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Tax soup for restaurants not sharing service charges with staff

Saturday, November 24, 2018, 12:06 PM

The Central Board of Direct Taxes (CBDT) has said that service charge collected by restaurants but not passed on to workers will be liable to income tax. The tax department has instructed officials to verify if there is any 'under-reporting' or 'non-reporting' of income collected as service charge. The CBDT's crackdown comes after the Consumer Affairs Ministry flagged its concerns.
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Flipkart deal: Tax dept will act once Walmart obtains regulatory nod

Sunday, June 3, 2018, 1:36 PM

Flipkart has shared some details with the I-T authorities on its USD 16 billion deal with US-based Walmart, but the tax department will act only after regulatory approvals have been obtained, an official said. The department is currently studying the details received from the company, the official said, adding that they can issue notices seeking details of taxes withheld once the transactions are completed.
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Angel investors in start-ups get income tax exemption

Saturday, May 26, 2018, 9:05 PM

The tax department today exempted angel investors from income tax on their investments in start-ups with effect from April 11. The tax concessions are subject to certain conditions laid down by the Department of Industrial Policy and Promotion last month, which said that the share capital and share premium of the start-up should not exceed Rs.10 crore after such investments.

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