In the final part of this series on direct tax code we evaluate its impact on those earning a salary greater than Rs 25 lakh per annum.
With this, 85 officers, including 64 high ranking ones, have been compulsorily retired.
However, BJP has not given any assurance of support and conveyed to the Finance Minister that the matter will be discussed within the party and take a call, sources said.
The minister emphasised that use of modern technology can yield far better results as far as tax collections are concerned than any other way.
During April-October 20 period, the tax department has made refunds to the tune of Rs 80,850 crore.
Hasmukh Adhia to present revenue dept's performance over past year & plan for current financial year
The ministry said it was an anti-abuse provision amid growing instances of NRIs shifting their stay in low or no-tax jurisdiction to avoid tax payment in India.
This is because no prosecution complaint has been filed in any of these cases under the Black Money Act.
The forms might soon come "pre-filled" and taxpayers won't have to fill details such as income, income sources, and personal details
The Budget would have been the perfect vehicle to introduce some bold initiatives.
That opportunity has been lost through this Budget, observes Shreekant Sambrani.
The cash was neatly packed in 94 packets and envelops on which the ward number, number of voters and the amount of Rs 300 per voter was written.
The original DTC draft was put in the public domain in 2009 but revised the next year before being presented in Parliament.
As per practice a vote-on-account or approval for essential government spending for a limited period is taken in the election year and a full-fledged budget presented by the new government.
Praveen Kakkar has alleged that the Income Tax raids at his premises were politically motivated, and claimed nothing objectionable was found against him in the two-day operation.
One key provision is the taxation of indirect transfers when shares of foreign entities change hands.
The income tax department is asked to keep names of blackmoney holders under wraps.
Direct tax collection target set for a big hike, says Chidambaram.
The government had breached its fiscal deficit target given in the Budget for 2017-18 in November itself, touching 112 per cent of the limit.
There are about 31,000 pending cases, locking revenue worth Rs 500 crore.
Individuals and entities, whose accounts are not required to be audited, were mandated to file I-T returns by July 31.
In his first communication to the field formations of the income tax department after taking over, the new CBDT chairman Sushil Chandra has spelled out a seven-point priority list for the department, entrusted to enforce direct tax laws in the country.
Enthused by over 36 per cent increase in direct tax collections during 2007-08, Finance Minister P Chidambaram on Monday asked the department to aim for higher collections this fiscal than the Rs 3,65,000 crore (Rs 3,650 billion) estimated in the Budget for 2008-09.
the BJP is pitching for major reforms in the 'taxation regime' in its current form in India.
'What happened was that over a period of time, the data analytics showed that many were claiming it and that it was being misused'
Though the system is called faceless, it would have a room for inviting tax payers through video conferencing.
Income tax office to remain open on Saturday and Sunday for those who have not yet filed their returns.
'We may have moved back three decades on the fiscal situation,' notes T N Ninan.
The move is aimed at protecting investors from parking their money in dubious schemes.
The government has now made quoting of Aadhaar mandatory for filing income tax returns as well as obtaining a new PAN.
From April 1, individual and corporate taxpayers who pay Rs 50,000 and more as tax in a single payment, may have to make the payment electronically. A formal announcement to this effect from the Central Board of Direct Taxes is expected shortly, finance ministry sources confirmed.
The manner in which India has allowed the rule of law to be subverted for over eight years is tragic, notes former additional solicitor general of India Bishwajit Bhattacharyya.
The Central Board of Direct Taxes on Friday directed tax officials to assess liability for those transacting in shares on the basis of principles laid down by the Authority of Advance Rulings (AAR).
CBDT has sought explanation from B R Balakrishnan, former director-general of I-T (investigation wing) and former principal chief commissioner of I-T for Karnataka and Goa, who had ordered attachment of CCD's shares when he was in charge of the Bengaluru region. He retired last month.
Senior policymakers say it is a tough task and the finance ministry may resort to the time-tested method of carrying forward part of the subsidy payment burden to the next fiscal year.
A progressive tax system (in which the rich pay more than the poor) is one in which direct taxes account for more revenue than indirect taxes (which are on goods and services). In that respect, India's period of supposedly extortionate tax rates produced a most undesirable result because the Centre's next direct tax revenue was barely a fifth of its net indirect tax revenue.
The Street was hoping that investors will lap up shares of high-dividend companies on optimism that their payouts will increase further, thanks to the 20 per cent tax saving. However, the trade failed to materialise as wealthy investors stayed away fearing high tax outgo, and experts raised doubts on whether companies would actually increase cash dole outs.
Budget-makers in North Block are looking to maintain this fiscal status quo, in spite of tax revenues nowhere close to where the government wants and in spite of possible higher expenditure commitments.
Officials said there had been no official word or indication from the top yet. The expectation from officials is to do what they can, but it is understood that all fiscal and budgetary targets don't matter anymore.
Leaving direct taxes untouched, Finance Minister P Chidambaram today slashed excise duty on cars, SUVs and two-wheelers, and capital goods and consumer durables to boost manufacturing and growth.
Whatever your queries, tax expert Mahesh Padmanabhan will answer them and give you tips on tax planning on Friday, February 2, between 4 pm and 5 pm IST. Join us then
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