23 May 2018
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Direct Tax Misc. Direct Tax 001999

  • New direct tax code may have to wait until 2019
    May 22, 2018
    The Narendra Modi-led government's plans to simplify the direct tax regime may spill over to next year, and may well have to wait until the next government is in place in 2019. The six-member task force headed by Arbind Modi, member of the apex policy making body Central Board of Direct Taxes (CBDT) may not submit the draft new direct tax law on May 22, the day the task force completes six months.
  • New direct tax code to benefit corporates, income tax payers
    May 14, 2018
    Businesses and low-income earners will stand to gain the most from the new direct tax code that the government is working on, two people familiar with the matter said. The proposed direct tax code, the draft of which will be ready by July, will take forward the government’s agenda of lowering corporate tax rate to 25% for all businesses and seek to give further relief to individual income tax payers. The idea is to moderate tax rates for assessees without squandering the recent gains in revenue growth and tax base. Therefore, the proposed tax rate cuts will be incremental over a period of time as compliance and revenue collections grow. Between fiscal 2014 and fiscal 2018, income tax returns filed have risen over 80% to 68.4 million.
  • Government likely to withdraw tax notice on free banking services
    May 10, 2018
    The tax department will likely withdraw a show-cause notice issued to several banks asking them to pay the service tax on ‘free services’ provided to customers, following the finance ministry’s intervention. The department of financial services (DFS) has presented the views of the banks that have opposed the tax to the revenue department. “We have spoken to the revenue department and requested them not to pursue the case. The matter will be settled and the case might not be pursued further,” said a senior finance ministry official.
  • CBDT approves amendment of India-Kuwait tax agreement
    May 08, 2018
    The Central Board of Direct Taxes (CBDT) on Monday notified the protocol amending the Double Taxation Avoidance Agreement (DTAA) between India and Kuwait. The protocol updates the provisions in the DTAA for the exchange of information as per international standards, and also enables sharing of information received from Kuwait for tax purposes with other law enforcement agencies, subject to an authorisation of the competent authority of Kuwait and vice versa.
  • CBDT lays down conditions for allowing concessional rate
    Apr 25, 2018
    The Central Board of Direct Taxes (CBDT) on Tuesday laid down the conditions for allowing a concessional rate of 10% tax on long-term capital gains tax (LTCG) arising from transfer of equity shares or equity oriented fund, even when securities transactions tax (STT) has not been paid on such transactions.According to the Income Tax Act, the LTCG tax on such transactions would be 20% if STT has not been paid. The board has now said that in many genuine cases, STT could not be paid while acquiring shares and such transactions would still qualify for a lower LTCG tax rate.
  • CBDT proposes changes in norms for advance ruling
    Apr 12, 2018
    The Central Board of Direct Taxes (CBDT) has proposed changes in the application process for obtaining advance ruling to bring it in line with Base Erosion and Profit Shifting (BEPS) Action 5 objectives, which mandate spontaneous exchange of information on ruling with countries of immediate as well as ultimate parents of taxpayers.The proposed modified forms seek details including names, address, the country of the residence and taxpayer identification number issued by the country of residence.
  • Direct tax mop-up exceeds target in FY18 at Rs 9.95 trn; 68.4 mn ITRs filed
    Apr 04, 2018
    Direct tax collection in the fiscal year just ended has exceeded the targets with a record 68.4 million income tax returns being filed, officials said on Monday. Direct tax collections in 2017-18 at Rs 9.95 trillion, exceeded the revised budgetary target of Rs 9.8 trillion. Also, 68.4 million income tax returns filed in the year against 54.3 million in the previous year, CBDT Chairman told reporters here. A net of 9.95 million new assessees were added to the tax net.
  • CBDT signs 14 unilateral, 2 bilateral APAs in March
    Apr 04, 2018
    The Central Board of Direct Taxes (CBDT) has signed 14 unilateral advance pricing agreements (APAs) with Indian taxpayers in March as it looks to reduce litigation by providing certainty in transfer pricing. Besides, it has signed two bilateral APAs with the US during the month, a CBDT statement said. "With the signing of these agreements, the total number of APAs entered into by CBDT has gone up to 219. This includes 199 unilateral APAs and 20 bilateral APAs," it said. A total of 67 APAs (9 bilateral and 58 unilateral) have been signed in 2017-18.
  • Taxman nudged banks to deposit TDS by March 31
    Apr 02, 2018
    Tax officials went knocking on the doors of banks over the weekend, nudging them to fork out tax deducted from the interest on deposits, salaries and other heads well before they are required to under the law. Banks and corporates are allowed to pay the TDS or the tax deducted at source for any month by the seventh of the next month. For March, the TDS can be paid on or before April 30. However, tax officials — driven by stiff revenue targets and a green signal from the finance ministry — tried to persuade many private as well as state-owned banks to pay the TDS by March 31 so that the amount collected can be booked in the tax kitty for the financial year 2017-18.
