Not filing a return in India will leave taxpayer in an incredibly vulnerable position

There has been tremendous growth in the number of foreign enterprises which work on short-term projects in India. As per the prevailing tax deducted at source (TDS) provisions, their entire income is subject to TDS at the applicable rates which fully covers their Indian tax liability. The question then arises as to whether filing of a tax return is necessary in India. Enterprises not well versed with the Indian tax…

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Evolving tax reforms: Bane for exporters by Suraj Nangia

Rapidly changing domestic tax environment to get in sync with international tax developments like BEPS, could have some fall outs that may impact general business environment as a whole.  One such aspect is the changes sought in taxing regime both at the domestic tax as well as international tax front that could potentially interfere with the exports. Suraj Nangia, Partner and Neha Malhotra, Executive Director contributed an op-ed piece on…

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Incentivising ‘quality orders’ of CIT(A)

The Income Tax judicial process in India starts with the Commissioner of Income Tax (Appeals), CIT(A) for short, followed by the Income Tax Appellate Tribunal, High Courts and finally the Supreme Court. The taxpayer, when aggrieved by the order of the tax officer, is granted a right to file an appeal before CIT (A). The CIT (A), being a quasi-judicial authority, is expected to function with an impartial, independent and…

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PERSONAL TAX: Tax deduction on municipal tax only on let-out property – Suraj Nangia

Suraj Nangia, Partner answers the queries with regard to personal tax for DNA.  http://www.dnaindia.com/personal-finance/report-personal-tax-tax-deduction-on-municipal-tax-only-on-let-out-property-2640867  Queries – I am a retired person living in my own house. I file filling ITR every year. I paid Rs 2,800 municipal tax (property tax). Can I deduct the same amount from income from house property? I donated money to two charitable organisations-one is a hospital and one is a trust that runs a school. Can I claim…

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How to claim credit if you have paid taxes abroad- Suraj Nangia

As the non-corporate taxpayers are gearing up for filing their income tax returns for Financial Year 2017-18, which is due by 31st July 2018, there are several aspects, that needs to be kept into mind while computing the taxable income and tax liability of such taxpayers. Suraj Nangia, Partner and Shailesh Kumar, Director- Direct Taxation contributed an article on How to claim credit if you have paid taxes abroad for DNA. http://www.dnaindia.com/personal-finance/report-how-to-claim-credit-if-you-have-paid-taxes-abroad-2641704  

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Common mistakes to avoid while filing ITR-1- Suraj Nangia

There’s about a week left to file the IT return without having to pay any fine for submitting a delayed income tax return. July 31 is the last date for individuals to file their ITR for assessment year 2018-19 without any penalty.  Suraj Nangia, Partner with inputs from Radhika Arora contributed an article on Common mistakes to avoid while filing ITR-1 for Financial Express. Attached is link to the article – https://www.financialexpress.com/money/income-tax/income-tax-return-common-mistakes-to-avoid-while-filing-itr-1/1254221/

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Domino’s Pizza case ‘encouraging’ for MNEs expanding into India – Suraj Nangia

Mumbai bench of the Income-Tax Appellate Tribunal in favour of the US multinational sets a precedent for the taxation of the franchise model good news for franchises of foreign brands that already operate across India. Foreign multinationals can expand their brand presence in India through a franchise agreement without suffering a higher tax burden imposed on permanent establishments (PE) following the Domino’s Pizza case Suraj Nangia, Partner shares his views on…

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Income Tax: Only 1 house can be declared as self-occupied by husband and wife as joint owners – Suraj Nangia

Only one property can be declared as self-occupied house property by the joint owners which is occupied by them and all other properties shall be deemed to be let-out for the purpose of computation of income under the head ‘house property’. Suraj Nangia, Partner answers the queries with regard to personal tax for Financial Express readers.          Attached is link to the article – https://www.financialexpress.com/money/income-tax-only-1-house-can-be-declared-as-self-occupied-by-husband-and-wife-as-joint-owners/1230381/

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How limited scrutiny approach can avoid pendency of tax litigation cases, arrears and delays

With the Modi government tightening its noose on tax evaders, there has been a tremendous rise in the number of prosecutions initiated by the income tax department. Taxpayers are receiving notices requiring them to furnish details of transactions. The government is gearing up for stricter enforcement, especially in cases where there is wilful attempt to evade taxes or penalty. 1. Suraj Nangia, Partner contributed an article on How limited scrutiny…

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