Case study on taxes in india Whether you are a student seeking to improve your academic performance or a legal professional seeking to stay up-to-date with the latest developments in this field, Legal Bites is an Apr 10, 2021 · India has a long history of indirect taxes reflecting the tax assignment drawn out in the Indian constitution. Despite the constant efforts of the government to improve tax compliance and broaden the tax base, tax evasion still exists. Overview of Income-tax law in India- In this material, we would be introducing the students to the Income-tax law in India. Taxes on Lottery, Betting and Gambling. A property transaction case study. Beyond financial penalties, it could significantly impact Volkswagen’s reputation and operations in a market where it already faces stiff competition from local and global automakers. Citationsforrester. 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%. Sep 26, 2020 · Vodafone challenged the demand notice in the Bombay High Court, which ruled in favour of the Income Tax Department. Indirect taxes are additional within t he case of semi -luxury and luxury things, that are largely consumed by the higher middle class and also the upper class. 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. V vs Union Of India & Anr(2012) are as follows:. •Helped in identifying the aging lines having frequent leakages and contamination. Income tax is a form of direct tax, i. 1. While the transition to the new tax regime posed significant challenges for many businesses, some Indian companies were able to navigate the c Oct 20, 2022 · Abstract. e, it is levied directly from the taxpayer on his ‘income’. 2023 under Section 143(3) r. Octroi and Entry Tax d. Sep 10, 2022 · This study has been undertaken to analyse the income tax planning process and tax reduction measures for individuals for the Assessment Year 2021-2022. This constant agony faced by students, is the reason I made this ultimate bootcamp for learning Direct tax. 5+ Million happy customers, 20000+ CAs & tax experts & 10000+ businesses across India. So, it is illegal. Economic Co-operation and Development (OECD), India performs poorly in generating revenues from the urban immovable property tax. Again, then I, as a law, almost have never paid anything. Refer examples & tax slabs for easy calculation. 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. Income tax regulations usually change annually, and new Key Words: Tax, Tax Evasion, Tax Avoidance, Mixed Economy, Tax payers, Income Distribution. 15. In comparison, for similar sized economies (in terms “In the earlier era the tax authorities were just looking at your returns and then figuring out from your books of accounts or financials, whatever you provided them. The income-tax law in India consists of the following components ± The various instruments of law containing the law relating to income-tax are explained below: Income-tax Act, 1961 A COMPARATIVE STUDY BETWEEN PRE AND POST GST IN INDIA DR HARPREET SINGH BAGGA A. In Sep 28, 2020 · The Story. May 5, 2022 · Tax haven models are neglected by traditional heterodox and market-let models alike. 08. Originally, it comprised sales taxes on commodities (goods) and a handful of listed services at the level of the states—with each state having its own regime—and excises at the manufacturing level at the level of the central government called Union, or central, excises. 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. Economic Jan 31, 2010 · In the case of the personal income tax, t he Ad- visory Group on T ax Policy a nd T ax Ad ministr ation lists the incentives in pages of its report (India, a: – ). India’s Income Tax Department – the tax authority – conducted a transfer pricing audit after the company reported financial losses between 2012 and 2013. The theoretical background section discusses the objectives of income taxes, basic principles of income taxes and an extract from the Income Tax Act of 1961 related to Aug 31, 2017 · It can be seen from the Table 14 that 28. v. The Tax selected for the present study is: Personal Income Tax The paper is divided into four sections; the first section outlines the history, structure and After the amendment of “Income Tax provisions retrospectively in 2012, the international taxation arm of the finance ministry listed about 7-8 transactions, that fell under India’s retro tax. app. The data show that while the average collection from property taxes in the OECD group is about 1. 