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News Direct Tax-Misc. Direct Tax

  • Jan 19, 2019
  • Government to further ease framework to exorcise angel tax demons

    The government is open to further easing the simplified framework that will allow startups to seek exemption from the so-called angel tax to address concerns that entrepreneurs and other stakeholders have raised. Besides, the Central Board of Direct Taxes (CBDT) will soon set up a dedicated unit for processing requests from startups and angel investors for exemption to expedite the process, a government official said.

  • Jan 10, 2019
  • No TDS for long-term property lease premium, says Mumbai’s Income-tax Appellate Tribunal

    In a huge relief to corporates in Mumbai’s Bandra Kurla Complex (BKC), Mumbai’s Income-tax Appellate Tribunal (ITAT) has ruled that lease premium — a one-time amount paid upfront to acquire long-term lease rights — will not attract any TDS. Long-term leases, usually ranging from 60 to 99 years, involve a hefty one-time ‘lease premium’ payment. Tax officials are known to have issued notices claiming TDS for such payments in a large number of cases.

  • Jan 08, 2019
  • Direct tax collection rises 13.6% to Rs 7.43 trn in Apr-Dec, refunds up 17%

    The government collected income tax revenue amounting to Rs 7.43 trillion in April to December 2018-19, 13.6 per cent higher than that collected in the same period of the previous financial year, the Central Board of Direct Taxes (CBDT) said in a release on Monday. Gross collection grew faster at 14.1 per cent, the reason, officials said, being faster payout of refunds. Refunds worth Rs 1.3 trillion were paid in April-December, 17 per cent higher than the previous year. As for advance tax, its collections grew 14.5 per cent over previous year to touch Rs 3.64 trillion.

  • Jan 07, 2019
  • HomeBIZ WRAPEconomy and PoliticsStory Direct tax mop up rises 14.1% to Rs 8.74 lakh crore in Apr-Dec 2018

    Direct tax mop up grew 14.1 per cent to Rs 8.74 lakh crore during April-December 2018, Finance Ministry said Monday. Refunds amounting to Rs 1.30 lakh crore have been issued during April to December, 2018, which is 17 per cent higher than refunds issued during the same period in the preceding year. As much as Rs 3.64 lakh crore has been collected as advance tax, which is 14.5 per cent higher than the advance tax collections during the same period last year.

  • Jan 05, 2019
  • CBDT chief cautions I-T officials about direct tax collection growth rate

    Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra has cautioned income-tax (I-T) officials about the direct tax collection growth rate, and said it can adversely affect the Budget estimate of Rs 11.5 trillion for the current financial year.In an internal communication to principal chief commissioners of income-tax on January 4, the apex body for direct taxes asked its field officers to step up efforts and put more focus on recovering tax arrears and the current demand.

  • Dec 29, 2018
  • FY19 direct tax mop-up rises 14% till Dec 20

    The government on Friday said the net direct tax collection till December 20 this fiscal amounted to Rs 7.36 lakh crore, a growth of 14% over the same period a year ago. This is 64% of the Budget estimate for direct tax collection in the current fiscal.“The growth rate of gross direct tax collection and net direct tax collection for the current financial year 2018-19 as on 20.12.2018 is 14.6% and 14.0%, respectively,” the government said.The number of income tax e-returns filed till December 6 stood at 6.09 crore, which is 47% higher than last year.

  • Dec 26, 2018
  • Hospitals, universities abroad receiving huge endowments due to inheritance tax

    Finance Minister Arun Jaitley on Tuesday said that various hospitals, universities and other institutions abroad have been receiving huge endowments due to inheritance tax, adding that it is not the same scenario in India. Addressing an event at AIIMS here, Jaitley said: "In most hospitals and educational institutions in developed countries, they have some of the largest endowments. Those endowments come to educational institutions from their alumni which has strengthened the quality of these institutions. Once they are successful in life, they keep supporting institutions with those endowments.

