While experts pointed out the impact of corporation tax cuts cannot yet figure in collections as most companies are yet to decide on their choice, government officials said a part reason for slow collection is the tax cut.
The Income Tax Act empowers the CBDT to capture information in respect of payments to non-residents, whether taxable or not
The central government is likely to exceed the budgeted tax collection target of Rs 22.2 trillion for the current fiscal year, led by better indirect tax mop-up, compliance measures, and recovery in most sectors following the second wave of the Covid pandemic. Personal income and corporate tax collections (net of refunds) grew 74 per cent to Rs 5.70 trillion in the first half of the current financial year, driven mainly by advance tax and TDS payments. The target for the current fiscal year is Rs 11.08 trillion; higher taxes are paid usually towards the end of a fiscal year.
Tax Guru Anil Rego answers your personal income tax queries
Tax Guru Anil Rego answers your personal income tax queries.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
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.
Mumbai, which contributes about 30 per cent of country's direct collections, saw the rate of contraction in advance tax collection lower to 20 per cent as against an over 33 per cent decline in Q1.
In an online chat with readers on July 8, Anil Rego answered their tax queries. Here's the chat transcript in case you missed the chat
Yes, if you are planning to apply for a loan or want to claim refund
It's better to inform your new employer about income earned and deduction availed with the previous one.
March requires 20% jump to meet year's goal; CBDT chief tells staff to sweat it out to meet target
In an online chat with Rediff.com readers, G Srikanth, partner, GSV Associates, chartered accountants, Chennai and member of the Institute of Cost and Management Accountants, answered queries about the new income tax proposals mooted in the Union Budget 2020-2021.
The Madras high court on Tuesday rejected a plea from mining giant Vedanta to order reopening of its Sterlite copper unit at Tuticorin in Tamil Nadu.
The court while granting bail to the duo also held that it does not find any possibility of the accused persons fleeing from justice and that their custodial interrogation was not required.
'They want (the ownership and management of PSU banks) to pass into the hands of a private sector entity.' 'Ownership of these banks will go from the public sector to private sector.'
'The effect will be seen two-three quarters down the line.'
Middle class constituted about 49 per cent of the total tax payees in financial year 2011-12
The CBI has shared its findings with the Enforcement Directorate.
'The prime minister's advisers might have told him that going along with this AIADMK government will damage his image.'
Dept to focus on real estate, infra, mining and manufacturing to detect evasion.
With digital technology, the I-T department's ability to catch tax evaders has increased many times.
Transcript of the Ganesh Natarajan chat on rediff on Friday.
