Income Tax : Discover why paying taxes is crucial for national development and how it contributes to public services and infrastructure....
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 : Corporate tax collections rose post rate cuts from AY 2020-21, except during COVID. Budget 2025 proposes presumptive tax for elect...
Income Tax : Analysis of tax collection and economic growth post corporate tax cuts. Includes year-wise revenue, benefits for industries, and i...
Income Tax : Corporate tax collections rose to 3.1% of GDP in FY 2023-24. Learn about tax rate reductions since 2019 and revenue foregone of â‚...
Income Tax : India's gross direct tax collection for FY 2024-25 grew by 19.94% as of January 12, 2025, with net collections increasing by 15.88...
Income Tax : Direct tax collections for FY 2024-25 have risen 21.2% gross, with a 15.41% net growth compared to the previous year, reflecting c...
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...
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.
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.
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 advised […]
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 […]
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 positions resulting […]
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 expected […]
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 level field officials of income tax department on Wednesday, that was called specially at the behest of revenue secretary PV Bhide, took stock of the state of collections and the strategy for the rest of fiscal.
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 Thursday.
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 assessee in India by a non-resident for allotment of PAN has been dispensed with.
