It is well established that economic freedom and economic performance have very high positive correlation. Countries having high level of economic freedom generally out-perform the countries with not-so-high level of economic freedom.
During January 2017, the net indirect tax grew at the rate of 9% compared to corresponding month last year. The growth rate in net collection for Customs, Central Excise and Service Tax was 10.1%, 26.3% and 9.4% respectively during the month of January 2017, compared to the corresponding month last year.
As you are aware, the assessment proceedings in all cases selected under scrutiny are now to be conducted through e-mail based communications unless the taxpayer concerned himself desires to opt out of the Paperless Assessment Scheme.
As a mechanism to monitor quality of scrutiny assessment orders, it was laid down in para 4 of Instruction No. 4 of 2016 of CBDT dated 13.07.2016 that Pr. CCsIT/CCIT(Central)/Pr. CCIT(International-tax)/CCIT(Exemptions)/DsGIT(Inv.) would submit a report containing details of at least 25 quality assessment orders from their respective charge by 31st January, 2017.
A new concept of revisionary power of Chief Commissioner or Commissioner has been proposed in the GST Law as compared to the provisions prevalent in present indirect taxation.
Direct tax collections up to January 2017 show a consistent growth trend. The collection net of refunds stands at Rs. 5.82 lakh crore which is 10.79% more than the net collections for the corresponding period last year
Direct tax proposal – highlights:- Personal Taxation, Corporate Taxation, Penal Provisions, Capital Gain Taxation, Cash Proposal to reduce Cash Transactions and promote Digital Economy, Tax Deduction At Source (TDS), Business Taxation
ITAT have consistently held that the internet charges have to be excluded both from the export turnover as well as from the total turnover while computing deduction u/s 10A of the Act.
Users who have already registered in e-Filing portal can use this functionality to generate ITDREIN (Income Tax Department Reporting Entity Identification Number) and upload certain forms in e-Filing portal using the generated ITDREIN.
ITAT Delhi held that any receipt directly and intimately linked with the procurement of capital asset is in the nature of capital receipt and not a revenue receipt. So such brokerage cannot be taxed in the hand of property buyer.
