18 March 2018
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Direct Tax Misc. Direct Tax 001999

  • 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.
  • Government Collects Rs 6.95 Lakh Crore In Direct Taxes In April-January
    Feb 10, 2018
    The government reached about 70 percent of its increased direct tax target in the first 10 months of the financial year, putting it on track to partly make up for an expected shortfall in indirect taxes.Net direct tax collections in April to January rose 19.3 percent on a yearly basis to Rs 6.95 lakh crore, the Central Board of Direct Taxes said in a statement. That’s about 69.2 percent of the revised estimate. Corporate tax collections rose 19.2 percent and the personal income tax mop-up grew 18.6 percent, the CBDT statement said.
  • CBDT enters into seven advance pricing pacts in January
    Feb 08, 2018
    The Central Board of Direct Taxes (CBDT) on Wednesday said it has entered into five unilateral advance pricing agreements (UAPA) and two bilateral advance pricing agreements (BAPA) in January this year. This includes the first BAPA signed with US, the board said. Advance pricing agreements (APAs) were introduced in 2012 by the government to provide tax certainty to those multinational corporations that agree to certain principles relating to the valuation of their cross-border transactions.
  • Reforms widened direct tax base to 8 crore: CBDT Chairman Sushil Chandra
    Feb 07, 2018
    A large number of taxpayers have been added taking the direct tax base to nearly 8 crore from the provisional number of just over 6 crore effective taxpayers in FY16, Central Board of Direct Taxes (CBDT) chairman Sushil Chandra said on Tuesday. The widening of tax base was a result of direct tax reforms, including demonetisation. According to the I-T department, 6.26 crore people paid tax in FY16, which included those filing I-T returns as well as those where tax was deducted at source from the income of the taxpayer but the taxpayers did not file the returns.
  • No angel tax on startups with up to Rs 10 crore funding
    Feb 06, 2018
    Startups incorporated before 2016 that have got up to Rs 10 crore in angel funding won't face the so-called angel tax, once changes in the regime are finalised by the Department of Industrial Policy and Promotion (DIPP), which will soon notify the amendment, a senior government official told ET. It will also set up a separate committee for the recognition of such startups so that they get the relief, he said.
  • Direct tax mop-up jumps 19% in FY18
    Jan 18, 2018
    Direct tax collections during the first nine-and-a-half months of the current fiscal have risen by 18.7% to Rs 6.89 lakh crore, the tax department said on Wednesday.The collections till January 15, 2018 represent over 70% of the Rs 9.8-lakh-crore revenue target from direct taxes, the Central Board of Direct Taxes (CBDT) said in a statement.Gross collections (before adjusting for refunds) have increased by 13.5% to Rs 8.11 lakh crore during April, 2017 to January 15, 2018. Refunds amounting to Rs 1.22 lakh crore have been issued during this period.
  • Direct tax collections up 18.2% in April-Dec
    Jan 10, 2018
    The provisional figures of Direct Tax collections up to December 2017 show that net collections are at Rs6.56 lakh cr, which is 18.2% higher than the net collections for the corresponding period of last year.The net Direct Tax collections represent 67% of the total Budget Estimates of Direct Taxes for FY2017-18 (Rs9.8 lakh cr). Gross collections (before adjusting for refunds) have increased by 12.6% to Rs7.68 lakh cr during April to December, 2017. Refunds amounting to Rs1.12 lakh cr have been issued during April to December, 2017.
  • Direct tax collections rise 18.2% in April-December period
    Jan 09, 2018
    Direct tax collections grew by more than 18% in the first nine months of this fiscal, in a breather for the government struggling to meet the fiscal deficit target. The growth in direct tax collections could offset the shortfall in revenues from the goods and services tax (GST) and fund government spending in key sectors of the economy. Net direct tax collections for the nine months, ending December, rose 18.2% to Rs6.56 trillion. These numbers were 67% of the budgeted direct tax collections of Rs9.8 trillion for the full year, the tax department said in a statement.
