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News INCOME TAX

  • Nov 17, 2018
  • National capital jumps closer to business capital in I-T collections

    The changing economic landscape of India is showing up in the region-wise break-up of income tax collections. Mumbai, the business capital of the country, still contributes the largest, 29%, of total income tax revenues, but its share has been falling. Delhi, the second-largest contributor to the tax kitty, saw collections rising 45% from April to November 13 this year over the same period in 2017. Collections in Mumbai rose only 5%. Slower growth in Mumbai is attributed to hefty refunds.

  • Nov 05, 2018
  • 75 Lakh New Tax Filers Added To Income Tax Net This Fiscal Year: Official

    About 75 lakh new tax filers have been added to the income tax payers list in the country so far this fiscal year, a senior official said. The number of policy and enforcement measures undertaken to check tax evasion are among the reasons for achieving these numbers, the official told PTI. The target is to add 1.25 crore fresh tax filers by the end of the financial year 2018-19 that ends in March, as per a directive of the Central Board of Direct Taxes. The Income Tax department is hopeful of meeting that 1.25 crore target, the official added.The department, last fiscal, had added 1.06 crore new tax filers to the income tax net. A new income tax filer is defined as a person who is not included in the tax filing base at the beginning of the year, but who files the return during the year.

  • Oct 27, 2018
  • Income tax dept may seek first right on recovery of dues under IBC

    The income tax (I-T) department may soon request authorities in the finance ministry to intervene so that I-T dues get a higher priority over dues to unsecured creditors under the insolvency law. At present, the recovery of tax dues is possible only after payment to financial creditors under the Insolvency and Bankruptcy Code (IBC), which comes under the Ministry of Corporate Affairs.

  • Oct 27, 2018
  • Robust growth: E-filing of income tax returns rises 65% in Apr-Sept

    Even after the deadline for filing income tax returns ended on August 31, the growth in taxpayers filing e-returns continued to grow robustly, and for April-September, a 65% growth was witnessed over the year-ago period, data from the Central Board of Direct Taxes (CBDT) showed. The growth in the April-August period was 70%. Moreover, the average tax paid by an individual filer came in at close to Rs 35,000 in H1, up from a little over Rs 27,000 in April-August. Industry experts said that the rise in the average tax paid was attributable to the second tranche of advance tax — 45% of the assessed advance tax was to be paid by September 15 — paid by larger assessees.

  • Oct 24, 2018
  • Filing of income-tax returns slowed in demonetisation year, show CBDT data

    The number of income tax (I-T) returns filed grew 13 per cent for assessment year 2016-17, while it grew by less than 1 per cent in the assessment year (AY) 2017-18, the direct taxes data released by the Central Board of Direct Taxes (CBDT) shows. Returns for incomes earned in FY 2015-16 were filed in AY 2016-17. In other words, the assessment for incomes in a particular year is done in the year after. Similarly, returns for incomes earned in 2016-17, the demonetisation year, were filed in AY 2017-18.

  • Oct 23, 2018
  • CBDT Data FY14-17: Crorepati taxpayers rise by nearly 70%, returns filed rise by 80%, gross income up by 67%

    Earnings (gross income) reported by Indian taxpayers rose 67% to Rs 44.9 lakh crore between FY14 and FY17 (much higher than the nominal GDP growth of 36% during the period), the government said on Monday, seeking to prove that demonetisation and other steps taken by it to curb black money has not only yielded an expanded tax base, but more honest reporting of income.“The total number of taxpayers (including corporates, firms, HUFs, etc) showing (gross) income of above Rs 1 crore has also registered a sharp increase over the three-year horizon.

  • Oct 23, 2018
  • I-T dept launches major drive against Indians with illegal foreign assets; thousands under scanner

    The Income Tax Department has launched a major operation to investigate cases of illegal funds and properties stashed abroad by Indians looking to invoke the new anti-black money law for strict criminal action in many such cases.The department, in coordination with its foreign counterparts, is investigating offshore bank deposits and purchase of assets by “thousands of Indians”, officials said on Monday. The Central Board of Direct Taxes Chairman Sushil Chandra confirmed the move but refused to elaborate.