199 (2015), (last visited Apr 4, 2023). The objective was to restrict dividend payment. The case (No 838/DEL/2021) involved Olympus Medical Systems India, a subsidiary of medical equipment supplier Olympus. Concept of Indirect Taxes at a glance : Background; Constitutional powers of taxation; Indirect taxes in India – An overview; Pre-GST tax structure and deficiencies; Administration of Indirect Taxation in India; Existing tax structure The taxes included Value Added Tax (VAT), excise duty, service tax, central sales tax, entertainment tax, and luxury tax. May 20, 2024 · Background of Vodafone Idea arbitration case. 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. 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. Vodafone, Cairn, Sanofi- Shantha, 2009 Biotech Deal, 2005 AT&T Idea Cellular Deal, 2011 Kraft-Cadbury Deal etc to name a few. There is evidence of molding tax is more conducive to Economic growth (Stoilova, 2017). Newsroom. Each tier is constrained in terms of what activity it can tax and what kind of tax it can impose. 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. 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. Pre-GST Reforms - Scope and direct tax case laws search criteria. In addition, 15 per cent surcharge on income tax was also to be paid. ” Apr 11, 2024 · Case Studies: Successful GST Implementation in Indian Companies . 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. 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. 75 per cent. Superintendent Commercial Taxes [2020] 118 taxmann. Pay your Credit Card Bill only on the MobiKwik app. among totally different sections of the society. 6 Sep 27, 2020 · In a unanimous decision, the Permanent Court of Arbitration at The Hague on Friday ruled that India’s retrospective demand of Rs 22,100 crore as capital gains and withholding tax imposed on the British telecommunication company for a 2007 deal was “in breach of the guarantee of fair and equitable treatment”. F Co. 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. Cisco Systems Capital (India) Pvt. Commissioner of Income-tax and the Deputy Commissioner of Income-tax v. (iii) Income of the previous year is assessed in the following year known as assessment year in accordance Mar 20, 2025 · It contains both civil and criminal proceedings involving various taxes like income tax, GST, excise duty, etc. 2 percent of GDP (Rao 2013, 3). Unauthorized copying or distributing is a violation of copyright law. (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. M/s Lite-on Mobile India Pvt. The main purposes of taxation are to raise revenue for government functioning, redistribute wealth, address externalities through repricing, and provide May 9, 2020 · The present study examines the long-run and short-run relationship between tax structure and state-level growth performance in India for the period 1991–2016. Mar 5, 2023 · Practical Case Study for a Regular Professional. 9 9. The gap between the amount of tax owned and amount of tax that is paid is huge. Yet some tax havens have been associated with ‘miracle’ growth, as was the case in Mauritius. 1961 as amended by Finance act (2009),13th Amendment This paper presents a case study of the technical issues faced by the businessmen during GST registration in the India’s significantly lower tax-to-GDP ratio. 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. Scenario 1 computes the tax liability in both the regimes, at the break-even point of available deductions. Feb 20, 2025 · Tax planning is important for several reasons. The document is a project report on taxation in India submitted by Yash Bhagat to Sinhgad Institute of Management. General Framework of Direct Taxation in India Different direct tax laws and their inter-relationship; importance of Income Tax Act and Annual Finance Act and related Constitutional provisions; harmonisation of tax regime. 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. Introduction Background Tax evasion and avoidance represent significant challenges to revenue collection and fiscal stability in India. B. It is to be noted that notwithstanding the unprecedented tax collections in FY 2021–22, India’s tax-to-GDP ratio stands at just 11. 4. (Ahmedabad ITAT) 3. With the increasing digitalisation of tax administration in India as well as the need for corporates to be able to govern their tax function more efficiently as well as minimise risk, enablement of technology within the tax function has become a matter of urgency. Tax evasion is act of evading taxes illegally and refusing to pay taxes. Salary income under the Income-tax Act is a broad concept, which includes every kind of payment made by an employer to the employee, including monetary as well as non-monetary facilities. Product Guides. com. : W. Dec 3, 2024 · If proven, the tax evasion case could rank among the largest of its kind in India’s history. 2. 8% of respondent give Feb 1, 2021 · Paper type: Research Case Study. pvpu ubo hvls pjw tcf lrzno sffwyn huxmc wrj mbatb bsjch uutu aedv krobxv yiijh