Income tax collection, by way of advance tax and TDS, in the April-June quarter was about 80 per cent of what was collected in the same period last year.
Market experts believe the retreat is because of uncertainty.
It shows that states would require a compensation to the tune of at least Rs 1.67 trillion in 2024-25, as none of them would be able to achieve a 14 per cent growth every year.
The agency recorded his statement under criminal sections of the Prevention of Money Laundering Act (PMLA), officials said.
Over the next four years corporate tax will come down by 5 per cent and lot of exemptions will get phased out.
Bihar Deputy Chief Minister Sushil Kumar Modi said, a hike in GST rates would have hampered consumption amid the economic slowdown. The revenue augmentation panel in the Council meeting recently recommended revisiting and restructuring the GST rate slabs, besides correcting the inverted duty structure. The panel listed 24 items, including mobile phones, footwear, fabrics, LED light, medical equipment, utensils, agri machinery, pharma, and renewable components, which have an inverted duty structure, resulting in refunds of close to Rs 20,000 crore annually.
Poor performance of the banking, oil and exploration industries have impacted corporate tax collections.
Today you can view your tax credit online, pay taxes online, file your return online, track the processing status in real time and also get the refund online directly credited to your bank account. You don't need to stand in queues anymore or or be at the mercy of the bureaucracy.
This provision is a very smart rule against fraudster and would not affect any genuine business entities or Ease of Doing Business in any manner, said a source.
Amazon's fulfilment centres, which store products of hundreds of vendors selling on the American online major's platform, are being cited by Karnataka state government authorities as a primary concern in an ongoing tax dispute.
Returns for income earned till FY12-13 can be filed till March 31.
4 luxury SUVs and documents indicating 'benami' assets of Rs 300 crore have been recovered during income tax raids.
Tax payers need not dread filing returns as the process can be simplified.
Even as some government departments have raised concerns on the Bill in its present form, the finance ministry has decided not to delay any further and may table it in Parliament next week.
The government on Monday proposed income tax benefits for people making payments through credit or debit cards and doing away with transaction charges on purchase of petrol, gas and rail tickets with plastic money.
Taxpayers might face several issues while filing returns this year.
While the two-phased assembly polls voting has concluded in Assam, in West Bengal two phases have completed while four more remain.
The GST will subsume excise, service tax, value added tax, octroi etc.
Chartered accountant and commentator M R Venkatesh on why the GST Bill will cost the BJP dear.
The Supreme Court-appointed Special Investigations Team on black money has also proposed that holding more than Rs 15 lakh in cash be made illegal for individuals and for companies, report Tinesh Bhasin and Sanjay Kumar Singh.
The e-invoicing system will be rolled out in a phased manner from January 1 on a voluntary and trial basis, beginning with firms with a turnover of Rs 500 crore, while businesses with a turnover of Rs 100 crore or more will be required to do it from February 1.
The perils mentioned here may seem few in number, but each of it encompasses an entire set of dangers posed by the free online tax filing offers.
Geelani, who was a member of banned Jamaat-e-Islami and chairman of hardline Hurriyat Conference, had been suffering from various ailments for nearly last two decades.
The government is targeting export of goods and services worth $2 trillion by 2030.
The much-delayed insurance bill and the goods and services tax bill are among the 39 bills that are expected to come up during the month-long Winter Session of Parliament beginning next week.
About 48 lakh demat accounts have been frozen by the two depositories, National Securities Depository Ltd and Central Depository Services Ltd, because investors failed to submit Income Tax Department's PANs.
Amazon, however, claimed that it is just a service provider and doesn't own goods at any point of sale due to which it is not liable to pay this tax.
Hasmukh Adhia to present revenue dept's performance over past year & plan for current financial year
In a rare face off, captains of the auto industry have hit out at the government for not walking the talk. At an industry event in the capital on Wednesday, R C Bhargava, chairman of India's largest carmaker Maruti Suzuki, and Venu Srinivasan, chairman of TVS Motor, questioned the government's intent to support the auto sector. Revenue secretary Tarun Bajaj sat in the audience listening, before his turn came to counter them.
The I-T department's app is useful for those looking for information, grievance redress, and resolving PAN- or TAN-related issues.
For 2011-12, there were 7,56,741 foreign remittances made from India with money worth Rs 3,56,461 crore (Rs 3,564.61 billion) going out of India
The vacancies are learnt to be impacting the I-T department's day-to-day functioning.
I-T dept launches Tatkal system for those who desire to help the victims of the earthquake in Nepal.
US State Department's report said that this has resulted in many investors retreating slightly from their once forward-leaning support of the BJP-led government
The Parthasarathy Shome committee gives its second reform report to finance ministry.
FATCA will facilitate flow of financial information between countries.
MakeMyTrip filed its objections before the Commissioner of Income Tax (Appeals) on May 30.
Cos can apply for PAN card number online through e-Biz portal.
Compliance requirements, valuation, input tax credit transfers are likely to lead to tax litigation, says Sayan Ghosal.
