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 : As of August 11, 2024, net direct tax collections for FY 2024-25 stand at Rs. 6.93 lakh crores, marking a 22.48% growth compared t...
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 : 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...
Gross direct tax collections during April-March of the F.Y. 2011-12 was up by 13.02 percent and stood at Rs.5,90,077 crore as against Rs.5,22,104 crore in the same period in F.Y.2010-11. While gross collection of corporate taxes was up by 11.52 percent. The gross collections on this account stood at Rs.3,96,208 crore as against Rs.3,55,267 crore during the F.Y. 2010-11.
Tax Collection at Source (TCS) on cash sale of bullion and jewellery – Under the existing provisions of the Income-tax Act, tax is required to be collected at source by the seller at the specified rate on certain goods like alcoholic liquor, tendu leaves, scrap etc. at the time of sale.
The CAG has pulled up the Income Tax Department for not recovering tax arrears worth over Rs 4,500 crore from various entities due to a lack of coordination between two of its wings. The government auditor, in its latest report tabled in Parliament, said it found several cases where the Assessing Officers (AOs) did not communicate updated information relating to demands to Tax Recovery Officers (TROs).
Only 6.74 lakh claims for refund of income-tax are pending with the I-T Department after it launched a special drive to clear the pendencies, Parliament was informed today. Responding to a query in the Lok Sabha, the Finance Minister, Mr Pranab Mukherjee, said while the department does not maintain records on the quantum of income-tax refunds claimed, as of March 31, 2011, approximately 38.26 lakh returns claiming refund were pending for processing.
The Income Tax department today said it continues to enjoy the power to tap telephone conversations, as was given to it earlier in 2006. Power of interception stays with the CBDT and there is no change in the factual background when the power was given in 2006, and at present circumstances are identical, Sudhir Chandra, the outgoing chairman of Central Board of Direct Taxes (CBDT) told reporters here.
The Income Tax Department today said it aims to disburse refunds of over Rs 1 lakh crore this fiscal, against Rs 73,000 crore given in the previous fiscal. We intend to refund approximately Rs 1 lakh crore this fiscal, the outgoing Chairman of Central Board of Direct Taxes (CBDT) Sudhir Chandra said here while exuding confidence of achieving the direct tax collection target for 2011-12.
Amid fears of slowdown in tax collection in the current fiscal, the Finance Ministry today indicated that it may go slow on disbursement of pending income tax refunds. The indication was given by Revenue Secretary Sunil Mitra at the annual conference of chief commissioners and directors general of income tax here.
Enthused by a good tax collection in 2010-11 fiscal, India’s Central Board of Direct Taxes has fixed its collection target for 2011-12 at Rs.530,000 crore, its chairman said Tuesday. In 2010-11, we have achieved the budget target of Rs.446,000 crore. We had the original budget target of Rs.430,000 crore but we revised it to Rs.446,000 crore. We have set the budget target of Rs.530,000 crore for this fiscal, said CBDT chairman Sudhir Chandra, while addressing a press conference here.
India’s tax revenue for 2010-11 has shown healthy growth till March 12 this year, which jumped around 26 per cent over the corresponding period and the government was expecting to end the year with similar growth in mop up. The total tax collection till March 12 of the current fiscal has shown a growth of around 26 per cent over 2009-10 and for the year the trend is likely to be maintained, Revenue Secretary Sunil Mitra said here today at CII annual regional meet.
Ahead of Union Budget, the government today said it hopes to exceed the indirect tax collection estimate of Rs 3.36 lakh crore for this fiscal in view of the buoyancy in the economy.
