The apex body also wants to bring in systemic reforms, especially to redress grievances of the small taxpayers such as - increased automation of the processes, e-filing, centralised processing of the tax returns and other bulk operations.
The revenue department is expected to release two circulars mentioning details of all 100 services under the service tax net and related procedures in a simplified manner by mid-June.
'Quite a few notices have been issued in both black money and benami transactions.'
The Central Board of Direct Taxes has proposed that the sale of capital assets of a company operating in India, but registered overseas
The revenue department is examining the service tax on industry and service providers, particularly in the telecom sector, to ensure that there is no incidence of double taxation, an official of the department said.
Contribution of the service sector in the GDP is 56 per cent but the share of the service tax in the GDP is just 1.1 per cent, Chairman of Central Board of Excise and Customes P C Jha said in a interaction meeting organised bythe Bangalore Chamber of Industry and Commerce on Friday night.
Govt may tighten presumptive taxation norms and also do away with some deductions.
The SilverLine project, which is expected to considerably reduce travel time from Kasaragod to Thiruvananthapuram, cannot be implemented without approval from the Centre which appears to be giving it a second thought in view of the United Democratic Front and Bharatiya Janata Party's opposition to it, Kerala Chief Minister Pinarayi Vijayan said on Tuesday.
.jpg)
The minister was speaking at a review meeting of Principal Chief Commissioners, Principal Directors General, Chief Commissioners of I-T in New Delhi on Thursday in order to assess the revenue collection target for 2014-15 fiscal.
Foxconn means serious business in India. Its delegation to India was led by its Chairman Young Liu who met Prime Minister Narendra Modi.
A fresh PIL was filed on Thursday in the Supreme Court seeking a probe by multiple central government agencies under the supervision of a panel or a former apex court judge against the Adani Group of companies following allegations of fraud and share price manipulation made by the US-based Hindenburg Research.
The government is understood to have zeroed in on B M Singh to take over as the next chairman of the Central Board of Direct Taxes in the Finance Ministry. The current chairman Indira Bhargava is retiring on May 31.
Sources said the action was in line with Prime Minister Narendra Modi's address to the nation from the ramparts of Red Fort when he said some black sheep in the tax administration may have misused their powers and harassed taxpayers, either by targeting honest assesses or by taking excessive action for minor or procedural violations.
The Centre's revenue from GST registered a decline of 10 per cent in 2017-18 compared to revenue of subsumed taxes in 2016-17.
The Central Board of Direct Taxes is developing a data bank on tax returns and expenditure by tax payers to improve the quality of assessments and revenues, which could lead to reduction in raids, P L Singh, chairman, CBDT, said in Mumbai.
Expressing his satisfaction over the government's move to slash fiscal deficit target, Das said it will help improve investment by the private sector as crowding out impact will be less.
Underlines need to reduce human interface; wants tax e-assessment in more cities
The Central Board of Direct Taxes has urged the Income-Tax department to ensure enhanced accountability and probity in public dealings and see to it that honest and tax compliant people are treated with "dignity and courtesy".
The aim of the exercise was to further simplify GST forms and make the filing process more user-friendly, the finance ministry said in a tweet, reports Dilasha Seth.
The Union finance ministry has asked field officers of the income tax department to not be adversarial to assessees, and to not send high-pitched demands without a proper basis.
CBDT chief also set a monthly target of disposing of pending appeals by sending communication through the e-filing portal and or through emails only.
The total direct tax collection stands at a little over Rs 9 trillion, giving the taxman just few days to reach the 2018-19 revised target of Rs 12 trillion., reports Shrimi Choudhary.
Violation of the ban will invite punitive action, including a fine or a jail term or both, detailed under Section 15 of the Environment Protection Act (EPA) and under bylaws of respective municipal corporations, they said. For effective enforcement of the ban, national and state-level control rooms have been set up and special enforcement teams formed to check illegal manufacture, import, stocking, distribution, sale and use of banned SUP items, officials in the ministry said.
A tax reforms panel, headed by finance minister's advisor Parthasarathi Shome, is considering moving away from setting fixed tax-collection targets and linking these with the changing economic scenario during the year.
To improve compliance, govt may introduce lottery reward for filing GST. The Consumer Welfare Fund, where anti-profiteering proceeds are deposited, will be used to reward the lucky winners on monthly and annual bases. The prize money, yet to be fixed, may run into several lakhs of rupees for the annual draw, and about Rs 50,000 for monthly draws.
The comments come at a time when the Supreme Court-constituted Special Investigation Team has detected funds worth about Rs 4,479 crore (Rs 44.79 billion) held by Indians in a Swiss branch of HSBC bank, while unaccounted wealth totalling Rs 14,958 crore (Rs 149.58 billion) have been traced within home.
Medical seats for under-graduates and post-graduates remaining vacant in the NEET era, together with the Centre 'freezing' the number of medical colleges and seats in (Dravidian) Tamil Nadu and the launch of the PM's 'Vishwakarma Scheme' for the nation's craftsmen, are all seen as a bid to further reverse the state's progressive socio-economic agenda of and its achievements of the past hundred-plus years, argues N Sathiya Moorthy.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances