23 May 2018
Registered Users : 155135
Current Active Users : 95955

Opportunities

View More »
Home News

Direct Tax Income Tax 001001

  • Government earns Rs 1,400 crore as revenue from e-tourist visa
    May 21, 2018
    The government has earned Rs 1,400 crore as revenue from the highly successful e-Visa scheme, offered to citizens of 163 countries visiting India as tourists, since its launch in 2014. Union Home Ministry officials said the popular e-Visa scheme was availed by 19 lakh tourists in 2017 and it is expected that more than 25 lakh tourists will avail the facility in 2018. Since its launch in 2014, the e-Visa scheme has earned revenue of more than Rs 1,400 crore, a senior home ministry official said.
  • CBDT directs income tax department to hold grievance redressal fortnight for taxpayers in June
    May 17, 2018
    The CBDT has directed the Income Tax department to hold a special 'grievance redressal fortnight' next month to address taxpayers' disputes regarding rectification and adjustments made in tax demands. The policy-making body for the tax department has asked the regional chiefs of the department to organise this country-wide session at their designated offices between June 1-15. The Central Board of Direct Taxes (CBDT), in an official communication, said that the redressal of public grievance and taxpayer service is an area of "top priority" for the board and the government.
  • Income Tax Dept launches ITR-2, third income return form for FY 2018-19
    May 16, 2018
    The Income Tax Department today launched the ITR-2, the third income return form for the assessment year 2018-19, on the official e-filing portal. The ITR-2 is used by individuals and Hindu Undivided Families (HUFs) who have income from any sources except income from profits and gains of business or profession, including NRIs. With this, the department has activated a total of three Income Tax Returns (ITRs) that includes ITR-1 or Sahaj and ITR-4 that was activated on May 10 on the e-filing website.
  • ITAT says Google India should pay tax on advertisement revenue sent to parent
    May 16, 2018
    In a setback to Google India, the Income Tax Appellate Tribunal has upheld a tax demand on the search engine's remittances of advertisement revenue to Google Ireland Ltd. The Bangalore bench of ITAT, in a 331-page order, upheld the tax department's contention that such payments are royalty and therefore subject to withholding tax. Google India said it will challenge the ruling in the High Court. The company had filed an appeal in the ITAT against "characterization of the payment made by it to Google Ireland Ltd in respect of the purchase of advertisement space for resale to the advertisers in India under the Google AdWords programme distribution agreements".
  • Taxman seeks reversal of Cenvat credit on financial investments by companies
    May 03, 2018
    Tax sleuths have asked many companies to reverse claims of input credit made on investments in mutual funds and other securities in a move that could increase the tax burden on India Inc. Tax officials, consultants and others close to the situation said notices were recently issued to companies such as Mahindra & Mahindra, Japanese automobile giant Honda, South Korean major Hyundai and pharma company Cipla, informing them that their claims of input tax credit on non-core services would not be allowed.
  • Rs 110 crore tax demand: Income Tax tribunal rules in favour of Flipkart
    Apr 26, 2018
    In a relief to e-commerce firms, the Income Tax Appellate Tribunal (ITAT) in Bengaluru on Wednesday invalidated the revenue department’s treatment of their marketing expenditure as well discounts offered to retain market share as asset-creating capital expenditure that are “not deductible” from income. The ITAT decision came in the case of Flipkart, which was asked last year to pay Rs 110 crore as tax for FY16, while the company claimed nil tax liability as it had posted a loss of close to Rs 800 crore.
  • IT Dept saves Rs 977 crore in 5 years on postage cost after rise in online communication
    Apr 24, 2018
    A rise in online communications or e-mails in the last five years has enabled the Income Tax Department to save a whopping Rs 977.54 crore on postage cost. Online communication with the department has more than doubled since 2013-14. According to data released by the Finance Ministry, the IT department saved Rs 212.27 crore in 2017-18, a remarkable growth from Rs 177.36 crore in 2016-17.
  • I-T Dept warning to salaried taxpayers: 5 common inaccuracies every taxpayer should take care of NOW
    Apr 19, 2018
    Are you a salaried person, but one of those who usually conceal a part of their income from the Income Tax Department in a bid to save tax? Then you have more reason to worry. For, the I-T Department has just warned the salaried class against using illegal means while filing their income tax returns (ITRs). Such violators will not only be prosecuted, but their employers will also be now asked to take action against them, it has said. According to a PTI report, the Central Processing Centre (CPC) of the I-T Dept in Bengaluru, which processes ITRs, has advised the salaried class not to fall prey to unscrupulous intermediaries, who help them in preparing false claims in a bid to get income tax benefits.
  • ITR-1 Form For FY18-19 Activated For E-Filing: Income Tax Department
    Apr 18, 2018
    The latest ITR-1 form, largely used by the salaried class of taxpayers, has been activated on the official e-filing portal of the Income Tax Department, a senior official said today. The single Income Tax Return form, notified by the CBDT on April 5, has been put on its website, https://www.incometaxindiaefiling.gov.in, yesterday. “Other ITRs wil be available shortly,” the official said. The new ITR forms for the assessment year 2018-19 mandate the salaried class assessees to provide their salary breakup, and businessmen their GST number and turnover. The Central Board of Direct Taxes, that frames policy for the tax department, had said some fields have been “rationalised” in the latest forms and that there is no change in the manner of filing the ITRs as compared to the last year.
  • I-T officers restive over collection process
    Apr 11, 2018
    A silent revolt is brewing among tax officers against the process followed to achieve the direct tax collection target for FY18. According to sources, I-T officials are not happy with the directives and procedures set to meet the revised revenue target of Rs 10.05 trillion. Indian revenue officers took up the matter at a recent meeting held last week. Sources said they were considering issuing a resolution, besides seeking intervention of the Central Board of Direct Taxes (CBDT) and the finance ministry to address their concerns.
