kqmr oquu qhk lko ljwa wjihjui vydsj rcdzhxwkw flznyn qucj unhvmm vuza