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Net Direct Tax collections up 60.8% YoY

Net Direct Tax collections up 60.8% YoY

🕔07:17, 18.Dec 2021

New Delhi, Dec 18 (IANS) Accelerated economic recovery, as well as easing Covid restrictions, have lifted the Centre’s net direct tax collections for FY22 (till December 16) by over 60 per cent on a year-on-year basis. According to the Ministry of

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Centre releases Rs 95,082 cr as 2 instalments of tax devolution to states

Centre releases Rs 95,082 cr as 2 instalments of tax devolution to states

🕔20:27, 23.Nov 2021

New Delhi, Nov 23 (IANS) The Centre has released two instalments of tax devolution to state governments amounting to Rs 95,082 crore as against the normal monthly devolution of Rs 47,541 crore to help them mobilise resources for stepped up capital

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Duty, taxes to lift solar tariffs to Rs 2.6 per unit next fiscal

Duty, taxes to lift solar tariffs to Rs 2.6 per unit next fiscal

🕔21:13, 25.Oct 2021

Mumbai, Oct 25 (IANS) Solar tariffs may rise to Rs 2.6-2.7 per unit (from an all-time low of Rs 2 unit) over the next fiscal in the wake of the recent increase in the Goods and Services Tax (GST) on renewable

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Net Direct Tax collections see 74.4% growth over pre-pandemic levels

Net Direct Tax collections see 74.4% growth over pre-pandemic levels

🕔18:28, 24.Sep 2021

New Delhi, Sep 24 (IANS) In a clear signal that the economy is on path of fast recovery post the pandemic disruptions, the government’s net direct tax collections for FY22 so far (till September 22) have grown by a staggering 74.4

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CBDT amends Income-tax Rules, 1962 to ease authentication of electronic records submitted in faceless assessment proceedings

CBDT amends Income-tax Rules, 1962 to ease authentication of electronic records submitted in faceless assessment proceedings

🕔18:35, 7.Sep 2021

For easing the process of authentication of electronic records in faceless assessment proceedings, the Government has amended Income-tax Rules, 1962 (‘the Rules’) vide notification no G.S.R. 616(E) dated 6th September, 2021. The amended Rules provides that electronic records submitted through registered

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ACs, coolers installed in factories not plant and machinery

ACs, coolers installed in factories not plant and machinery

🕔16:00, 21.Aug 2021

New Delhi, Aug 21  Air-conditioning, cooling and ventilation system installed in a factory premise will not be considered part of plant and machinery as they are not movable and thus will not be eligible for inputs tax credit, Authority for

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161st Income Tax Day: A journey towards Nation Building

161st Income Tax Day: A journey towards Nation Building

🕔12:20, 24.Jul 2021

The 161st anniversary of Income Tax Day was observed by Central Board of Direct Taxes (CBDT) and all its field offices across India here today. As part of the observance, the field formations held a range of activities. Reflecting the

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Payments made in advance may not absolve you from TDS/TCS provisions

Payments made in advance may not absolve you from TDS/TCS provisions

🕔08:10, 2.Jul 2021

New Delhi, July 2  Buyers will have to deduct tax at source at 0.1 per cent of the amount paid for goods for all purchases made during the year post June 30, 2021 if the value of purchases or advance

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Taxmen to honour honest taxpayers for valuable contribution in GST success

Taxmen to honour honest taxpayers for valuable contribution in GST success

🕔08:15, 1.Jul 2021

New Delhi, July 01  The Central Board of Indirect Taxes and Customs (CBIC) will honour taxpayers who have been a part of the GST success story on the eve of completion of four years of indirect tax reforms. The board

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CBDT to prepare list of non-filers once at beginning of assessment year

CBDT to prepare list of non-filers once at beginning of assessment year

🕔07:43, 1.Jul 2021

New Delhi, July 01  In a big relief to the taxpayers, the Central Board of Direct Taxes (CBDT) has decided not to frequently assess the tax filing status of individuals and companies, and complete the process of preparing the list

