Indian Tax
Latest news, explainers and analysis on Indian Tax. Tracking 4 stories on Arth Vani.
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Latest on Indian Tax
BreakingPharma MD Arrested Over Alleged ₹5.55 Crore Fake GST Refund Fraud
A Managing Director of a pharmaceutical company has been arrested in connection with an alleged fake Input Tax Credit (ITC) and Goods and Services Tax (GST) refund fraud amounting to ₹5.55 crore. This action highlights the ongoing efforts by tax authorities to curb GST evasion across various sectors.
ITAT Deletes ₹1.13 Crore Tax Adjustment Citing Inconsistent Depreciation Treatment
The Income Tax Appellate Tribunal (ITAT) has cancelled a significant ₹1.13 crore transfer pricing adjustment against a taxpayer. The tribunal's decision highlighted an inconsistent approach by tax authorities regarding depreciation treatment, which led to the deletion of the demand.
Tax Preparers Using AI: Is Disclosure to Indian Clients Mandatory?
A global debate is emerging among tax professionals about whether they should disclose the use of Artificial Intelligence (AI) in preparing tax returns to their clients. This discussion highlights a potential gap in current regulations, including those in India, regarding the ethical implications of AI in financial services.
CBDT Issues Revised Guidance for Indian Financial Institutions on Global Tax Reporting
The Central Board of Direct Taxes (CBDT) has released updated guidelines for Indian financial institutions, including banks, mutual funds, and insurers. These revisions strengthen the compliance framework for reporting customer financial information under global Automatic Exchange of Information (AEOI) agreements, aimed at combating tax evasion.
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