24 June 2018
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  • CBDT proposes clear-cut timelines under transfer pricing
    Jun 23, 2018
    The income-tax (I-T) department has proposed clear-cut timelines by which excess amount assessed by transfer pricing officials (TPOs) over what was declared by associated enterprises of multinational corporations (MNCs) has to be brought in India. These timelines relate to advance pricing agreements (APAs) and mutual agreement procedures (MAPs).In the Union Budget 2016-17, the government has come out with a concept of secondary adjustments. This basically means that if there is primary adjustment either made by the TPO or suo motu by the companies, which differs from what was declared by companies earlier, the excess amount over Rs 10 million has to be brought back to India within a stipulated time.
  • Tax axe over endorsement pacts: Dealers of imported sports goods under taxman’s lens
    Jun 13, 2018
    Does getting a sport star to endorse a brand or sponsoring a sports event be treated as imports? The intelligence arm of the tax department seems to think so. They content many dealers of imported sports goods and equipment unvalued their imports and sign contracts that obligates them to plough a sizeable amount of the value into endorsements and sponsorship deals. Revenue sleuths are investigating whether Indian dealers who import golf kits, table tennis rackets, badminton rackets and shuttlecocks must treat any marketing spend like sponsoring events and roping in brand ambassadors as imports.
  • 90,000 ‘non-filers’ on tax radar
    Jun 12, 2018
    More than 90,000 persons who deposited Rs.10 lakh or more cash in their bank accounts during the demonetisation drive in November 2016 are on the radar of the Income-Tax Department for not filing their tax returns by March 31, 2018. The Department had served notices on nearly 3 lakh non-filers who deposited Rs.10 lakh or more in their bank accounts following the demonetisation announcement. “Of these, nearly 2.1 lakh filed their returns by the March 31, 2018 deadline. The rest will now face action,” a senior I-T Department official told BusinessLine.
  • CBDT marks Jun 1-15 for expeditious disposal of pending appeals
    Jun 08, 2018
    The Central Board of Direct Taxes (CBDT) has dedicated a fortnight beginning June 1 for expeditious disposal of pending appeals and rectification matters. The direct tax body in a statement said the assessing officers have been directed to accord top priority to such matters and to give special attention to this area of work so that grievances arising on this count may be resolved at the earliest.
  • Tax collection jumps 18% to Rs 7,100 crore in Northeast in FY18: MoS Finance
    Jun 04, 2018
    Northeast region has witnessed over 18 per cent growth in direct tax collections at Rs 7,097 crore in 2017-18, Union Minister of State for Finance Shiv Pratap Shukla said today. "The net tax collection was Rs 7,097 crore from the North East in 2017-18. This was a growth of 18.3 per cent over the previous year," Shukla said at a press conference here. During the same fiscal, the Income Tax Department has brought 1.89 lakh more people under the ambit of tax net, he added.
  • Demonetisation effect! Direct tax collection rises dramatically after 2016; here’s proof in 1 chart
    May 29, 2018
    Direct tax collection has surged dramatically post 2016 — thanks to the Income Declaration Scheme and demonetisation. The direct tax collection improved in the last two years, following the Income Declaration Scheme and demonetisation, a report by Crisil has said. “This indicates a significant jump in the number of new income tax filers,” Crisil said. What’s interesting to note is that direct tax collection surged even as GDP growth slowed down in FY17 and FY18.
  • Start-ups spared of tax on angel investment above fair valuation
    May 28, 2018
    The Income Tax Department has exempted from tax the investments that small start-ups receive from angel investors above their fair valuation. A notification from the department dated 24 May said start-ups approved by an inter-ministerial panel are exempted from the tax which is levied on companies issuing shares to investors above their fair value, treating it as income from other sources. To be sure, this exemption is already available to investments from registered venture capital funds (VCFs) and foreign investors and the latest notification extends it to angel investors—typically, high net worth individuals—too subject to riders specified in an 11 April notification issued by the Department of Industrial Policy and Promotion (DIPP).
  • India's net direct tax collection rises 18% to Rs 10.03 trillion
    May 24, 2018
    India's net direct tax collection in 2017/18 stood at Rs 10.03 trillion, up 18 percent on year, the finance ministry said on Wednesday. The growth was the fastest in seven fiscal years. Last month, a finance ministry official had said the country's direct tax mop-up had exceeded the budget target.
  • ‘Google tax’ revenue goes past Rs 1,000 crore
    May 23, 2018
    The “equalisation levy” on online advertising fees paid by Indian customers to foreign companies like Google and Facebook is netting the government a tidy sum of money. The Centre’s EQL revenue in 2017-18 was over Rs 700 crore, much higher than the Rs 315 crore it garnered from the tax in the previous 10-month period. The tax, meant to nullify the advantage of foreign e-commerce firms absent a physical presence in India over local competitors, came into effect in June 2016.
  • New direct tax code may have to wait until 2019
    May 22, 2018
    The Narendra Modi-led government's plans to simplify the direct tax regime may spill over to next year, and may well have to wait until the next government is in place in 2019. The six-member task force headed by Arbind Modi, member of the apex policy making body Central Board of Direct Taxes (CBDT) may not submit the draft new direct tax law on May 22, the day the task force completes six months.
