Page 3 - Direct Taxes

New scheme to settle pending tax disputes from Oct 1: All you should know

Taxpayers with pending disputes or appeals, including writs and special leave petitions, filed by either the taxpayer or tax authorities as of July 22, 2024, can avail the scheme

Check high-value cash transactions at hotels, hospitals: CBDT to I-T Dept

Rampant cash transactions in business sectors like hotels, luxury brand sales, hospitals and IVF clinics need to be checked in a "non-intrusive" manner, the CBDT has asked the I-T department. The apex body for direct taxes administration in the country -- the Central Board of Direct Taxes -- has also asked the tax department to undertake "concerted efforts" to recover arrear demands which have been witnessing a "steep rise" since the last financial year. The CBDT recently issued an annual action plan dossier called the central action plan (CAP) 2024-25. Senior officials told PTI that transactions over Rs 2 lakh in cash were required to be reported through a statement of financial transaction (SFT) by financial institutions but that was not happening. "While examining such reports, it is noticed that the circumvention of these provisions is widely prevalent," the Board told the I-T department. "Further, although section 139A requires PAN (permanent account number) to be provided o

Myth or fact: Panellists debate if India's tax base is too narrow

Bhalla, who was India's executive director at the International Monetary Fund, argued that the belief that only 1-2 per cent of the population pays taxes is unfounded

Union Budget 2024: FM's tax measures seek to widen net, cut litigation

The proposed amendments to the angel tax regime will be made effective from April 1, 2025, and will be applicable from assessment year 2025-26

Union Budget 2024: Key changes in direct taxes announced by FM

Direct tax is a type of tax that is paid by an individual directly to the government

Capital gains tax on share sale: Calculation, treatment, budget expectation

Long term capital gains (LTCG) tax on the sale of these asset classes stocks, mutual funds, real estate etc. is levied when the holding period of the asset is over one year

Direct tax mop-up rises 20% to Rs 5.74 trn on higher corporate advance tax

Net direct tax collection grew 19.54 per cent to over Rs 5.74 lakh crore so far this fiscal on higher advance tax payment by corporates. The first instalment of advance tax, which was due on June 15, rose 27.34 per cent to Rs 1.48 lakh crore. This includes Corporation Income Tax (CIT) at Rs 1.14 lakh crore and Personal Income Tax (PIT) at Rs 34,470 crore. The net direct tax collection of Rs 5,74,357 crore (as of July 11, 2024) includes CIT at Rs 2,10,274 crore and PIT at Rs 3,46,036 crore, as per data released by Central Board of Direct Taxes (CBDT) on Saturday. Securities Transaction Tax (STT) contributed Rs 16,634 crore to the direct tax collection, it said. During the same period last year, net direct tax collection was Rs 4,80,458 crore. Refunds amounting to Rs 70,902 crore have also been issued in FY25 till July 11, which is 64.4 per cent higher than refunds issued during the same period in the previous year. For April-July 11, gross collection of direct taxes (before adjust

Bandhan Bank launches new service for online collection of direct taxes

Bandhan Bank on Friday said it has launched a facility for online collection of direct taxes, enabling its customers and others to pay taxes seamlessly across India. As an RBI-appointed agency bank, it also accepts offline payments through its 1,700 branches, the lender said in a statement. The service is available through internet banking, payment gateway, cash, cheque, or demand draft, it said. Bandhan Bank's head of government business group, Debraj Saha, said, "The bank is proud to support the Central Board of Direct Taxes as an agency bank, aligning with the government's e-governance initiative." With over 6,300 banking outlets across 35 states and UTs, Bandhan Bank serves over 3.35 crore customers.

74% Indians support taxing super-rich to address global inequality: Survey

As G20 finance ministers prepare to consider a wealth tax on the super-rich next month, a survey has revealed that 68 per cent of people in these countries, including 74 per cent in India, support the idea to address global hunger, inequality and climate crisis. The survey by the Earth4All initiative and Global Commons Alliance covered 22,000 citizens in the world's largest economies. The proposal for a levy on the super-rich has been under discussion since at least 2013 with international support on the issue growing over the years. Brazil, the current president of the G20, aims to build consensus on the taxation of wealth and is likely to push for a joint declaration at a meeting of G20 finance ministers in July. Gabriel Zucman, a French economist and a key influencer behind Brazil's G20 proposal for progressive international taxation to promote tax justice, will release a report on Tuesday, outlining how "a global minimum tax on the ultra-rich" could work and how much it could .

FY25 net direct tax collections up 21% at Rs 4.63 trn in April-June: Govt

On a gross basis, tax collection before refunds grew more than 22% year on year to Rs 5.16 trillion, the statement said

Tax law on assets abroad; heat shield at home: Top personal finance stories

This week we write about how to file tax returns for investments or income in foreign countries

Factor in income, deductions, investments when deciding tax regime

If you have significant deductible investments, the old regime could save you more money, but crunch the numbers

System in place to fix reconciliation row over tax payments: Revenue secy

Malhotra speaks of the Paytm probe, goods and services tax on online gaming companies, and revenue projections

60% may shift to new tax regime in FY24: CBDT chairman Nitin Gupta

'No extension of concessional corporation tax rate for new manufacturing units'

CBDT notifies income tax return forms for assessment year 2024-25

The ITR-1, which is filed by individuals having a total income of up to Rs 50 lakh, and ITR-6 for companies were notified earlier in December 2023, and January 2024, respectively

TDS, explaining the rise and rise of a safe-bet tax collection method

The I-T department's cost of collection has been reduced as a share of the total direct taxes collected

Decadal perspective: Tax base is becoming deeper, wider under Modi govt

Direct tax collections have more than trebled over the last decade

Interim Budget: FM sticks to fiscal consolidation path in Budget speech

Interim Budget: FM Sitharaman said that the fiscal deficit in 2023-24 is expected to be 5.8%, lower than the earlier estimates of 5.9%

Union Budget 2024: Add 'Sin Tax' and these terms to your financial glossary

Union Budget 2024: The central government will present an interim budget for the new financial year on February 1 during the Budget session of the Parliament

Union Budget 2024: 10 terms to boost the know-how of key financial exercise

The Union Budget, laid out on February 1 annually, is the financial roadmap that shapes the country's economy. Here are 10 key Budget terms for better insights into the key financial exercise