Tags » Income Tax Act

Trial set for June over BMO’s "abusive" tax avoidance scheme

The Bank of Montreal is being investigated for avoiding taxes between 2005 – 2010 using an intricate combination of transactions known as “tower structures” and “double dipping.” BMO’s “abusive” scheme used cross-border tactics throughout North America and Europe to minimize tax bills and maximize tax efficiency while bypassing various components of the Income Tax Act. 9 more words

In The News

Budget 2018: FinMin may tweak Minimum Alternate Tax norms to boost industry 

The Finance Ministry may change the arrangements on Minimum Alternate Tax (MAT) in the imminent Union Budget to enable the business over come the effect of assessment changes in the US, to state specialists. 184 more words

Still not paid taxes on Bitcoin gains? I-T notice could be on the way

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While virtual currencies like Bitcoin are gaining popularity, there is still lack of clarity on how they should be taxed. Many buyers of cryptocurrencies, therefore, don’t pay tax on the gains they make on selling them. 334 more words

News digest: Tweaks in IBC code, clouds over Rafale deal, and more

Tweaks in IBC code to block wilful defaulters

Wilful defaulters, dubious promoters as well as those involved in fraudulent transactions would not be able to bid for companies going insolvent, with the Centre deciding to amend the Insolvency and Bankruptcy Code. 169 more words

Solution to Denial of Service at ITD eFiling Website

I have a suggestion with respect of Income Tax Returns Compliance based on the proposition of Queing Theory – creation of parallel queues reduce waiting time and length of queues. 118 more words


This Diwali, gift more and save more

This article was first published in Sakaal Times Newspaper dated 12-Oct-2017. Click here to view it

Diwali is around the corner and on this auspicious occasion bounty of gifts are expected from family members, relatives, friends, employer and clients. 710 more words