  • New direct tax code to benefit corporates, income tax payers
    May 14, 2018
    Businesses and low-income earners will stand to gain the most from the new direct tax code that the government is working on, two people familiar with the matter said. The proposed direct tax code, the draft of which will be ready by July, will take forward the government’s agenda of lowering corporate tax rate to 25% for all businesses and seek to give further relief to individual income tax payers. The idea is to moderate tax rates for assessees without squandering the recent gains in revenue growth and tax base. Therefore, the proposed tax rate cuts will be incremental over a period of time as compliance and revenue collections grow. Between fiscal 2014 and fiscal 2018, income tax returns filed have risen over 80% to 68.4 million.
  • Government likely to withdraw tax notice on free banking services
    May 10, 2018
    The tax department will likely withdraw a show-cause notice issued to several banks asking them to pay the service tax on ‘free services’ provided to customers, following the finance ministry’s intervention. The department of financial services (DFS) has presented the views of the banks that have opposed the tax to the revenue department. “We have spoken to the revenue department and requested them not to pursue the case. The matter will be settled and the case might not be pursued further,” said a senior finance ministry official.
  • CBDT approves amendment of India-Kuwait tax agreement
    May 08, 2018
    The Central Board of Direct Taxes (CBDT) on Monday notified the protocol amending the Double Taxation Avoidance Agreement (DTAA) between India and Kuwait. The protocol updates the provisions in the DTAA for the exchange of information as per international standards, and also enables sharing of information received from Kuwait for tax purposes with other law enforcement agencies, subject to an authorisation of the competent authority of Kuwait and vice versa.
  • CBDT lays down conditions for allowing concessional rate
    Apr 25, 2018
    The Central Board of Direct Taxes (CBDT) on Tuesday laid down the conditions for allowing a concessional rate of 10% tax on long-term capital gains tax (LTCG) arising from transfer of equity shares or equity oriented fund, even when securities transactions tax (STT) has not been paid on such transactions.According to the Income Tax Act, the LTCG tax on such transactions would be 20% if STT has not been paid. The board has now said that in many genuine cases, STT could not be paid while acquiring shares and such transactions would still qualify for a lower LTCG tax rate.
  • CBDT proposes changes in norms for advance ruling
    Apr 12, 2018
    The Central Board of Direct Taxes (CBDT) has proposed changes in the application process for obtaining advance ruling to bring it in line with Base Erosion and Profit Shifting (BEPS) Action 5 objectives, which mandate spontaneous exchange of information on ruling with countries of immediate as well as ultimate parents of taxpayers.The proposed modified forms seek details including names, address, the country of the residence and taxpayer identification number issued by the country of residence.
  • Direct tax mop-up exceeds target in FY18 at Rs 9.95 trn; 68.4 mn ITRs filed
    Apr 04, 2018
    Direct tax collection in the fiscal year just ended has exceeded the targets with a record 68.4 million income tax returns being filed, officials said on Monday. Direct tax collections in 2017-18 at Rs 9.95 trillion, exceeded the revised budgetary target of Rs 9.8 trillion. Also, 68.4 million income tax returns filed in the year against 54.3 million in the previous year, CBDT Chairman told reporters here. A net of 9.95 million new assessees were added to the tax net.
  • CBDT signs 14 unilateral, 2 bilateral APAs in March
    Apr 04, 2018
    The Central Board of Direct Taxes (CBDT) has signed 14 unilateral advance pricing agreements (APAs) with Indian taxpayers in March as it looks to reduce litigation by providing certainty in transfer pricing. Besides, it has signed two bilateral APAs with the US during the month, a CBDT statement said. "With the signing of these agreements, the total number of APAs entered into by CBDT has gone up to 219. This includes 199 unilateral APAs and 20 bilateral APAs," it said. A total of 67 APAs (9 bilateral and 58 unilateral) have been signed in 2017-18.
  • Taxman nudged banks to deposit TDS by March 31
    Apr 02, 2018
    Tax officials went knocking on the doors of banks over the weekend, nudging them to fork out tax deducted from the interest on deposits, salaries and other heads well before they are required to under the law. Banks and corporates are allowed to pay the TDS or the tax deducted at source for any month by the seventh of the next month. For March, the TDS can be paid on or before April 30. However, tax officials — driven by stiff revenue targets and a green signal from the finance ministry — tried to persuade many private as well as state-owned banks to pay the TDS by March 31 so that the amount collected can be booked in the tax kitty for the financial year 2017-18.
  • Tax-free gratuity ceiling raised to Rs 20 lakh for private sector employees
    Mar 30, 2018
    The government today notified doubling of the limit of tax-free gratuity to Rs 20 lakh in private sector. The notification follows changes in the Payment of Gratuity Act which had empowered the government to fix the ceiling of the retirement benefit through an executive order. The amendment bill approved by Parliament earlier in the month had also empowered the government to fix the period of maternity leave.
  • Experts discuss what the new tax regime means for investors
    Mar 21, 2018
    Long terms capital gains (LTCG) tax became the buzz word on February 1 2018 thanks to the Budget and the proposals. A lot of equity investors now have to start getting used to paying 10 percent tax on the long terms gains that they are making in the equity market. There are a quite a few other changes that the Budget has ushered in as well. A panel of experts decoded what the new taxation regime means when it comes to the market and investors.
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