tax collection - Page 17

Electronic filing of service tax returns will be compulsory in next two months

The government will make electronic filing of service tax mandatory within a couple of months, said a senior official of the Central Board of Excise and Customs (CBEC). Electronic filing of service tax will be made compulsory in the next two months, CBEC member Y G Parande told reporters on the sidelines of a PHD chamber seminar. ...

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Posted Under: Service Tax |

CBDT suggested abolition of MAT and continuance of tax benefit on savings in new Direct Tax Code

The Central Board of Direct Taxes (CBDT), the government's apex tax policy and collection body, has suggested that the new direct taxes code abolish Minimum Alternate Tax (MAT) and continue to offer individuals tax exemptions on savings under the existing EEE (exempt-exempt- exempt) method....

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Posted Under: Service Tax |

CBDT advised to deduct TDS on second installment of arrears under Sixth Central Pay Commission award

The second instalment of arrears under the Sixth Central Pay Commission award will not only put more money in the pockets of Government employees, but may also bolster direct tax collections. Sensing a good tax mop-up opportunity from this large payout, estimated at about Rs 17,000 crore, the Central Board of Direct Taxes (CBDT) has advi...

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Posted Under: Service Tax |

Govt. Considering increase in Excise duty on some products

The Union finance ministry is considering an increase in the central excise duty for some of the products that had benefited from the two rounds of reductions announced by the government as part of its fiscal stimulus measures last year. In December 2008, the government had reduced the general rate of central excise duty for […]...

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Posted Under: Service Tax |

Analysis of Rule 8D of laying down formula for disallowance of expenses incurred in relation to exempt income

In March 2008, Central Board of Direct Taxes (CBDT) inserted Rule 8D in the income tax rules laying down the formula for the disallowance of expenses incurred in relation to exempt income. With the recent pressures to boost tax collections, the rule has created an endless bout of litigation as authorities are taking aggressive tax posit...

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Posted Under: Service Tax |

To speed up Refund processing, IT dept coming with CPC,Hyderabad

Income tax assesseess may soon hope to get their refund amounts earlier than they are used to now. The income tax department will be coming up with a central processing centre in Hyderabad, which may help in early assessment of income, followed by early refunds. The facility, being developed in association with IT major Infosys, is expe...

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Posted Under: Service Tax |

I-T Dept Chalks Out Strategy To Keep Tabs On Direct Tax Mop-Up

Tightening its belts, the income tax department has chalked out an intensive strategy on collections in the backdrop of slowing economy. Though, direct tax collections have been buoyant so far, the department is not taking any chances as the deadline for payment of the third installment of advance tax is drawing near.A meeting of senior l...

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Posted Under: Service Tax |

Professional tax may raise to Professionals

Doctors, lawyers and other professionals —both salaried and self-employed— may now have to pay a higher professional tax. Acceding a long-pending demand of the state governments, the Centre has decided to raise the ceiling on professional tax from Rs 2,500 to Rs 7,500 per annum. The Union Cabinet is expected to take up the proposal on...

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Posted Under: Service Tax |

Revised guidelines for issue of PAN to Indians abroad

Minister of State for Finance Shri S.S. Palanimanicham affirmed in the Lok Sabha that the income tax department has issued revised guidelines for allotment of Permanent Account Number (PAN) to Indians living abroad, foreign citizen or a company, trust or firm not having an office in India. The requirement of having a representative assess...

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Posted Under: Service Tax |

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