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Direct Tax Misc. Direct Tax 001999

  • 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.
  • Tax base widens to 63 mn in FY17, will expand process of e-assessment: CBDT
    Jul 25, 2017
    Income taxpayer base moved up substantially to 6.26 crore at the end of the last fiscal, from nearly 4 crore earlier, CBDT Chairman Sushil Chandra said on Monday.Clearing the air on disclosure of bank account details of non-resident Indians (NRIs), expats, as well as foreigners with investments in private equity in India, Chandra also said that such accounts need to be disclosed only when a refund is due to the assessee.The chairman of the Central Board of Direct Taxes (CBDT) said that post demonetisation the department has taken a host of measures to increase tax base and the statement of financial transaction (SFT) report filed by banks shows widening of taxpayer base.
  • Tax department's demand to disclose foreign bank accounts sends NRIs, expats into tizzy
    Jul 24, 2017
    As the July 31 deadline for filing tax return nears, many non-resident Indians (NRIs), expats, as well as foreigners with investments in private equity and hedge funds here are puzzled by the strange new demand from the Indian tax office asking them to disclose their bank accounts held across the world. Neither can they figure out the reason nor are they comfortable with sharing details of offshore accounts with the income-tax department which cannot tax earnings from such assets.
  • Direct tax revenues up 15 per cent in Q1
    Jul 07, 2017
    The government on Thursday said the net direct tax collection for the April-June period grew by 14.8% over the corresponding period last year to Rs 1.42 lakh crore. This represents 14.5% of the total budget estimates of direct taxes for FY18, which is Rs 9.8 lakh crore. While the gross collection under corporate income tax (CIT) rose by 4.8%, the personal income tax (PIT), including securities transaction tax (STT), increased by 12.9%. However, after adjusting for refunds, the net growth in CIT collections came in 22.4% while that in PIT was 8.5%, the government said in a statement.Refunds amounting to Rs 55,520 crore have been issued during April to June 2017, which is 5.2% lower than the refunds issued during the corresponding period in FY 17. The government mopped up Rs 58,783 crore as advance tax till June 30, which grew by 11.9%.
  • Aadhar-PAN linking last day: PAN will not be invalid even after June 30, says CBDT
    Jun 30, 2017
    The Central Board of Direct Taxes (CBDT) assured that PAN numbers will not be tagged invalid even if they have not been linked to respective Aadhar numbers by June 30. A definite deadline for Aadhar-PAN is to be issued later."There is no need for any panic. PAN will not become invalid after June 30," an Economic Times report quoted CBDT Chairman Sushil Chandra.The statement came after panic spread after people believed that June 30 is the last day for linking Aadhar and PAN numbers, a misinterpretation of a notification issued in this regard on Wednesday.
  • CBDT notifies secondary adjustment rule in transfer pricing
    Jun 20, 2017
    The Income Tax Department has come out with rules for operationalising the provisions of secondary adjustment in books of accounts to reflect actual allocation of profits between a company and its arm.The Finance Act 2017 has inserted Section 92CE in the I-T Act to give effect to the secondary adjustment norms, which are based on OECD's transfer pricing guidelines for multinational enterprises and tax administrations.It is also provided that where the excess money available with the associated enterprise on primary adjustment is not repatriated to India within the prescribed time, it shall be deemed to be an advance made by the assessee to such associated enterprise.
  • SC ruling on Aadhaar-PAN linking & CBDT clarification: Here’s all you need to know
    Jun 19, 2017
    Soon after the Supreme Court of India’s recent ruling on the constitutional validity of Aadhaar-PAN link provision, the Central Board of Direct Taxes (CBDT) clarified that every taxpayer eligible to obtain Aadhaar number will have to quote his/her Aadhaar number / Enrolment ID in the application form for allotment of PAN as also while filing income tax return from July 1, 2017, onwards.
  • India, 67 nations sign pact to check tax evasion by MNCs
    Jun 09, 2017
    India and 67 countries have put in place an agreement to plug loopholes in existing laws that allowed companies to evade taxes by artificially shifting their place of business.Finance Minister Arun Jaitley signed the multilateral convention, an outcome of the OECD/G20 Project to tackle base erosion and profit shifting. BEPS is resorted to by MNCs through tax planning strategies by exploiting gaps and mismatches in tax rules.
  • Central Board of Direct Taxes cuts profit margin for safe harbour rules
    Jun 09, 2017
    Given the lukewarm response to the safe harbour mechanism for transfer pricing, Central Board of Direct Taxes (CBDT) on Thursday cut the operating profit margin for information technology-enabled services, knowledge process outsourcing services (KPOs) and research and development (R&D) related to software and generic pharmaceutical drugs companies. The new rules will apply to transactions of up to Rs 200 crore. Safe harbour rules, a dispute-avoidance mechanism, are defined as circumstances under which the income-tax authorities accept the transfer pricing declared by the assessee. The rule provides the minimum operating profit margin in relation to operating expenses that a taxpayer is expected to earn for certain categories of international transactions.
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