  • Proportion of direct taxes fall below 50% first time since 2006-07
    Dec 20, 2017
    The contribution of direct taxes in the total tax collection in 2016-17 has fallen below 50 per cent to 49.66 per cent for the first time since 2006-07. This is despite a 15 per cent growth witnessed in the direct tax collection during the year. In the previous year, the contribution of direct taxes was 51 per cent of the total tax collection. Data released by the Central Board of Direct Taxes (CBDT) shows direct tax collection in 2016-17 was Rs 8.5 lakh crore compared to Rs 7.42 lakh crore in the previous year. The indirect tax collection in 2016-17 was Rs 8.6 lakh crore.
  • Direct tax target raised to Rs.10L cr
    Dec 12, 2017
    Even as the Central Board of Direct Taxes (CBDT) finds it difficult to achieve the Budget Estimates (BE) of direct taxes at Rs.9.8 lakh crore for FY18, its target was revised upwards by Rs.20,000 crore to Rs.10 lakh crore.Sources in the apex body say the government was expecting a shortfall in indirect tax collections after the implementation of goods and services tax (GST).In an internal meeting held last week, the CBDT asked income-tax (I-T) departments of Mumbai and Delhi to contribute an additional Rs.10,000 crore each to bridge the gap, said a senior I-T official privy to the development. An internal circular of the revised target is expected to be sent out by CBDT shortly.
  • Direct tax collections increase 14 pct to Rs 4.8 lakh crore between April-November: CBDT
    Dec 11, 2017
    The Direct Tax Collections for Financial Year 2017-18 has shown the growth of 14.4 percent between the month of April-November this fiscal, the Central Board of Direct Taxes said. As per the board, the provisional figures of Direct Tax collections up to November 2017 have shown that the net collections stand at Rs 4.8 Lakh Crore which is 14.4 percent than the net collections for the same period last year. “The provisional figures of Direct Tax collections up to November, 2017 show that net collections are at Rs 4.8 lakh crore, which is 14.4 percent higher than the net collections for the corresponding period of last year,” Central Board of Direct Taxes said in the statement.
  • CBDT shoots off letter to taxmen, says don’t go overboard on fishing and roving inquiries in wake of demonetisation drive
    Dec 02, 2017
    The Central Board of Direct Taxes (CBDT) has sent a missive to all assessing officers (AOs) to stick to protocol while pursuing cases of “limited scrutiny” and not resort to “fishing and roving inquiries” in such cases. The move comes at a time when the tax department’s field formations have apparently been on an overdrive after the demonetisation move brought large chunks of supposedly tax-evaded cash into the banking system. The department selects cases of “limited scrutiny” — which restricts probe into a single aspect rather than a complete appraisal of tax liability — through Computer Aided Scrutiny Selection (CASS).
  • CBDT signs first ever two Indian APAs with Netherlands in Nov-2017
    Dec 02, 2017
    The Central Board of Direct Taxes (CBDT) has entered into 2 Bilateral Advance Pricing Agreements (APAs) during the month of November, 2017. These Agreements are the first ever Bilateral APAs with The Netherlands. With the signing of these Agreements, the total number of APAs entered into by the CBDT has gone up to 186. This includes 171 Unilateral APAs and 15 Bilateral APAs. These two APAs pertain to the Electronics and Technology sectors of the economy. The international transactions covered in these agreements include Distribution, Provision of Marketing Support Services, Provision of Business Support Services, etc.
  • To taxpayers’ relief, SC orders CBDT to apply this circular on tax cases retrospectively
    Nov 30, 2017
    The Supreme Court in a judgment last week clarified that the circular issued by Central Board of Direct Taxes (CBDT), which mandates that no appeal with tax implication of less than Rs 10 lakh should be filed in high courts, must be applied retrospectively. The tax department had contended that the circular was to be applied prospectively. The court order will benefit a large number of taxpayers besides reducing the pendency of disputes/litigation. “This Supreme Court decision provides a much awaited and welcome clarification that the revised monetary limits prescribed in CBDT circular dated February 09, 2011 be applied retrospectively, i.e. on all pending appeals as on date of issuance of this circular,” an expert at Nangia & Co said.
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