  • Tax-free gratuity ceiling raised to Rs 20 lakh for private sector employees
    Mar 30, 2018
    The government today notified doubling of the limit of tax-free gratuity to Rs 20 lakh in private sector. The notification follows changes in the Payment of Gratuity Act which had empowered the government to fix the ceiling of the retirement benefit through an executive order. The amendment bill approved by Parliament earlier in the month had also empowered the government to fix the period of maternity leave.
  • Experts discuss what the new tax regime means for investors
    Mar 21, 2018
    Long terms capital gains (LTCG) tax became the buzz word on February 1 2018 thanks to the Budget and the proposals. A lot of equity investors now have to start getting used to paying 10 percent tax on the long terms gains that they are making in the equity market. There are a quite a few other changes that the Budget has ushered in as well. A panel of experts decoded what the new taxation regime means when it comes to the market and investors.
  • India, Hong Kong sign double taxation avoidance pact
    Mar 20, 2018
    India and Hong Kong on Monday entered into a double taxation avoidance agreement, aiming to facilitate investment flow between both countries and prevent tax evasion. “The agreement will stimulate flow of investment, technology and personnel from India to HKSAR (Hong Kong Special Administrative Region) and vice versa, prevent double taxation and provide for exchange of information between the two contracting parties.
  • Cos, investors to face higher tax post SC interest ruling
    Mar 19, 2018
    Holding companies of many Indian business houses, corporates investing in subsidiaries and associates, as well as several large individual investors will have to cough up more tax after a Supreme Court ruling last week. The verdict, which attempts to close a few contentious issues that have been hanging for nearly two decades, will prevent many companies and investors from treating their entire outgo of interest on borrowings as ‘expenditure’.
  • Lok Sabha passes Finance Bill: Little relief on LTCG, digital tax net widens
    Mar 15, 2018
    As the Lok Sabha passed the Finance Bill, 2018, amid din and without any discussion on Wednesday, the government dashed whatever faint hope investors in listed equity had nurtured of their investments being adjusted to inflation for the purpose of the newly imposed long-term capital gains (LTCG) tax. An amendment to the Bill also widened the scope of India taxing the so-called digital income that some multinationals earn in the country without a permanent establishment here, by buttressing the “significant economic presence” clause introduced in the Budget.
  • Representations received to withdraw LTCG tax announced during Budget 2018, says Finance Ministry
    Mar 14, 2018
    Finance ministry today said it has received representations for withdrawal of the long term capital gains (LTCG) tax on listed securities proposed in the Union Budget 2018-19. In his Budget, Finance Minister Arun Jaitley had proposed introduction LTCG tax of 10 per cent on stock market gains exceeding Rs 1 lakh. In a written reply to the Rajya Sabha, Minister of State for Finance Shiv Pratap Shukla said “representations” have been received requesting for withdrawal of the proposal to introduce tax on LTCG on listed securities through the Finance Bill, 2018.
  • Direct tax mop-up rises 19.5% between April-Feb
    Mar 09, 2018
    Direct tax collections jumped up by nearly 20 per cent between April and February this fiscal as the income tax department races to meet its full-year targets. Net direct tax receipts grew by a hefty 19.5 per cent in the first 11 months of the fiscal, amounting to Rs.7.44 lakh crore, according to official data released on Thursday. Net corporate income tax collections increased by 19.7 per cent in the period, while personal income tax receipts grew by 18.6 per cent.
  • Direct tax collections for April-Feb at Rs 7.44 lakh crore, up 19.5% on year
    Mar 08, 2018
    The government's direct tax collection for the period April-February stood at Rs 7.44 lakh crore, rising 19.5% on year. Income tax collections witnessed a growth of 18.6% while the corporate tax mop up grew at 19.7% for the period between April and February. The refund for direct tax stood at Rs 1.39 lakh crore for April-February period.
  • CBDT signs 7 more unilateral APAs with taxpayers
    Mar 03, 2018
    The Central Board of Direct Taxes (CBDT) today said it entered into seven more Advance Pricing Agreements (APAs) in February as it looks to reduce litigation by providing certainty in transfer pricing. The finance ministry in a statement said that all are unilateral APAs and pertain to pharmaceuticals, automobiles, financial and food & beverages sector. The international transactions covered in these agreements include manufacturing, provision of software development services, provision of IT enabled services, payment of royalty, provision of contract R&D services, provision of marketing support services.
  • CBDT notifies new communication scheme
    Feb 27, 2018
    The Central Board of Direct Taxes (CBDT) has notified a new centralised communication scheme for serving e-notices to income tax-payers as part of the government’s ambitious plan to usher in a countrywide paperless system of interface between the taxman and the assessee. The scheme stipulates that an Internet-based independent centralised communication centre (CCC) will be established in the Income Tax department that will “issue notice” to any person (under Section 133C of the Income Tax Act) who is required to furnish information or documents for the purpose of verification, to the taxman.
  • Non-resident expats’ salary paid in India won’t face tax
    Feb 15, 2018
    The Authority of Advance Rulings (AAR) has held that the salary income of a nonresident individual for services rendered overseas cannot be taxed in India, even when such salary is paid into a bank account in India. The ruling stands out because apart from providing relief from double taxation under the Indo-US tax treaty, the AAR additionally held that the sums received in India would not be taxable here under the domestic tax laws.
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