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Direct Tax Misc. Direct Tax 001999

  • Direct tax collection rises 16% to Rs3.86 trillion in April-September
    Oct 12, 2017
    Net direct tax receipts in the first half of 2017-18 jumped to Rs3.86 trillion, a 15.8% growth from a year ago, adding up to about two-fifths of the targeted direct tax collection for the full year, the Central Board of Direct Taxes (CBDT) said Wednesday.In the 2017-18 budget, the finance ministry had set a direct tax collection target of Rs9.8 trillion.Prior to adjusting for refunds, gross direct tax receipts during the April-September period stood at Rs4.66 trillion, showing a growth of 10.3% from a year ago. The tax department has issued refunds of Rs79,660 crore so far this financial year.
  • CBDT signs 2 more APAs with taxpayers in September
    Oct 07, 2017
    The Central Board of Direct Taxes (CBDT) today said it has signed two more advance pricing agreements (APAs) in September with Indian taxpayers as it looks to reduce litigation by providing certainty in transfer pricing. The two APAs signed during September, 2017 pertain to automobile and healthcare consulting sectors. "With the signing of these two agreements, the total number of APAs entered into by CBDT till date has reached 177. This includes 164 unilateral APAs and 13 bilateral APAs. "In the current financial year, a total of 25 APAs (2 bilateral and 23 unilateral) have been signed till date," the CBDT said in a statement.
  • Who'll pay this hedge fund tax? Customers?
    Oct 03, 2017
    Ambiguity over how domestically-run hedge funds would be taxed is prompting their managers to take a rather unusual stance on the matter. Various hedge fund managers are putting the onus on their well-heeled clients to pay the tax on returns from these specialised products, contrary to the tax department's instructions asking these investment vehicles to deduct taxes and then distribute the profits. The move raises the possibility of litigation in case the taxman decides to contest this move. Hedge funds, those secretive investment pools that dominated Wall Street last decade are mushrooming in India. These funds have seen their assets more than double to Rs 15,000 crore from last year but their popularity is constrained compared to other equity products because of higher taxation.
  • CBDT proposes self-reporting for advance tax payment: All you need to know
    Sep 20, 2017
    The central board of direct taxes (CBDT) has proposed a self-reporting mechanism for reporting estimates of current income, tax payments and advance tax liability by taxpayers who are required to get their account audited under the Income Tax Act, 1961. According to the draft rules, a taxpayer needs to furnish an intimation of estimated income and payment of taxes as on September 30 of the previous year, on or before November 15 of the previous year in the newly proposed form. Further, if the income estimated as on September 30 of the previous year is less than the income of the corresponding period of the immediately preceding previous year by an amount of Rs 5 Lakh or 10%, whichever is higher, then the assessee will be required to explain the reasons for the same by January 31 of the previous year, the CBDT said.
  • Direct tax revenue grows 17.5 per cent to Rs 2.24 lakh crore
    Sep 12, 2017
    Net direct tax collections for April-August grew 17.5 per cent from last year to Rs 2.24 lakh crore, amounting to 22.9 per cent of the total Budget estimate for direct taxes for 2017-18, data released by Central Board of Direct Taxes (CBDT) showed. Corporate tax collections, however, grew at a slower pace in April-August, with net collections growing 18.1 per cent from the same period last year and gross collections growing 5 per cent year-on-year.In April-July, net corporate tax collections, after adjusting for refunds, had grown 23.2 per cent year-on-year, while gross corporate tax collections had increased by 7.2 per cent from the same period last year.
  • CBDT worried over GST impact on advance tax kitty
    Sep 11, 2017
    The Central Board of Direct Taxes (CBDT) is worried about the impact of the Goods and Services Tax on the advance tax collections. It has asked Income Tax officers to regularly engage with top 100 tax payers in each range and understand their difficulties in paying the taxes, sources in the IT department said.At a recent conference of CBDT members and IT Commissioners, solutions were discussed to enhance advance tax and overall revenue collections. Advance tax is paid in instalments every quarter by the assessees and September 15 is the due date for the second instalment. However, the GST rollout has been a major disruptor in the market impacting revenues.
  • Here's how Direct Taxes Code can simplify taxation and reduce your tax outgo
    Sep 11, 2017
    The Finance Ministry is planning to revamp the direct tax structure. Previous attempts to overhaul direct taxes were not successful. In 2009, the Direct Taxes Code had suggested radical changes, including the removal of many exemptions and generous tax slabs. Under DTC, income from all sources, including capital gains from stocks, maturity proceeds of insurance policies and even the PPF, was proposed to be taxed. There was also no distinction between short-term and long-term capital gains.DTC will not only simplify the financial lives of Indians but even reduce their tax outgo. We looked at the finances of a person with a gross annual income of Rs 15 lakh (including capital gains and interest income).