  • Dec 21, 2018
  • Relief for startup ecosystem: Angel tax recoveries put on hold

    Amid widespread concerns over ‘angel tax’ notices being slapped on start-ups, the Central Board of Direct Taxes (CBDT) in the finance ministry has asked field officials to desist from taking any coercive action or recovery of demands of completed assessments from these firms till a policy decision is taken.The department of industrial policy and promotion (DIPP) would soon constitute a committee of experts drawn from reputed institutions like IITs and IIMs to consider grant of tax exemptions to start-ups, and the issue of premiums among other related matters, sources said.

  • Dec 20, 2018
  • Removal of tax incentives: Start-ups may continue to get sops

    Phasing out the residual tax incentives is important but start-ups and some others might still need these sops, Akhilesh Ranjan, member, Central Board of Direct Taxes (CBDT) said on Wednesday. The government, he said, was following a road map to abolish various profit-linked incentives to the corporate sector. Ranjan is also chairman of the task force on Direct Taxes Code which is redrafting the 50-year old Income Tax Act. The task force is likely to submit its report by February 28, 2019 and some of its recommendations of the panel is expected to be included in the final Budget for 2019-20 which will be presented after the general elections due in May next year.

  • Dec 19, 2018
  • Govt orders restructuring of tax department

    The government has ordered a fresh cadre review and restructuring of the income tax department with an aim to create a “caring but strict” direct taxes regime in the country.The Central Board of Direct Taxes (CBDT), that frames policy for the I-T department, on Monday ordered the creation of a 12-member committee of senior officials to accomplish the task within the next three months.The development assumes significance as another committee or task force to draft a new direct tax law to replace the existing Income Tax Act is already a work in progress, and has been asked by the government to submit its report by February 28. The new committee to undertake cadre review and restructuring of the department has been given a specific four-point charter to follow.

  • Dec 10, 2018
  • Direct tax collections rise 15.7% YoY for April-November period

    The direct tax collections are up 15.7% for the April-November period from corresponding period a year ago, data released by the government on Monday showed.Collections added to Rs 6.75 lakh crore while refunds amounting to Rs 1.23 lakh crore have been issued during April-November, which is 20.8% higher than refunds issued during the same period in the preceding year.Net collections, after adjusting for refunds, are up 14.7% to Rs 5.51 lakh crore, representing 48% of the to ..

  • Dec 08, 2018
  • CBDT may scan companies’ outbound investments

    Indian companies setting up operations overseas and, in the process, resorting to aggressive tax planning via investment structures to mitigate their tax liability could find themselves in the harsh spotlight of the taxman. “We now need to think of preserving and augmenting our tax base. We have to look at the Indian industry, which is launching globally. We haven’t yet paid much attention to this part of tax compliance (relating to outbound investments).

  • Dec 05, 2018
  • Income tax return filing up 50% so far this year, says CBDT chairman

    Income tax return filing for assessment year 2018-19 has so far seen a 50 per cent rise since last year, a top finance ministry official said Tuesday. "This is the effect of demonetisation," Central Board of Direct Taxes Chairman Sushil Chandra said on the sidelines a CII event.Demonetisation has been very good for increasing the tax base of the country. This year, we have already got around 6.08 crore income tax returns, which is 50 per cent higher than last year by this particular date, he said.He further added that the revenue department will achieve direct tax collection target, which is 11.5 lakh crore, for the current financial year.

  • Dec 05, 2018
  • Three new PAN card rules come into effect from today; here are the details

    The Department of Revenue has put into effect new rules with respect to Permanent Account Number (PAN) from December 5 to check tax evasion and allow more options to the taxpayers. The changes in the Income Tax Rules, 1962, have already been notified by the Central Board of Direct Taxes (CBDT) in a notification on November 19, 2018.The crucial changes that came into effect from today are as follows: 1. A resident person other than an individual - such as Hindu Undivided Family, firm, charitable trusts, association of persons, body of individuals, a local authority or company - who enters into a financial transaction amounting to Rs 2.50 lakh or more in a financial year and who has not been allotted any PAN, shall apply for one by May 31 of the next financial year.