  • Oct 22, 2018
  • Number of Taxpayers goes up by 70%, collections down by 34% in April-August period – interesting details here

    E-returns filed by individual taxpayers grew 70% annually to 5.4 crore in the April-August period of the current financial year, but the average tax paid by them has come down by 32% to Rs 27,083. In the previous two years (FY18 and FY17), while the growth rate for e-filers for the respective April-August periods were 24% and 39% respectively, the average tax paid had declined marginally from about Rs 44,000 to nearly Rs 40,200 (see chart).Even though first, demonetisation, and later, the goods and services tax (GST) helped add pace to tax base expansion, the rate of growth in personal income tax (PIT) collection hasn’t risen commensurately.

  • Oct 18, 2018
  • Signing of pact by AMC sufficient to indicate start of biz, claim expenses

    The Income Tax Appellate Tribunal (ITAT) Mumbai has held that signing the investment management agreement by an asset management company (AMC) is enough to claim deduction for revenue expenses even if the scheme is yet to commence.“What is relevant under the Income Tax Act, 1961, is the setting up of the business and not the commencement of business. Accordingly, it is ‘setting up’ of the business and not the ‘commencement’ of business that is to be considered.“A business is commenced as soon as an essential activity of the business is started,” said an ITAT Bench of RC Sharma and Amarjit Singh. The case pertains to Pinebridge India (earlier known as AIG Global Asset Management) and the Income Tax Department for the assessment year 2007-08.

  • Oct 11, 2018
  • ITAT gives partial reprieve to Uber in tax demand case

    In a partial reprieve for Uber India, the Income Tax Appellate Tribunal (ITAT) has granted a stay against a tax demand levied on the cab-hailing company and restrained the authorities from imposing any penalty. Uber had approached the tribunal after income-tax authorities carried out a survey and alleged that the company had not deducted tax at source on payments made to driver-partners. The tribunal partially stayed the demand, subject to Uber India depositing Rs 20 crore in three instalments pending disposal of the appeal. The main issue of applicability of tax deduction at source on payments will now be heard on December 11.

  • Oct 09, 2018
  • CBDT extends deadline for filing ITRs with audit reports to Oct 31, 2018

    The government today extended the deadline by a fortnight till October 31 for filing Income Tax return (ITR) and audit report for financial year 2017-18 (AY 2018-19).This is the second extension within a fortnight of the Central Board of Direct Taxes (CBDT), earlier extending the deadline for tax payers whose accounts have to be audited from September 30 to October 15.Tax audit is a review of accounts of taxpayers with business or profession from an income tax point of view such as incomes, deduction, compliance with tax laws, etc. Taxpayers with turnover exceeding Rs 1 crore in business (not opted for presumptive taxation scheme) or whose gross professional income is over Rs 50 lakh need to get a tax audit done. Tax audit report needs to be filed on or before the 30 September of the subsequent financial year in case of taxpayers.

  • Oct 05, 2018
  • Govt notifies 10% LTCG tax on IPO/FPO gains

    The Income Tax Department has notified norms for applicability of concessional long-term capital gain tax. This will benefit investments made in initial public offerings (IPOs) and follow-on public offerings (FPOs). The new norms will come into effect from April 1, 2019, and will apply in relation to assessment year 2019-20 and subsequent assessment years. The notification talks about two types of transactions: First, those entered into before October 1, 2004, and second, those entered into on or after October 1, 2004, and not chargeable to securities transaction tax (STT).

  • Oct 05, 2018
  • Corporate advance tax growth rate doubles

    Direct tax collection net of refunds for the April-September period grew by 14% to Rs 4.44 lakh crore, marginally below the growth rate of 14.4% required to achieve the Budget estimate of Rs 11.50 lakh crore for the current fiscal, the government said on Thursday. The tax department collected Rs 2.10 lakh crore as advance tax, which is 18.7% higher compared with the corresponding period a year ago. This includes corporate advance tax collection growth of 16.4% and advance collection of personal income tax (PIT) growth of 30.3%.

