Tax Compliance

In indirect taxes, the number of cases went up from 1.13 lakh to 1.26 lakh, and the value involved more than doubled to ₹7.4 trillion during the same period

The key problem, say tax experts, lies in the classification of GCCS and what they do: while tax authorities look at the share of operational work done in India

The focus will be on habitual violators, cases showing significant gaps between tax deductions and advance tax payments, instances involving frequent revisions to deductee details

Salaried individuals account for nearly 52 per cent of those declaring income exceeding Rs 1 crore in the most recent assessment year, according to data released by the tax department

The study also said that to manage compliance and ensure that businesses pay their "fair share" of taxes, rapid tech adoption is necessary

Sources said that it was not the accounts that were frozen, but an amount of around Rs 115 crore, which remains attached

CBIC chief Sanjay Kumar Agarwal on Thursday said increased monthly GST collections are mainly on account of higher compliance, and the GST Council's decision to tighten return filing and registration process would help reduce fake ITC claims in evasion prone sectors, including iron and steel. Agarwal said the Central Board of Indirect Taxes and Customs (CBIC) has received suggestions regarding streamlining tax rates in evasion-prone sectors and all that is being discussed. The Goods and Services Tax (GST) collection was Rs 1.87 lakh crore in April and in the first four months of the current fiscal, the collections have averaged Rs 1.67 lakh crore. "The buoyancy of revenue is 1.43 of nominal GDP growth meaning thereby revenue collection is not entirely on account of growth in GDP, but a major contribution is made by increased compliance level," the CBIC chief said at the Ficci Cascade event here. Tax buoyancy explains the relationship between changes in government tax revenue growth

Due to the fall in surplus liquidity, the RBI conducted variable rate repo (VRR) auction after a month on Monday

Chartered accountants' group asks CBDT to do away with PAN requirement for filing form electronically

The last tweaks in the personal income tax rates came in the 2020-21 Union Budget, just before the pandemic

Spectrum's investment portfolio includes the likes of Grubhub, SurveyMonkey, Kajabi, Lucid Software, and Verafin

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Steeper TDS, TCS rates will apply from July 1 as new tax provisions kick in

In absence of certificates, they risk having 40% tax cut from revenues

Proposals for a 3-month extension of compliance timeline being considered

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Compliance procedures need rationalisation and integrated digital systems

The Budget proposed abolishing the under-performing, authority of advance ruling, to replace it with a two-member board of advance ruling

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