Page 10 - Income Tax Collection

Faceless assessment may put an end to people dodging income tax notices

Revenue department identifies people who have ignored notices calling for enquiry and verification of tax returns.

Faceless Income Tax appeals deter participation in Vivad Se Vishwas scheme

With the appeals process going faceless from September onwards, there are no jurisdictions for the Commissioner of I-T (Appeals), or CIT(A), to approve the withdrawal request

Fall in direct tax mop-up slows in November on better economic movements

Personal income tax saw contraction shrink to 13 per cent by November from 22 per cent seen up to September, on the back of lower issuance of refunds and improvement in economic conditions

Lower tax collected at source rate on funds remitted for education

But a higher rate will be levied if PAN isn't furnished

Covid-19: Taxmen suggest 40% tax on super-rich, higher levy on foreign cos

The suggestions are part of a paper titled 'Force', which stands for 'Fiscal Options & Response to the COVID-19 Epidemic'

ITR forms being revised for benefits of timeline extension, says CBDT

Once the revised forms are notified, it will further necessitate the consequential changes in the software and return filing utility

Modi govt launches sixth tax amnesty despite muted show by earlier schemes

Collection goal of Rs 9.32 trn under Vivad Se Vishwas seems a tall order, given that the most successful scheme so far has yielded just about 3% of that amount

Budget should look to push rural demand, not reduce I-T rate: Economists

Ajit Ranade, chief economist at Aditya Birla Group, said, "I don't think a cut in the personal income tax is a good thing to do at this juncture."

Amid falling collections, FinMin sets Rs 1.1 trillion monthly GST target

Revenue Secretary Ajay Bhushan Pandey had a video conference meeting with top tax officials and impressed upon them to step up measures to achieve direct and indirect tax collection target.

Govt unlikely to cut income-tax rate amid economic slowdown, fiscal stress

The government last fiscal missed its direct tax collection target, and for this financial year it has set a higher revenue mobilisation goal of Rs 13.80 trillion

Advance tax mop-up posts dismal growth, rises by just 6% in H1FY20

Direct tax collection needs to grow by about 27% from here on to meet FY20 Budget target

Tax collection misses target by a wide margin; inches up 4.7% in Apr-Sep

Of the Rs 5.50 trillion collections, advance tax rose a tepid 7.3 per cent to Rs 2.20 trillion from Rs 2.05 crore, sources said

Confident of hitting tax-collection target, says FM Nirmala Sitharaman

Sitharaman, however, was confident that the target would be achieved without any harassment to taxpayers

Tax terrorism: Embedded in laws & practice

Blaming tax officials will not help us get to the root of the issue. The problem is government itself, in two important ways

Don't overtax and overspend: How Modi govt can avoid cooking its own goose

The govt must understand that if you spend more than you earn, you will end up bankrupt one day

Deal firmly with those who try to evade taxes: FM Sitharaman to taxmen

The minister asked three investigating wings of the revenue department to share information among themselves to nab evaders

I-T to use data mining, risk profiling to increase tax mop-up: Revenue Secy

In the 2019-20 Budget, the government has set a direct tax collection target of Rs 13.35 trillion, which includes Rs 7.66 trillion being collected as corporate taxes and Rs 5.69 trillion as income tax

Budget 2019: Income tax collection target 'too steep', say experts

The government is expecting to earn Rs 12,000 crore on account of this hike in surcharge

Shekhar Gupta: Robbing the middle class to pay the poor?

The poor are fooled purely for their cheap thrills and entertainment, but the real joke is on the middle classes

Income tax collection at record Rs 10.03 trn during 2017-18: CBDT

The I-T Department added 10.6 mn new return filers during 2017-18 and aims to add 12.5 mn new filers for the current year