Tag: tax assessments

Corporates, individuals challenge taxman’s move to dig out past assessments under old law

Corporates as well as individuals are contesting the Income tax (I-T) department’s move to reopen past assessments under the old law. More than a dozen...

Initial cost of foreign remittance to go up

Budget 2020 introduced the provision for tax collected at source (TCS) at the rate of 5% on all remittances above ₹7 lakh under the Liberalized...

Faceless assessment ushers in a new era in tax transparency

· Faceless assessments; · Faceless appeals; and · Taxpayer’s charter This reform radically changes the way income-tax assessments would be carried out in future. While...