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News Direct Tax-Misc. Direct Tax

  • Dec 10, 2018
  • Direct tax collections rise 15.7% YoY for April-November period

    The direct tax collections are up 15.7% for the April-November period from corresponding period a year ago, data released by the government on Monday showed.Collections added to Rs 6.75 lakh crore while refunds amounting to Rs 1.23 lakh crore have been issued during April-November, which is 20.8% higher than refunds issued during the same period in the preceding year.Net collections, after adjusting for refunds, are up 14.7% to Rs 5.51 lakh crore, representing 48% of the to ..

  • Dec 08, 2018
  • CBDT may scan companies’ outbound investments

    Indian companies setting up operations overseas and, in the process, resorting to aggressive tax planning via investment structures to mitigate their tax liability could find themselves in the harsh spotlight of the taxman. “We now need to think of preserving and augmenting our tax base. We have to look at the Indian industry, which is launching globally. We haven’t yet paid much attention to this part of tax compliance (relating to outbound investments).

  • Dec 05, 2018
  • Income tax return filing up 50% so far this year, says CBDT chairman

    Income tax return filing for assessment year 2018-19 has so far seen a 50 per cent rise since last year, a top finance ministry official said Tuesday. "This is the effect of demonetisation," Central Board of Direct Taxes Chairman Sushil Chandra said on the sidelines a CII event.Demonetisation has been very good for increasing the tax base of the country. This year, we have already got around 6.08 crore income tax returns, which is 50 per cent higher than last year by this particular date, he said.He further added that the revenue department will achieve direct tax collection target, which is 11.5 lakh crore, for the current financial year.

  • Dec 05, 2018
  • Three new PAN card rules come into effect from today; here are the details

    The Department of Revenue has put into effect new rules with respect to Permanent Account Number (PAN) from December 5 to check tax evasion and allow more options to the taxpayers. The changes in the Income Tax Rules, 1962, have already been notified by the Central Board of Direct Taxes (CBDT) in a notification on November 19, 2018.The crucial changes that came into effect from today are as follows: 1. A resident person other than an individual - such as Hindu Undivided Family, firm, charitable trusts, association of persons, body of individuals, a local authority or company - who enters into a financial transaction amounting to Rs 2.50 lakh or more in a financial year and who has not been allotted any PAN, shall apply for one by May 31 of the next financial year.

  • Dec 04, 2018
  • Half of direct tax collections netted; high growth clocked post DeMo: CBDT

    The Income Tax Department has mopped up over half the kitty of the targeted direct tax revenue for this financial year-- at more than Rs 6.63 trillion -- riding at a record "high growth rate of last seven years" that was also propelled by demonetisation, a latest report of the CBDT has said. The report of the Central Board of Direct Taxes (CBDT), the policy-making body for the I-T Department, on the "impact of demonetisation" states that the 2016 exercise of invalidating the two high-value currencies of Rs 1,000 and Rs 500 has "thrown up a large tranche of data and credible information based on which enforcement actions, including search and survey, are being conducted by the tax department with great degree of success against tax evaders".

  • Oct 24, 2018
  • Direct tax collection falls in six states; UP, Rajasthan worst performers

    Direct tax collections declined from six states in 2017-18, latest data released by the income tax department shows. Among the larger states, the sharpest decline was seen in Uttar Pradesh, followed by Rajasthan and Bihar. Mizoram, Nagaland and Sikkim are the other states from where collections have fallen. Collections have also fallen from the Union Territory of Daman and Diu. At the aggregate level, total direct tax collections rose by 18 per cent in 2017-18, rising to Rs 10 trillion, up from Rs 8.49 trillion in 2016-17.

  • Oct 23, 2018
  • Net direct tax collection grows 15.7% to Rs 4.89-lakh crore: CBDT

    The net direct tax collection in the country grew by 15.7 per cent on year-on-year basis to reach Rs 4.89 lakh crore in the current fiscal till third week of October, a senior official on Monday quoting from the latest data. This marks over 42 per cent of the full-year direct tax collection target of Rs 11.5 lakh crore for the fiscal ending March 31, 2019. The CBDT official also the income tax department issued about 2 crore refunds for an amount of about Rs 1.09 lakh crore, till last week.

