Income Tax : Discover why paying taxes is vital for national development. Explore the role of taxes in funding government services, promoting ...
Income Tax : Article discusses about Basic provisions relating to due date of payment of TDS to the credit of Government, Interest for failure ...
Income Tax : 1. Tax collection at source (TCS) is an additional amount collected as tax by a seller of specified goods from the buyer at the ti...
Income Tax : As per Section 206C of Income Tax Act, 1961 (1) Every person, being a seller shall, at the time of debiting of the amount payable ...
Income Tax : The existing provision of section 206C of the Act, inter alia, provides that the seller shall collect tax at source at specified r...
Income Tax : Direct tax collections for FY 2024-25, as of July 11, 2024, show a 23.24% increase compared to FY 2023-24, with notable growth in ...
Income Tax : Gross Direct Tax collections for FY 2024-25 grow by 22.19%. Net Direct Tax collections up 20.99%. Advance Tax collections hit Rs. ...
Income Tax : Net Direct Tax collections (provisional) for Financial Year (FY) 2023-24 exceed Union Budget Estimates by Rs. 1.35 lakh crore i.e....
Income Tax : Ministry of Finance reveals impressive growth in India's direct tax collections for FY 2023-24, with net collections up by 19.88%,...
Income Tax : Explore how Direct Tax collections achieved 80.23% of the FY 2023-24 revised estimates by February 10, 2024, with a significant ye...
Income Tax : This Court finds that when the petitioner had agreed to comply with the payment of disputed tax at the rate of Rs. 50 lakhs per mo...
Goods and Services Tax : The gross GST revenue collected in the month of August, 2020 is ₹ 86,449 crore of which CGST is ₹ 15,906 crore, SGST is ₹ 21...
Income Tax : The Budget target for each cadre-controlling Pr. CCIT has been fixed keeping in view the revenue potential of the Region, which is...
Income Tax : I am directed to refer to Board's letter dated 24th May, 2019 regarding Region-wise allocation of revised Budget Estimates(BE) of ...
Income Tax : On review of the progress of TDS collections it is noted that as on 31.08.2017, an amount of Rs. 1,65,114 crore has been collected...
Income Tax : Time-barring date of scrutiny assessment was advanced to 31st December to provide assessment units with a dedicated quarter for re...
Indirect tax collections (Central Excise, Service Tax and Customs) up to October 2016 show that net revenue collections are at Rs 4.85 lakh crore which is 26.7% more than the net collections for the corresponding period last year.
The figures for direct tax collections up to September, 2016 show that net collections are at Rs.3.27 lakh crore which is 8.95% more than the net collections for the corresponding period last year. Till September, 2016, 38.65% of the Budget Estimates of direct taxes for FY 2016-17 has been achieved.
Indirect Tax Collections up to September, 2016 show an increase of 25.9% over the net Indirect Tax collections for the corresponding period last year(2015-16); Net revenue collections up to September, 2016 stood at Rs 4.08 lakh crore which is 52.5% of the Budget Estimates of Indirect Taxes for Financial Year 2016-17.
The figures for indirect tax collections (Central Excise, Service Tax and Customs) upto August 2016 show that net revenue collections are at Rs 3.36 lakh crore which is 27.5% more than the net collections for the corresponding period last year. Till August 2016, 43.2% of the Budget Estimates of indirect taxes for Financial Year 2016-17 has been achieved.
The figures for direct tax collections up to August, 2016 show that net revenue collections are at Rs. 1.89 lakh crore which is 15.03% more than the net collections for the corresponding period last year. Till August 2016, 22.30% of the Budget Estimates of direct taxes for Financial Year 2016-17 has been achieved.
Indirect Tax Collections up to July, 2016 indicate net revenue collections of Rs.2,71,719 crore as compared to Rs.209217 crore in the corresponding period last year and thereby registering an increase of 29.9% over the corresponding period; 34.9% of the Budget Estimates of indirect taxes for FY 2016-17 achieved till July 2016.
The direct tax collections upto June, 2016 indicate net revenue collection of Rs.1.24 lakh crore which is a growth of 24.79% over the corresponding period last year. The main reason for this increase is the change in the requirements for advance tax payment even in respect of individuals which has been made in the last year’s Budget.
The Circular further provides that in cases where demand is confirmed by Hon’ble CESTAT or Hon’ble High Court recovery proceeding may be initiated after a period of sixty days from the date of the order provided that no stay is in operation.
Question 1: Whether tax collection at source under section 206C(1D) at the rate of 1% will apply in cases where the sale consideration received is partly in cash and partly in cheque and the cash receipt is less than two lakh rupees. Answer: No. Tax collection at source will not be levied if the cash receipt does not exceed two lakh rupees even if the sale consideration exceeds two lakh rupees.
Following upon recent amendments in the Act that have advance tax connotations: As per provision of section 43CA of the Income-tax Act, 1961, Real Estate companies have to be assessed on a turnover (based on stamp duty value or circle rate) in respect of all transactions relating to land or building or both. This will have an impact in case of Real Estate developers and traders in India where immovable property is kept as stock-in-trade;