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State revenues set to top pre-pandemic heights this year

State revenues set to top pre-pandemic heights this year

🕔15:36, 24.Jun 2021

New Delhi, June 24  Revenues of India’s top 10 states, which plunged 600 basis points (bps) last fiscal, are set to exceed the pre-pandemic or fiscal 2020 – levels by 600 bps this fiscal. The recovery would be driven by

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Non-residents will be taxed if transaction value exceeds Rs 2 cr

Non-residents will be taxed if transaction value exceeds Rs 2 cr

🕔17:03, 6.May 2021

New Delhi, May 6  Non-residents undertaking transactions with Indian parties will trigger taxability under the domestic law in India even if they do not have physical presence in the country and operate digitised businesses. The Central Board of Direct Taxes

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Govt gives ad hoc IGST exemption on imports of Covid relief material

Govt gives ad hoc IGST exemption on imports of Covid relief material

🕔17:28, 3.May 2021

New Delhi, May 3  In view of the coronavirus pandemic, the Central Government has exempted IGST or integrated GST on import of such goods received free of cost for free distribution of Covid relief. The exemption is ad hoc and

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No additional tax burden on people in Budget: Pradhan

No additional tax burden on people in Budget: Pradhan

🕔16:35, 12.Feb 2021

New Delhi, Feb 12  Union Petroleum Minister Dharmendra Pradhan on Friday defended the Union Budget 2021-22, saying it did not put additional burden on people and had come at a time when the Indian economy was hit by the coronavirus

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SCAI seeks financial waiver, easing of IT norms in budget

SCAI seeks financial waiver, easing of IT norms in budget

🕔07:19, 29.Jan 2021

New Delhi, Jan 29  The Shopping Centres Association of India (SCAI) has sought financial waivers, a loan moratorium for the sector along with easing of income tax norms in the upcoming Union Budget. In its budget recommendations, the industry body

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Govt may offer relief to NRIs/foreign visitors over residency status

Govt may offer relief to NRIs/foreign visitors over residency status

🕔11:09, 26.Jan 2021

New Delhi, Jan 26  The government proposes to offer relief to individuals who have been facing difficulty with the status of their residency in India under the provisions of the Income Tax Act due to the lockdown and suspension of

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CBDT clarifies on 1% TDS on e-commerce transactions

CBDT clarifies on 1% TDS on e-commerce transactions

🕔08:18, 30.Sep 2020

New Delhi, Sep 30  Providing clarification on the 1 per cent tax deducted at source (TDS) on e-commerce transactions, the CBDT on Tuesday said that that the payment gateway will not be required to deduct the tax under section 194-0

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GSTN unveils creative contest to bring taxpayers closer to tax system

GSTN unveils creative contest to bring taxpayers closer to tax system

🕔20:36, 19.Sep 2020

New Delhi, Sep 19  In yet another attempt to bring taxpayers and tax authorities closer to each other by way of better understanding of the tax systems, the Goods and Services Tax Network (GSTN) has launched a creative contest namely

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I-T dept plans active reporting of high value transactions for enhancing tax base

I-T dept plans active reporting of high value transactions for enhancing tax base

🕔17:47, 14.Aug 2020

New Delhi, Aug 14  The government may have eased tax compliance measures through its ‘transparent taxation’ initiative but it proposes an extensive drive to enhance the country’s tax base by aggressively pursuing reporting of high value expenditure that qualifies persons

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E-invoicing of GST compulsory from Oct 1, with higher threshold

E-invoicing of GST compulsory from Oct 1, with higher threshold

🕔18:53, 23.Jul 2020

New Delhi, July 23  The government proposes to roll out compulsory e-invoicing of GST from October 1, but has decided to raise the threshold to exempt smaller entities from this compliance, an official said on Thursday. Accordingly, e-invoicing will be

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