  • Oct 15, 2018
  • Direct taxes make up bigger share of GDP

    Despite the economy’s 25 percent contraction over the years of the economic crisis, the increase in the number of unemployed to 1 million, and the drop in pensions, state revenues from direct taxation remain at the same level in absolute figures. In fact, they are currently slightly higher than in 2010. The entire tax base has been battered by overtaxation in recent years, while the middle classes have all but vanished due to the ever increasing tax burden imposed on them by the government, particularly the current administration that has transferred the tax load onto taxpayers with annual incomes of around 25,000-30,000 euros.

  • Oct 05, 2018
  • Direct Tax Collection grows over 16.5%

    The Finance Ministry on Thursday announced that the direct tax collection has reached Rs.5.47 lakh crore during the first six months of the current fiscal. This is 16.7 per cent higher than corresponding period of previous fiscal. Direct tax comprises of Personal Income Tax (PIT), Corporate Income Tax (CIT) and Securities Transaction Tax (STT). The Ministry mentioned that the growth rate would have been higher as the gross collections of the corresponding period last year also included extraordinary collections under third and last instalment of the Income Declaration Scheme (IDS), 2016 which amounted to Rs.10,254 crore.

  • Oct 04, 2018
  • Gross direct tax collection grows 16.7% to Rs 5.47 lakh crore in April-September

    Gross direct tax collection in the first six months of the financial year grew 16.7 per cent to Rs 5.47 lakh crore, Finance Ministry said Thursday. Refunds amounting to Rs 1.03 lakh crore have been issued during April 2018 to September 2018, which is 30.4 per cent higher than refunds issued during the same period in the preceding year. “The provisional figures of direct tax collections up to September 2018 show that gross collections are at Rs 5.47 lakh crore which is 16.7 per cent higher than the gross collections for the corresponding period of last year,” the ministry said in a statement.

  • Sep 27, 2018
  • Tax law panel may look to drop dividend distribution tax

    Members of the task force set up to draft a new direct tax legislation appear to be in favour of abolishing the dividend distribution tax (DDT). The panel may revert to the classical method of taxing dividend in the hands of shareholders. One of the objectives is to boost investments from abroad, as DDT casts a heavy burden on foreign investors, sources close to the developments told TOI.Members of the task force set up to draft a new direct tax legislation appear to be in favour of abolishing the dividend distribution tax (DDT). The panel may revert to the classical method of taxing dividend in the hands of shareholders. One of the objectives is to boost investments from abroad, as DDT casts a heavy burden on foreign investors, sources close to the developments told TOI.Abolition of securities transaction tax (STT) to eliminate double taxation may also be on the cards, as Budget 2018 introduced tax on long-term capital gains exceeding Rs 1 lakh on sale of listed securities.

  • Sep 18, 2018
  • Hope to cross Rs 11.5 lakh cr direct tax collection target for FY19:CBDT chief

    CBDT Chairman Sushil Chandra Monday expressed confidence in exceeding Rs 11.5 lakh crore direct tax collection target in current fiscal. In 2018-19 budget, the government had projected a 14.3 per cent rise in direct tax collections to Rs 11.5 lakh crore. "We certainly hope to cross the Rs 11.5 lakh crore direct tax collection target for the current fiscal," Chandra told reporters. However, Controller General of Accounts data shows, the direct tax collections grew a paltry 4.2 per cent on year to Rs 1.54 lakh crore in April-June.

  • Sep 18, 2018
  • No withholding tax on interest payment of masala bonds

    The Central Board of Direct Taxes (CBDT) on Monday said no witholding tax will apply on interest payments made by an Indian company or a business trust to a non-resident in respect of offshore rupee denominated bonds issued between September 17, 2018 and March 31, 2019. The move is expected to incentivise foreign exchange inflows into India through low-cost offshore rupee denominated bonds, popularly referred to as masala bonds. Legislative amendments in this regard will be done in due course, an official release said.

