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Working on personal tax rate rejig: Sitharaman

Sunday, December 8, 2019, 2:23 PM

Finance Minister Nirmala Sitharaman said government is working on more steps, including rationalisation of personal income tax rates which is one of several measures to revive the economy. The government has taken several measures during August and September to boost the economy, she said at the HT-Leadership-Summit. On the GST, minister said the the rate-structure will have to be decided by the GST Council.
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Pendency of indirect tax appeal cases down 61% in 2 years: MoS

Tuesday, July 23, 2019, 5:15 PM

The pendency of appeal cases related to indirect taxes in the Supreme Court, High Court and CESTAT has reduced 61 percent to 1.05 lakh in almost 2 years, Parliament was informed on Tuesday. With regard to direct taxes, as many as 3.41 lakh cases were pending before commissioner (appeal), while 92,205 cases were pending before the ITAT as on March 31, 2019.
 
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Company conversion to LLP a transfer, taxable: I-T Appellate Tribunal

Monday, December 3, 2018, 9:39 AM

A new tax ruling threatens to challenge a strategy that allowed thousands of businesses and professionals to reorganise themselves and attract foreign investors. This involved converting closely held companies into limited liability partnerships (LLPs) a structure that was introduced a decade ago. The new ruling would force many companies to change tack. "This decision will have far-reaching implications," said senior chartered accountant Dilip Lakhani.