Well-heeled Indians betting on ‘blank cheque’ firms — the Wall Street term for special purpose acquisition companies or SPACs — have started receiving notices from the tax department. On the back of a raft of information shared by Bermuda, which like Cayman Islands, is a preferred jurisdiction for incorporating SPACs, the Income Tax (I-T) department … Read more
Photo illustration purpose only. | Photo Credit: The Hindu India’s net direct tax collections grew 17.7% in 2023-24 to hit ₹19.58 lakh crore, marginally surpassing the revised estimates for the year, thanks to a surge in personal income taxes whose share of the tax kitty rose to 53.3% from 50.06% in the previous year while … Read more
Mumbai,:The Bombay High Court on Thursday said the tax department should permit companies to modify or make changes to their GSTR-1 forms in case of inadvertent or bonafide mistakes and when the same does not cause any loss to the public exchequer. A division bench of Justices GS Kulkarni and Jitendra Jain in its order … Read more