  • CBDT signs 4 more APAs with taxpayers in August
    Sep 05, 2017
    The Central Board of Direct Taxes (CBDT) signed four more advance pricing agreements (APAs) in August with Indian taxpayers as it looks to reduce litigation by providing certainty in transfer pricing. The four APAs entered into during August, 2017 pertain to various sectors of the economy like telecom, banking, manufacturing and education, an official statement said today."Out of these four agreements, three are unilateral and one is a bilateral," it said.According to the statement, the bilateral APA is for international transactions between an Indian company and a UK-based company and this is the eighth bilateral APA with the United Kingdom and 13th overall (the other five being with Japan).With the signing of these four agreements, the total number of APAs entered into by CBDT has reached 175, the statement said, adding, "this includes 162 unilateral APAs and 13 bilateral APAs."
  • Maharashtra posts slow growth in recovery of taxes, arrears in FY16: CAG
    Aug 14, 2017
    The Comptroller and Auditor General (CAG) has pulled up the Maharashtra government for its slow progress in recovery of taxes and arrears amounting to over Rs one lakh crore for the financial year 2015-16. According to the CAG report, tabled in the state assembly on Friday, lack of efforts in developing recovery module has affected the rate of recovery, resulting in piling of disposal cases and recovery figures getting shrunk further. The report stated the arrears of revenue as on March 31, 2016 under major heads of revenue amounted to Rs 1,09,306.77 crore, of which the amount of Rs 27,821.76 crore is outstanding for more than five years.
  • Cash holdings slip 20 per cent, tax payers grow 45 per cent on demonetisation
    Aug 12, 2017
    There has been a 20 per cent decline in cumulative cash holding by companies and individuals post demonetisation while the number of taxpayers has increased 45 per cent since then, the Economic Survey has said, pointing to positives from the withdrawal of high-denomination banknotes in November last year. "The holding of cash is about Rs 3.5 lakh crore less than what might have been the case had predemonetisation trends prevailed," said the Economic Survey 2016-17 Volume 2 that finance minister Arun Jaitley tabled in Parliament on Friday. "Demonetisation should continue to pay dividends over time as the impetus towards formalising the economy and expanding tax base that it has set in motion continues."
  • Arvind Subramanian says 5.4 lakh new tax payers added post demonetisation, calls GST astonishing feat
    Aug 11, 2017
    Chief Economic Adviser Arvind Subramanian while speaking at the Economic Survey 2016-17 said that there has been a regime shift in terms of macroeconomic stability since demonetisation. He revealed that about 5.4 lakh new tax payers have been added since Prime Minister Narendra Modi declared Rs 500 and Rs 1000 notes invalid on November 8, 2016. “5.4 lakh new tax payers added in post-demonetisation period, a big number,” he was quoted as saying by ANI.Talking more about the impact of demonetisation on the Indian economy, Subramanian said the long term effect is that there has been a 20% reduction in cash in the economy.
  • Direct Tax collection rises by 19% till July, covers 19.5% of Budget estimates
    Aug 10, 2017
    Direct Tax collections in the first four months of the ongoing financial year 2017-18 -- which means up to July, 2017 -- has shown substantial year-on-year growth, Ministry of Finance claimed.According the Ministry, Direct Tax collections up to July, 2017 continue to register steady growth too. The total amount received by the means of Direct Tax collections, after excluding refunds from them, stand at Rs.1.90 lakh crore the Ministry statement said. This net collections figure is 19.1 per cent higher than what was recorded for the same time period during the previous financial year.
  • Direct tax collection rises fastest since 2013-14
    Aug 08, 2017
    The Income Tax Department’s time series data of direct taxes for 2016-17 estimates the government has collected Rs.8,49,818 crore as income tax on individuals and businesses, recording a 14.5 per cent growth, the highest rise since 2013-14.Personal income taxes rose 21.4 per cent, but taxes on corporate incomes grew more slowly at 7 per cent.The biggest rise was reported under the head of ‘other direct taxes’, which includes collections on account of Income Declaration Scheme 2016 and Pradhan Mantri Garib Kalyan Yojana 2016, schemes for declaring previously undisclosed income. Collections under this head is estimated to have risen 1,348 per cent to Rs.15,624 crore.The sharper rise in personal income taxes has also meant its share in the direct tax collection has increased to over 40 per cent for the first time since 2002-03 and the share of taxes on corporate incomes have fallen below 60 per cent. These estimates are based on provisional data, which the department has extracted from Online Tax Accounting System (OLTAS) and Principal Chief Controller of Accounts under the Central Board of Direct Taxes, and are bound to be revised after the returns for the last fiscal year is reconciled.
