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MITIL CHOKSHI
No country for rich men! UK rule spawns 'tax travellers'UK-based Indian families including millionaires and recent migrants are planning to split their time across multiple countries to avoid a n...- Large offshore investment write-offs trigger RBI alertThe Reserve Bank of India is scrutinizing large write-offs of overseas investments by several companies, suspecting these might not be genu...
- NSE asks for data to track F&O traders' locations during pandemicThe member brokers have been directed to share the know-your-customer (KYC) details and ledgers of their clients, ID of devices used to put...
- Capital gains deduction limit of Rs 10 crore to hurt luxury property dealsSeveral recent luxury property deals involving industrialists and startup entrepreneurs can be categorised as transactions aimed at saving ...
- Non-disclosure of foreign assets comes back to haunt thousandsSome of the summons relate to remitting money that was transferred from another member of the family who has exhausted individual LRS limit...
- Tax department sends reassessment notices to global fund housesThe department, in a communication last week, asked these fund houses to furnish details about the structure of their business, past invest...
- Jumbo life covers bought by rich Indians under ED radarUnbeknownst to most outside the secretive world of wealth management, such covers, sold at substantially lower premium than the rates charg...
- Tax department to start sending notices under stricter Black Money Act in next few weeksThe new law, which is sterner and wider in scope than the Income Tax Act, was enacted to overcome the limitations in the existing statute a...
- Budget 2020: Tax rejig to leave 'NRIs' and rich poorerHigh income earners could find staying with old I-T regime more attractive.
- Significant purpose test: Companies must justify UAE footprint by todayUnder the United Arab Emirates regulations, companies will have to justify their presence there.
- NRIs’ residential status comes under I-T lensAn NRI is spared tax on income outside India. A resident is required to pay tax on global earnings.
- Income tax department in race against time to meet targetTax collection till 3rd week of Feb stood at a little less than Rs 8 lakh cr against a target of Rs 12 lakh cr.
- RBI brings in tough new performance checks for companies seeking to invest abroadThe existing rule — which allows an Indian firm to automatically remit up to 4 times its net worth abroad — has been misused by many to div...
- I-T department goes after defunct companies for tax fraudsFormer directors of such closely-held private companies fear they could be suddenly saddled with unforeseen liabilities.
- Do you own a holiday home abroad? The I-T department may soon come rapping at your doorThe income tax department has questioned at least 12 persons in the past two months for not paying tax on the rental income that such prope...
- NRIs’ foreign bank accounts under income tax lensI-T authorities have added a new provision, which will require all non-residents to disclose details of their bank accounts outside India.
- As Dubai prepares to change tax laws, Indians scramble to hide undeclared wealthAccording to three senior finance professionals, more and more nominee directors are being used to camouflage the true ownership of such co...
- Assessees can heave a sigh of relief! Draconian powers gone, there’s no flashback to 1961I-T officer can now reopen accounts not more than six years old. If there’s a search & survey, I-T can question source of income generated ...
- Shah Rukh Khan gets notice from I-T department; asked to spell out offshore investmentsThe tax office sought details of Khan’s investments in destinations such as Bermuda, British Virgin Islands (BVI) and Dubai.
- Investors taxed over grey zone in revised India-Mauritius pactApril 1, 2017 is the crucial cut-off date in the revised India-Mauritius tax protocol: there is no capital gains tax on equity bought prior...
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