  • Dec 04, 2018
  • Half of direct tax collections netted; high growth clocked post DeMo: CBDT

    The Income Tax Department has mopped up over half the kitty of the targeted direct tax revenue for this financial year-- at more than Rs 6.63 trillion -- riding at a record "high growth rate of last seven years" that was also propelled by demonetisation, a latest report of the CBDT has said. The report of the Central Board of Direct Taxes (CBDT), the policy-making body for the I-T Department, on the "impact of demonetisation" states that the 2016 exercise of invalidating the two high-value currencies of Rs 1,000 and Rs 500 has "thrown up a large tranche of data and credible information based on which enforcement actions, including search and survey, are being conducted by the tax department with great degree of success against tax evaders".

  • Oct 24, 2018
  • Direct tax collection falls in six states; UP, Rajasthan worst performers

    Direct tax collections declined from six states in 2017-18, latest data released by the income tax department shows. Among the larger states, the sharpest decline was seen in Uttar Pradesh, followed by Rajasthan and Bihar. Mizoram, Nagaland and Sikkim are the other states from where collections have fallen. Collections have also fallen from the Union Territory of Daman and Diu. At the aggregate level, total direct tax collections rose by 18 per cent in 2017-18, rising to Rs 10 trillion, up from Rs 8.49 trillion in 2016-17.

  • Oct 23, 2018
  • Net direct tax collection grows 15.7% to Rs 4.89-lakh crore: CBDT

    The net direct tax collection in the country grew by 15.7 per cent on year-on-year basis to reach Rs 4.89 lakh crore in the current fiscal till third week of October, a senior official on Monday quoting from the latest data. This marks over 42 per cent of the full-year direct tax collection target of Rs 11.5 lakh crore for the fiscal ending March 31, 2019. The CBDT official also the income tax department issued about 2 crore refunds for an amount of about Rs 1.09 lakh crore, till last week.

  • Oct 15, 2018
  • Direct taxes make up bigger share of GDP

    Despite the economy’s 25 percent contraction over the years of the economic crisis, the increase in the number of unemployed to 1 million, and the drop in pensions, state revenues from direct taxation remain at the same level in absolute figures. In fact, they are currently slightly higher than in 2010. The entire tax base has been battered by overtaxation in recent years, while the middle classes have all but vanished due to the ever increasing tax burden imposed on them by the government, particularly the current administration that has transferred the tax load onto taxpayers with annual incomes of around 25,000-30,000 euros.

  • Oct 05, 2018
  • Direct Tax Collection grows over 16.5%

    The Finance Ministry on Thursday announced that the direct tax collection has reached Rs.5.47 lakh crore during the first six months of the current fiscal. This is 16.7 per cent higher than corresponding period of previous fiscal. Direct tax comprises of Personal Income Tax (PIT), Corporate Income Tax (CIT) and Securities Transaction Tax (STT). The Ministry mentioned that the growth rate would have been higher as the gross collections of the corresponding period last year also included extraordinary collections under third and last instalment of the Income Declaration Scheme (IDS), 2016 which amounted to Rs.10,254 crore.

  • Oct 04, 2018
  • Gross direct tax collection grows 16.7% to Rs 5.47 lakh crore in April-September

    Gross direct tax collection in the first six months of the financial year grew 16.7 per cent to Rs 5.47 lakh crore, Finance Ministry said Thursday. Refunds amounting to Rs 1.03 lakh crore have been issued during April 2018 to September 2018, which is 30.4 per cent higher than refunds issued during the same period in the preceding year. “The provisional figures of direct tax collections up to September 2018 show that gross collections are at Rs 5.47 lakh crore which is 16.7 per cent higher than the gross collections for the corresponding period of last year,” the ministry said in a statement.