  • CBDT hikes deposit to 20% for getting I-T demand stay
    Aug 04, 2017
    Taxpayers who wish to file an appeal against income tax demands raised against them will have to shell out more to obtain a stay, pending disposal of their appeal with the Commissioner of I-T (Appeals). Corporate tax payers and HNIs, who face heavier I-T demands, will have to cough out more for obtaining a stay . Approaching CIT (Appeals) is the first stage for obtaining redress, after which the appeal process -if further li igated -moves to the I-T appellate tribunals and courts. In its recent office memorandum, the Central Board of Direct Taxes (CBDT) has prescribed a deposit of 20% of he disputed I-T demand by axpayers for obtaining a stay pending disposal of the mat er by the CIT (Appeals). Earlier, the aggrieved taxpayer had o deposit only 15% of the disputed I-T demand before approaching the CIT (Appeals).
  • Direct tax collections go up by 21 pct till July 15
    Aug 02, 2017
    The direct tax collection has jumped by over 21% to Rs 1.80 lakh crore till July 15 compared to the same period last fiscal, the finance ministry said in Parliament on Tuesday. The ministry added that the tax collection figures belied the fears of slowdown in economic activities. “The current growth rate is higher than the target rate of 15.32 required to achieve the budget estimate,” MoS for finance Santosh Kumar Gangwar said.The government aims to collect Rs 9.8 lakh crore through direct taxes in the current fiscal. Separately, replying in another question, the ministry said that the number of income tax payers has increased after demonetization.
  • CBDT signs 9 advance pricing pacts with taxpayers in July
    Aug 01, 2017
    The Central Board of Direct Taxes has signed nine unilateral advance pricing agreements (APAs) in July with Indian taxpayers as it looks to reduce litigation by providing certainty in transfer pricing. The finance ministry in a release said that the APAs signed pertain to diverse sectors like oil & gas exploration, education, banking, pharmaceutical, manufacturing and information technology.The international transactions covered in these nine APAs include provision of software development services, provision of IT enabled services, provision of engineering design services, distribution, contract manufacturing, etc, the finance ministry said.With this signing, the number of unilateral APAs signed in the current financial year is 18 and the number of bilateral APAs is one.The total number of APAs signed till date stands at 171. The CBDT expects more APAs to be signed in the near future, the statement added.
  • Government collected Rs 2,35,308 crore as cesses in 2016-17
    Jul 29, 2017
    The government collected a total Rs 2,35,307.75 crore last fiscal by way of a host of cesses, including those of education, Swachh Bharat, Krishi Kalyan and other surcharges, Parliament was informed today. In a written reply to the Lok Sabha, Minister of State for Finance Santosh Kumar Gangwar said the total revenue generated from education, Swachh Bharat, Krishi Kalyan and other cesses and surcharges in 2016-17 under direct tax was Rs 46,939.17 crore. The amount generated from the aforesaid cesses and surcharges under the indirect tax category stood at Rs 1,88,368.58 crore last fiscal.
  • CBDT issues clarifications for MAT calculation
    Jul 27, 2017
    Companies opting for Indian Accounting Standards (Ind-AS) may use marked-to-market (MTM) losses for the purpose of Minimum Alternate Tax (MAT) regarding financial instruments such as equity for the purpose of trading. MTM is the revaluing of assets are current prices. These companies need not do further adjustment for these losses in their profit and loss (P&L) accounts, since these are allowed under the MAT provisions. The Central Board of Direct Taxes (CBDT) issued a list of ‘Frequently Asked Questions’ (FAQs) on the subject, to clarify doubts from companies relating to amendments in the MAT provisions to align these with Ind-AS.
  • Accounting relief for IndAS companies
    Jul 26, 2017
    Companies going for Indian accounting standards (IndAS) need not do second round of adjustment for mark-to-market losses on financial instruments in its book profits for the purpose of tax computation, the income tax department has clarified. This is so because these are already adjusted to book profits under minimum alternate tax (MAT), the Central Board of Direct Taxes (CBDT) said. However, if there is a reduction in value of assets other than financial instruments through mark-to-market values, the companies will have to adjust those to the book profit.
  • NRIs need not give account details if seeking no refund: CBDT
    Jul 25, 2017
    The non-resident Indians will not have to give details of their bank accounts held outside the country while filing their income tax returns, if they are not seeking refunds, the CBDT said today. "It (providing details of foreign bank accounts) is not mandatory. It is optional. It is for cases where refund is sought," CBDT Chairman Sushil Chandra told reporters on the sidelines of an event to celebrate the 157th Income Tax day here. The department's top boss said this when asked to clarify if it was mandatory for Non-Resident Indians (NRIs) to provide the details of their foreign bank accounts in certain return forms like the ITR-2.
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