Latest news with #MonikaYadav
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Business Standard
29-07-2025
- Business
- Business Standard
Why are GCCs in India, touted as the next big thing, in a tax tangle?
The key problem, say tax experts, lies in the classification of GCCS and what they do: while tax authorities look at the share of operational work done in India Monika Yadav New Delhi Listen to This Article India has become a preferred location for many foreign companies to set up their back offices or tech hubs, known as Global Capability Centres (GCCs). These centres handle IT services, finance, customer support, software development, and more — mostly for the parent companies based in the US, Europe, or other regions. At a recent event organised by the Confederation of Indian Industry (CII), Finance Minister Nirmala Sitharaman said, 'There are about 1,800 GCCs in India, employing nearly 2.16 million professionals. The CAGR at which it has grown is 11 per cent over the last five years. And this number of
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Business Standard
25-07-2025
- Business
- Business Standard
No retrospective change in I-T Bill, only simplification: Baijayant Panda
The old law had become so complicated that even experts couldn't give the clear answer, says Panda premium Monika Yadav New Delhi Listen to This Article The new Income-Tax Bill does not override the intent of the Income Tax Act, 1961, but simplifies its language and structure, says Lok Sabha Member Baijayant Panda, who chaired the 31-member select committee to review its draft. In an interview with Monika Yadav, Panda says with the rising number of filings, resources need to be scaled up. Edited excerpts: Do you believe the Bill has been simplified enough to significantly reduce tax disputes and litigation? This is the first step towards simplification. The law has become complicated. It is 64 years old and has undergone more than 4,000 amendments, resulting
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Business Standard
21-07-2025
- Business
- Business Standard
Income Tax Bill: Select panel proposes wider transfer-pricing net
Companies wielding substantive influence with other firms may face more scrutiny premium Monika Yadav New Delhi Listen to This Article In a move that could have far-reaching repercussions on the corporate landscape, the proposed new Income Tax (I-T) law could bring inter-corporate transactions under transfer pricing scrutiny if the tax department considers one of the firms to have a substantive influence on another even if thresholds pertaining to shareholding or board control are not triggered. This is a key recommendation made by the Lok Sabha's select committee in its report on the draft Income Tax Bill, 2025, tabled in Parliament on Monday.
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Business Standard
17-07-2025
- Business
- Business Standard
Claiming false deductions? I-T dept steps up scrutiny, warns of penalty
The warnings come as the government has given taxpayers more time to file their returns - the deadline is now September 15. But experts say this extra time comes with stricter checks Monika Yadav New Delhi Listen to This Article Tax experts are cautioning taxpayers against fraudulently claiming large deductions — such as inflated donations to charities, NGOs, or political parties, or exaggerated house rent allowance (HRA) claims — as the income tax (I-T) department has tightened scrutiny of such practices. In many such cases, the department has levied a penalty of 200 per cent of the unpaid tax, making it a costly mistake for taxpayers, say experts. 'This year, taxpayers should be very careful,' said CA Chetan Daga, founder of AdvantEdge Consulting.
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Business Standard
08-07-2025
- Business
- Business Standard
CBIC may free up importers' IGST credits to address payment issues
Short payments of IGST on imports are usually discovered during internal audits or regulatory checks, and tend to arise due to valuation differences, classification errors, or other discrepancie Monika Yadav New Delhi Listen to This Article In a bid to facilitate importers who may have underpaid Integrated Goods and Services Tax (IGST) dues, the Central Board of Indirect Taxes and Customs (CBIC) is likely to issue a standard operating procedure (SOP) to enable them to claim input tax credit (ITC) on IGST payments made to rectify shortfalls flagged after Customs clearance. This new protocol for GST field formations could potentially unlock several hundreds of crores worth of input tax credits of importers that are currently stuck, straining their working capital flows, two government officials aware of the development told Business Standard.
