The net direct tax collection for the fiscal ended March 31 stood at Rs 9.45 lakh crore, an increase of 5 per cent over the revised estimates in the Union Budget. Central Board of Direct Taxes (CBDT) Chairman P C Mody on Friday said the income tax department has exceeded the revised estimates despite issuing substantial refunds in the 2020-21 fiscal. During the fiscal, the net corporate tax collection stood at Rs 4.57 lakh crore, while net personal income tax was Rs 4.71 lakh crore. Another Rs 16,927 crore came from securities transaction tax (STT).
At least 200 investors have to furnish financial statements
Agencies, whether public sector or private sector, may have to pay goods and services tax on the charges they collect on behalf of the government from clients. The authority for advance rulings (AAR), Telangana, has ruled that e-procurement transaction fee collected by an agency on behalf of the government is chargeable to GST, said Rajat Mohan, senior partner at AMRG & Associates. The AAR also ruled that neither services provided by the agency to the government, nor services provided on behalf of the government to the business entities are exempt from GST, he informed about the case.
The United Forum of Bank Unions (UFBU) on Thursday said its two-day nationwide strike on March 24 and 25 will be observed as scheduled since discussions with the Indian Banks' Association (IBA) over key demands failed to yield any positive outcome. In a meeting with the IBA, all UFBU constituents raised issues, including recruitment in all cadres and a five-day workweek.
The government has decided to provide the tax defaulters another chance to prove their loyalty to the IT department, by implementing a single time amnesty scheme.
Bank unions on Friday deferred their two-day nationwide strike beginning Monday after they received positive assurance from both the finance ministry and the IBA on their demands, including a five-day work week and adequate recruitment in all cadres. The strike call for March 24 and 25 was given by United Forum of Bank Unions (UFBU), an umbrella organisation of nine bank employees' association.
It will also be new Revenue Secretary Sanjay Malhotra's first GST Council meeting. He will take charge after the incumbent Tarun Bajaj retires on November 30.
UAE-based aviation support company Alna Aero Distributional Finance Holdings offered only Rs 1.09 crore.
The fitment committee under the Goods and Services Tax (GST) Council, comprising central and state officials, has begun a rate rationalisation exercise afresh, checking the possibility of dropping some of the rates, particularly the 12 per cent slab, to achieve a revenue-neutral structure, a senior official with direct knowledge of the matter
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
SGI Commex chairman G S Srivastava, an art connoisseur, said the aircraft, an Airbus A319-133 with registration of CJ VT-VJM, will be converted into an art pilgrimage venture
If, as promised, the refunds are done within 24 hours it will obviate one of the biggest reasons that taxpayers distrust the tax department -- delayed refunds especially in cases of large refunds.
Experts say only three per cent individuals pay taxes.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
SGI Commex contended that though it had won the bid, it is yet to receive a communication from the department to this effect and unless it gets such a letter, it will not be in a position to pay the dues claimed by MIAL
Vodafone pleaded in High Court that IT department had no jurisdiction in the transfer pricing case because the said transaction was not international and did not attract tax.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
Apart from Modi, Jaggi Vasudev to address 2-day tax officers' conference
'Once filed, it cannot be revised or rectified.'
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After setting up a committee under N Rangachary last year to look at taxation issues regarding the sector, the government has issued several notifications in the last eight months.
A day after his appointment as the 26th governor of the Reserve Bank of India (RBI), outgoing Revenue Secretary Sanjay Malhotra on Tuesday said one must understand the economic landscape and do what was best for the economy. "Let me first go, join, understand the turf ... Here it is a different role," Malhotra said, speaking to reporters in front of North Block.
I-T dept has asked for Rs 5,357 crore ($865 million) alleging the company had suppressed its revenue for FY09 to evade taxes
'The corporate tax cuts will obviously result in lower tax payments by companies,' says Central Board of Direct Taxes member Akhilesh Ranjan who retires after 37 years in government service.
Tax department sends notices saying they are liable to pay MAT.
The Bombay High Court on Thursday stayed a new income tax demand of Rs 3,000 crore (Rs 30 billion) on Vodafone India Services in an alleged transfer-pricing case from 2010-11.
With a view to improving services to the tax payers, the Prime Minister's Office has directed the Income Tax department to adopt the benchmark World Bank governance model in its offices.
A separate and dedicated window for grievance redressal has been launched recently.
The employees said in a joint memorandum that they are feeling "demotivated due to shortage of manpower in lower cadres and huge stagnation in officers cadre right at this moment".
Senior Congress leader Shashi Tharoor on Tuesday attacked the Centre over the glitches in the new income tax portal, alleging that even after spending Rs 4,200 crore on it, the government had "failed" to make it user-friendly and created a "mess" instead.
The department, which is racing to meet the budgeted target of Rs 4.30 lakh crore tax collection in this fiscal, has been ordered by the Central Board of Direct Taxes (CBDT) to immediately rejig the officials at Additional and Joint Commissioners rank level to revenue collection duties and concerned ranges.
The government has already embarked on strengthening the tax net by sending letters to those who have not filed tax returns.
According to an order issued by the Central Board of Direct Taxes, the department will share 'bulk information', starting from Permanent Account Number (PAN) to the taxpayer's name and all the individual data that it captures like father's name, gender, date of birth, photograph and signature or thumb impression.
The IAS officer was later taken into custody under the provisions of the Prevention of Money Laundering Act and is expected to be produced before a magistrate seeking his remand, the sources said.
The same day the tax sleuths had raided the house of DMK MP S Jagathrakshakan and some of those linked to him. The MP from Arakkonam has interests in a variety of business sectors.
Statements of five 'Angadiya' firm operators have also been recorded by the ED to establish the "money trail" of this alleged Rs 45 crore bribe amount.
This will be the first full-year Budget of the BJP-led National Democratic Alliance government since it came to power for a third consecutive term in July last year.
Sania Mirza has launched a scathing attack on the country's media, saying a certain sections of it choose to highlight the negative news.
The Income Tax Department on Tuesday said software services provider Infosys has been directed to look into the issue relating to malfunction of search option on the e-filing portal. After many users complained of issues while accessing the I-T portal and reported that it was hacked on Tuesday, which also happens to be the first launch anniversary of the portal, the department said Infosys is resolving the issue on priority. "Issue relating to the search functionality of the e-filing website has come to our notice.
Finance Minister Nirmala Sitharaman on Tuesday asked Infosys and its chairman Nandan Nilekani to fix technical glitches being encountered on the income tax department's new e-filing website, after users flooded her Twitter timeline with complaints. Infosys was in 2019 awarded a contract to develop the next-generation income tax filing system to reduce processing time for returns from 63 days to one day and expedite refunds. The portal went live Monday evening.