  • Sep 25, 2018
  • Govt extends deadline for filing ITR, audit report to 15 October

    Businesses have got more time to file their income tax returns (ITRs) and audit reports with the Central Board of Direct Taxes (CBDT), extending the 30 September deadline to 15 October. The due date has been extended as per representations from various stakeholders, said CBDT. For companies and partnerships, the extension of deadline is a relief as it gives them enough time to reconcile the sales figures and indirect tax liability reported in the goods and service tax (GST) returns with their financial statements, experts said. This is the first instance of businesses filing their income tax returns (for FY18) after GST was rolled out in July 2017. However, the 15-day extension for ITR filing does not apply to payment of any outstanding taxes.

  • Sep 19, 2018
  • Income tax on your gold and real estate investments

    Real estate and gold have traditionally formed a large chunk of Indian investors’ portfolios. However, over the past few years, returns from them have been poor to negative. Apart from keeping gold or real estate for self-use, investments in these two asset classes doesn’t make much economic sense. But if you choose to reduce exposure to gold and real estate, do pay attention to the tax rules that will apply. Here is a look at the taxes that will apply to short-term and long-term gains from these two asset classes.

  • Sep 13, 2018
  • Income tax return (ITR) filing: Pay tax on this PF account withdrawal

    The withdrawal amount of an account consists of the investment/principal portion and the interest earned on it. The taxability of the two differs based on the time of withdrawal. If the withdrawal is made before five years of continuous service, the entire contribution made by employer will be taxable and tax would be deducted if it exceeds Rs 50,000. The tax so deducted can be claimed as a credit while filing the return of income. Further, if deduction has been claimed under Section 80C while making such investment over the tenure of service, then the entire contribution will be taxed.

  • Sep 04, 2018
  • Direct tax collections grow at 6.6% and corporation tax barely 1%

    The government might be talking about the surge in filing of Income Tax returns till the August 31 deadline, but direct tax collection data available so far are unlikely to bring a loud cheer. The numbers released by the Controller General of Accounts (CGA) on Friday revealed that direct tax collections grew by a meagre 6.6 per cent during April-July of the current financial year against the Budget target of 14.4 per cent for 2018-19. The growth was the lowest when compared with corresponding periods of the past three years.

  • Sep 01, 2018
  • I-T returns filing up 76%; over 52 mn file returns 5 hrs before deadline

    Filing of income tax returns surged 75.98 per cent in the current assessment year, with as many as 52.97 million people filing returns till about five hours before the deadline. The previous year, 30.1 million had filed returns. The high number, which might still go up, may help the government defend its decision to demonetise Rs 500 and Rs 1,000 in November 8, 2016. The government had extended the deadline to file return till August 31. For Kerala, affected by floods, it has been extended by another fortnight.

  • Sep 01, 2018
  • Tax returns filed before deadline surges 70% to Rs 5.42 crore

    With a fine for delayed filing kicking in, income tax returns filed at the expiry of the 31 August deadline have gone up by over 70% this year to 5.42 crore from a year ago. Last year, 3.17 crore returns were filed before deadline, said a tax department official who spoke on condition of anonymity. On 31 August itself, 34,95,093 returns were filed when the deadline expired. The improvement in compliance is on account of gentle and sustained persuasion of potential taxpayers, said the official. “We have been urging people through text messages and emails to file their tax returns on time. Now both return filing as well as tax payment are easy. Taxpayers also get refunds as early as 15 days after return filing,” said the official.

  • Aug 29, 2018
  • ITR filing deadline extended to 15th September for Kerala assessees

    Due to disruption caused by severe floods in Kerala, the Central Board of Direct Taxes (CBDT) has extended the due date for filing income tax returns (ITR) for all income tax assessees in Kerala to September 15, 2018, as per an official release here today. The original deadline for filing income tax returns for assessees whose returns are not liable to audit was July 31, 2018 for financial year 2017-18. This deadline was earlier extended to August 31, 2018 by the CBDT for all assessees to whom the July 31 deadline was applicable. The extended deadline of August 31 has now been extended further for assessees in Kerala.

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