  • Aug 29, 2018
  • Physical settlement in F&O to attract 0.10% STT: CBDT

    The Central Board of Direct Taxes (CBDT) today told the Bombay High Court that 0.10 per cent securities transactions tax (STT) would be levied on physical delivery of shares in the equity derivatives segment. A division bench of justices B R Gavai and M S Karnik had last week sought clarity from the CBDT on the STT rate after the Association of National Exchange Members of India (ANMI) filed a petition claiming anomalies on the issue.

  • Aug 20, 2018
  • CBDT defers till March 2019 GAAR, GST reporting under the new tax audit form

    The Central Board of Direct Taxes (CBDT) has put off till March 31, 2019, the proposed GST and GAAR reporting under the amended tax audit form. This dispensation would be available for tax audit reports to be furnished on or after August 20 but before April 1, 2019.In a circular issued on Friday, the CBDT said representations had been received by the Board that the implementation of the reporting requirement under the proposed Clause 30C (pertaining to General Anti-Avoidance Rules or GAAR) and the proposed Clause 44 (pertaining to Goods and Services Tax compliance) of the tax audit Form No 3CD may be deferred.

  • Aug 16, 2018
  • CBDT plan to incentivise ‘quality orders’ worries trade

    Trade and industry is increasingly concerned about the recent plans of the Income Tax Department to incentivise taxmen who pass “quality orders” by imposing a penalty or increasing the amount to be paid. While the move is yet to translate on the ground, trade associations have written to the Finance Secretary seeking relief. Experts warn that the move could impact recent government efforts to project a tax payer-friendly image.“This completely erodes their impartiality and independence, and creates a bias in favour of the IT Department in a quasi-judicial proceeding,” said a recent letter by trade associations to Finance Secretary Hasmukh Adhia.

  • Aug 07, 2018
  • Threat to plan to cut tax arrears

    While the stated policy and to a large extent the efforts of the tax administration are to reduce the mammoth tax arrears (outstanding tax demands), certain moves could frustrate the goal. The Central Board of Direct Taxes’ (CBDT) latest Central Action Plan, for instance, seeks to incentivise the CIT (Appeal), the first appellate forum, to pass ‘quality’ orders with additional credit of two units per order. Tax experts say this would undermine the CIT(A)’s ability to adjudicate the dispute, as the points that help his promotion could prejudice the body against the taxpayer.

  • Aug 02, 2018
  • CBDT signs 9 more unilateral APAs with taxpayers in July

    The Central Board of Direct Taxes (CBDT) has signed nine more unilateral advance pricing agreements (APAs) with Indian taxpayers in July as it looks to reduce litigation by providing certainty in transfer pricing.The nine APAs signed in the past one month pertain to sectors like telecom, healthcare, manufacturing, engineering, media and irrigation.With the signing of these Agreements, the total number of APAs entered into by the CBDT has gone up to 232, which includes 20 Bilateral Advance Pricing Agreements (BAPAs), the finance ministry said in a statement.

  • Jul 30, 2018
  • File all NCLT petitions on shell firms by August: CBDT to IT department

    The CBDT has directed the Income Tax Department to ensure filing all its petitions before the NCLT by next month to recover due taxes worth crores of rupees from a number of de-registered shell or dummy companies. The policy-making body of the tax department has issued the directive as part of the action plan unveiled recently. "A large number of companies have been struck off from the records of the ROC (registrar of companies) during last year. In several cases of such companies, petitions for restoration of registration are required to be filed before the NCLT so as to be able to pursue recovery of demands raised in their cases.

  • Jul 26, 2018
  • CBDT expands scope of tax audit process

    The Central Board Direct Taxes (CBDT) has revised the mandatory tax audit report, also known as Form 3CD, which is to be filed by certain taxpayers, to expand the scope of the exercise. An auditor will now have to furnish details related to GST sales, information on transactions covered by transfer pricing provisions, cash transactions and transaction involving tax deducted at source (TDS). According to income tax rules, non-salaried professionals reporting income of over Rs 50 lakh annually and businesses with a turnover of over Rs 1 crore – or `2 crore in case of presumptive taxation – will have to get their accounts audited.