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Direct Tax Collections for F.Y. 2018-19 up to November, 2018

Gross collections at Rs. 6.75 lakh crore which is 15.7% higher than the gross collections for the corresponding period of last year The Provisional Figures of Direct Tax Collections up to November, 2018 show that gross collections are at Rs. 6.75 lakh crore which is 15.7% higher than the gross collections for the corresponding period...

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Posted Under: Income Tax |

National Pension System (NPS)- Govt approves Tax Relief Proposals

The Union Cabinet in its Meeting on 6th December, 2018 has approved the following proposal for streamlining the National Pension System (NPS). Enhancement of the mandatory contribution by the Central Government for its employees covered under NPS Tier-I from the existing 10% to 14%....

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Posted Under: Income Tax |

CBI Files a Chargesheet against an ITO & 2 others in Bribery Case

A case was registered on 08.01.2018 against the private person (retired Income Tax Inspector) on a complaint alleging that the accused had demanded a bribe of Rs. 70,000/- on behalf of Income Tax Officer for not imposing penalty regarding settlement of complainant's Income Tax matter....

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Posted Under: Income Tax |

Dr. Ajay Bhushan Pandey takes over as Revenue Secretary

Ministry of Finance Dr. Ajay Bhushan Pandey takes over as Revenue Secretary Posted On: 30 NOV 2018 Dr. Ajay Bhushan Pandey (IAS: MH 1984) took over as the Union Revenue Secretary upon superannuation of Dr Hasmukh Adhia here today. Outgoing Finance Secretary & Revenue Secretary, Dr Hasmukh Adhia welcomed Dr Pandey in his office. A [&he...

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Posted Under: Income Tax |

Protocol amending India-China DTAA

The Government of the Republic of India and the Government of the People’s Republic of China have amended the Double Taxation Avoidance Agreement (DTAA) for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income, by signing a Protocol on 26/11/2018....

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Posted Under: Income Tax |

Quadricycles notified as Non Transport Vehicles

Ministry of Road Transport and Highways has notified the insertion of the item ‘Quadricycle’ as a ‘non transport’ vehicle under the Motor Vehicles Act 1988. ...

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Posted Under: Income Tax |

New releases on GST Portal as on 06.11.2018

A) GST Assessment and AdjudicationContentsA) GST Assessment and Adjudication(i) Provisional GST Assessment(ii) Scrutiny of GST Returns(iii) Cause ListB) GST Refund Module(i) Cases in which GST refund Application can be filed on GST portal now(ii) Other Changes in GST RefundC) GST Registration Module(i) Facility to Amend Core fields in For...

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Posted Under: Income Tax |

A year on from the Paradise Papers, the lack of progress is worrying

A year on from Paradise Papers, lack of progress is worrying

A year on from the Paradise Papers, the world has not made sufficient progress to tackle the secrecy that facilitates the hiding of wealth in tax havens. With 10% of global GDP estimated to be hidden in tax havens, and inequality rising both in developed and developing countries, the lack of progress is worrying, according […]...

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Posted Under: Income Tax |

GST refund for Export of services with statement upload enabled

GST Refund on account of Export of Services, with statement upload facility, enabled Facility to claim Refund on account of Export of Services, with payment of tax, has been enabled on GST Portal for the taxpayers, with upload of statement 2. (refer Section 54(1) of CGST Act 2017 & Rule 89 (2)( c) of the […]...

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Posted Under: Income Tax |

Total APAs entered into by CBDT increases to 244

Total number of APAs entered into by the CBDT has gone up to 244, which includes 220 UAPAs and 24 BAPAs. It is noteworthy that one of the UAPAs signed in October is a renewal application and the same has been concluded in a time span of only 7 months....

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Posted Under: Income Tax |

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