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Income Tax : t under the proposed section 194K, a Mutual Fund shall be required to deduct TDS @ 10% only on dividend payment and no tax shall b...
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Income Tax : It is clarified that in case of an Indian citizen who becomes deemed resident of India under this proposed provision, income earne...
Income Tax : Net direct tax collections during first quarters of the present fiscal (up to June 2010) stood at Rs.68,675 crore, up from Rs.59,4...
Net direct tax collections during first eleven months of the present fiscal (up to February 2010) stood at Rs.2,78,373 crore, up from Rs.2,58,902 crore in the same period last fiscal, registering a growth of 7.52 percent. Growth in Corporate Taxes was 10.89 percent (Rs.1,80,318 crore as against Rs.1,62,617 crore), while Personal Income Tax (including STT, and residual FBT and BCTT) grew at 1.84 percent (Rs.97,692 crore as against Rs.95,930 crore).
In the run-up to Budget 2010-11, the Finance Ministry is mulling a reduction in the number of personal income tax rates from the current three to two. At present, there are three rates – 10, 20 and 30 per cent – and these are applied on slabs that are specified from year to year as part of the Budget.
Central Board of Direct Taxes (CBDT), the apex body that administers corporate and personal income-tax, expects a 10-15% year-on-year increase in collections by December 15, the last date for paying the third installment of advance tax, according to CBDT chairman SSN Moorthy. Mr Moorthy, who was in Mumbai on Monday for a review meeting of the department, said the trend so far suggested a high rate of increase in tax collection by December 15.
Net direct tax collections during first eight months of the present fiscal (up to November 2009) stood at Rs.1,83,822 crore, up from Rs.1,77,251 crore in the same period last fiscal, registering a growth of 3.71 percent. Growth in Corporate Taxes was 3.17 percent (Rs.1,13,210 crore as against Rs.1,09,735 crore), while Personal Income Tax (including STT, and residual FBT and BCTT) grew at 4.53 percent (Rs.70,262 crore as against Rs.67,215 crore).
The government has decided to crackdown on corporate and individuals that have defaulted on payment of their self-assessment in the year in a bid to boost direct tax collections that are well below the target for the year. Direct tax collections need to grow at 18% over the remaining five months of the fiscal 2009-10 ending March 2010 for the government to achieve its direct tax target for the year.
The governments around the world may consider funding their increasing deficits by hiking personal income tax rates, though India may not be one among those, with the tax rates in the country nearly constant over the last seven years. The highest tax rate applicable on an income of over Rs 5,00,000 per annum stands at […]
The Income Tax Department is planning to extend the Refund Banker Scheme to the entire country as a move aimed at expediting refund of excess tax. The scheme, launched in Delhi and Patna in March this year, was later extended to Kolkata, Chennai, Bangalore and Mumbai. It will now be extended to the entire country for the non-corporate category of taxpayers. This will facilitate quick and correct issue of refunds, an income tax official said.