  • Start-up investors must disclose deal valuations in tax returns
    Apr 10, 2018
    Promoters and investors in unicorns or new-age start-ups can no longer expect to make a tidy pile from any exits without forking out due sums to the taxman. To ensure that promoters and investors accurately report the capital gains from the sale of unlisted shares, the Income-Tax Department has introduced new disclosure norms in the latest edition of I-T return forms. The new forms — applicable for FY18 — require taxpayers (individuals) to provide the fair market value, or FMV (in the prescribed manner), of unlisted shares and also disclose the full value of consideration received/receivable in respect of unquoted shares sold by them during the year.
  • Income Tax rules changed: In PAN card form, transgenders to be recognised as independent gender category
    Apr 10, 2018
    The government has amended Income Tax rules that will now allow transgenders to be recognised as an independent category of applicants for obtaining a Permanent Account Number (PAN) for their tax-related transactions. The Central Board of Direct Taxes (CBDT), which frames policy for the department, issued a notification yesterday that provides a new tick box for the transgenders to apply for the PAN. The notification, issued under sections 139A and 295 of the Income Tax Act, specifies the new application process for obtaining a PAN number by an individual.
  • ITR forms for this fiscal to seek more info – What businesses and salaried people should know
    Apr 07, 2018
    Income tax returns for the current fiscal are designed to extract more information, especially from businesses, as they are required to report their business transactions besides income. Additionally, individual salaried taxpayers would now have to furnish their salary break-up in the ITR-1 form. The new forms were notified by the Central Board of Direct Taxes, the policy-making body of the income tax (I-T) department, on Thursday. The last date for filing I-T returns for FY18 is July 31, 2018.
  • New ITR forms seek salary structure details, income from property
    Apr 06, 2018
    New income tax return forms (ITR forms) notified on Thursday seek more details from individual taxpayers about their salary structure and income from property while making it mandatory for small businesses to report their goods and services tax identification number (GSTIN) and turnover reported under GST. The forms give non-resident Indians (NRIs) some relief. They can now provide details of their foreign bank accounts to claim credit or refunds. Earlier, they could only provide details of bank accounts held in India.
  • Migrating HNIs a ‘substantial’ tax risk, says CBDT
    Apr 06, 2018
    After a recent global survey, quoted by Morgan Stanley’s Ruchir Sharma at an event here, said as many as 23,000 high net worth individuals (HNIs) have left India since 2014 including 7,000 in 2017 alone (the highest numbers for any country), the government has commenced a process to evaluate the “substantial task risk” such migrations pose and formulate a policy response. According to an office order issued by the Central Board of Direct Taxes (CBDT) on Tuesday, “for examining the taxation aspects of such (HNIs), a (five-member) Working Group has been constituted”.
  • With 99.49 lakh new tax filers, income tax returns surge 26% in 2017-18
    Apr 03, 2018
    The number of new income-tax filers increased nearly a crore in 2017-18, taking the total income tax returns filed to 6.84 crore, up 26% from 5.43 crore in the previous year. The higher filings allowed the government to meet the direct tax collections target for the financial year and almost reach the slightly higher revised numbers for the year.“The increase in total returns filed and new returns filed during FY 2017-18 is a result of sustained efforts made by the Income Tax Department in following up with potential non-filers through email, SMS, statutory notices, outreach programmes, etc.
  • Finish issuing all DeMO notices by May: CBDT to I-T dept
    Apr 03, 2018
    The CBDT has directed the Income Tax Department to finish in two months the exercise of issuing notices, as part of the 'Operation Clean Money', to those who deposited huge funds post demonetisation.Officials said the policy-making body of the department wants to fasten the process of raising tax demands on those who either concealed or generated black money in the wake of the notes ban of November 8, 2016.
  • LTCG tax, other Budget proposals to kick in from April 1
    Mar 31, 2018
    Several budget proposals including the reintroduction of tax on long term capital gains (LTCG) exceeding Rs 1 lakh from sale of shares will kick in from April 1, the beginning of 2018-19 financial year. Besides, other tax proposals like reduced corporate tax of 25 per cent on businesses on turnover of up to Rs 250 crore and a standard deduction of Rs 40,000 in lieu of transport allowance and medical reimbursement will come into effect from Sunday. While the exemption limit on income from interest for senior citizens has been raised five times to Rs 50,000 per year, the limit of deduction for health insurance premium and medical expenditure has been raised to Rs 50,000 from Rs 30,000 under section 80D of the I-T Act.
  • STT collections surge in buoyant market; govt rakes in Rs 111 bn in 2017-18
    Mar 30, 2018
    Buoyancy in the stock markets has helped the government collect a record amount from the securities transaction tax (STT) in 2017-18. According to an official with the income tax (I-T) department, the STT collection for the fiscal year stood at Rs 111.23 billion, an increase of 24 per cent over 2016-17. The amount is also 43 per cent higher than the Revised Estimates of Rs 77.7 billion. Introduced in 2004, the STT is levied on all stock market transactions. The tax is in the range of 0.017 per cent and 0.125 per cent of the transaction amount.
  • LTCG tax, other Budget proposals to kick in from Sunday
    Mar 30, 2018
    Several budget proposals including the reintroduction of tax on long term capital gains(LTCG) exceeding Rs 1 lakh from sale of shares will kick in from April 1, the beginning of 2018-19 financial year. Besides, other tax proposals like reduced corporate tax of 25 per cent on businesses on turnover of up to Rs 250 crore and a standard deduction of Rs 40,000 in lieu of transport allowance and medical reimbursement will come into effect from Sunday.
  • 1 2 3 4 Next Last
Login
Sign Up!  |  Forgot Password?