Page 7 - Income Tax Collection

Charitable trusts having a tough time under new regulations, seek more time

The government has asked trusts to share the identities of relatives of trustees, settlors, and substantial contributors, along with information about electronic and other modes of payments

Track finfluencer earnings, and have a lot more RIAs

The tax department must share the information gathered under the new TDS section with the regulators to help the latter maintain a finfluencer revenue dashboard

Definition to deadline: What to know about advanced tax payment

Some salaried individuals, NRIs, professionals and senior citizens have to pay this tax

New tax norms favour employees living in employer accommodation

Reduction in salary percentage considered as perquisite value and introduction of inflation-linked cap will reduce taxable income

ITAT nixes additional tax demand on firm for deposits during demonetisation

No reason for tax authorities to disbelieve why cash balance was needed, says tribunal

About 55 million might opt for new tax regime, says revenue department

Majority of them have a taxable income of upto 7 lakh- 7.5 lakh

Income Tax dept operationalises e-advance ruling in Delhi, Mumbai

The Income Tax department on Saturday said the boards for advance rulings have been operationalised in Delhi and Mumbai, which will function through email-based procedures and conduct hearings through video conference. The Central Board of Direct Taxes (CBDT) had constituted three boards for advance rulings in September, 2021. Further, the scheme of e-advance ruling was introduced with an objective to make the entire process of advance rulings with a minimal interface and impart greater efficiency, transparency and accountability. "Subsequently, the Boards for Advance Rulings have been operationalised in Delhi and Mumbai. These Boards started functioning through e-mail-based procedures and conducting hearing through video conferencing," the CBDT said in a statement. A non-resident investor can obtain certainty on liability towards income tax even before undertaking the investment in India. Further, even a resident entity can obtain a ruling on the taxability of a transaction and avo

ITR filing: 60 million tax returns filed for FY2022-23 till July 30

As many as 5.83 crore tax returns have been filed for income earned in 2022-23 fiscal, thus crossing the number of ITRs filed till July 31 last year. The last date for filing income tax returns for the previous year by salaried class and those who do not have to get their accounts audited is July 31. "5.83 crore #ITRs have been filed till 1 pm today (30th July) crossing the number of ITRs filed till 31st July, last year," the I-T department tweeted. Giving statistics of the tax return filing, the department said more than 46 lakh successful logins on the e-filing portal were seen till 1 pm today. On Saturday, there were more than 1.78 crore successful efiling logins. "10.39 lakh ITRs have been filed upto 1 pm today & 3.04 lakh ITRs have been filed in the last 1 hour," the I-T department tweeted at 1403 hrs.

CBDT to keep close tabs on IVF clinics, hotels, others to add new filers

According to the I-T department, there is inadequate matching of transactions with the returns filed by individuals

ITR to higher pension: Important financial and tax deadlines in July 2023

The income tax return (ITR) filing deadline is approaching, which means taxpayers need to ensure timely submission

I-T dept sends queries to NRIs about big, unexplained transactions

Govt officials aware of the matter said that the I-T department was taking cues from its 'insight' database to gather information on these individuals

Govt releases 3rd instalment of tax devolution of Rs 1,18,280 cr to states

The Centre on Monday released the third instalment of tax devolution to states amounting to Rs 1,18,280 crore, as against normal monthly devolution of Rs 59,140 crore

Income tax collection in West Bengal rises 2.4% at Rs 56,422 cr in FY23

Income tax collection in West Bengal increased 2.4 per cent at Rs 56,422 crore during financial year 2022-23 over previous fiscal, an official of the department said on Thursday. The target collection for the current fiscal 2023-24 stands at Rs 64,700 crore, principal chief commissioner of Income Tax for West Bengal and Sikkim, Smita Srivastava said. She said that tax collection from West Bengal has increased as overall industrial scenario has improved in the state. Residents of Sikkim are exempted from paying income tax, but not for those who have gone there from other places. Srivastava said that steel and cement sectors have not fared well. According to her, compliance has improved while TDS collection during the last fiscal has improved. The other aspect which contributed to the rise in collection is formalisation of the large informal sector. Srivastava launched a book 'Income Tax Pleading and Practice' written jointly by Narayan Jain and Dilip Loyalka.

No proposal before govt on capital gains tax, says Income Tax dept

A media report earlier in the day said India is preparing an overhaul of its direct tax law, including changes in capital gains taxes

I-T Dept sends 8,000 notices to taxpayers who claimed exemption for charity

The people who have been served notices include salaried employees, self-employed individuals, and companies

I-T finds bogus expenditure of Rs 1,000 cr during raids in Karnataka

The Income Tax Department on Tuesday said that they recently carried out a search and seizure operation at 16 different locations in a case involving some Cooperative Banks in Karnataka

Government to fall short on tax collection target of Rs 30.43 trn in FY23

The government may not achieve a revised tax collection target of Rs 30.43 lakh crore for the current financial year, a top official said. Revised estimate was raised steeply by over 10 per cent from the budget estimate in the FY24 Budget presented last month, the official said. The revised estimates (RE) for the current fiscal pegged gross tax revenues at Rs 30.43 lakh crore, higher than the budget estimates of Rs 27.57 lakh crore. On the direct tax side, the official said, "The RE was quite steep. we are expecting a shortfall. The net collections could be between Rs 15-15.5 lakh crore." In the current fiscal (2022-23), the revenues from direct tax (which includes income and corporate taxes) are projected to grow by over 17 per cent at Rs 16.50 lakh crore compared to 2021-22 fiscal when the collection was Rs 14.20 lakh crore. In the current fiscal, the revenue from corporate tax is expected to come in at Rs 8.35 lakh crore. This is projected to rise by 10.4 per cent to over Rs 9.

New tax regime to benefit maximum number of taxpayers: CBDT Chairman

The new income tax regime for filing returns has been "sweetened" in the Budget 2023-24 and it will be beneficial for maximum number of taxpayers as they can enjoy a "reduced" tax rate, CBDT Chairman Nitin Gupta said. Speaking to PTI during a post-Budget interview, Gupta said the intent of the government while announcing the new slabs and rates under the new tax regime is to gradually "do away with deductions and exemptions" so that the "long-standing demand of reduction of taxes for individual taxpayers and entities can be met." Finance Minister Nirmala Sitharaman, while presenting the Budget 2023-24 in the Parliament on Wednesday, said the government has made the new income tax regime more attractive for taxpayers and has thus brought about 'substantial changes' in its structure for the benefit of the middle class. "This new regime for individuals was laid down two years ago (Budget of 2020-21) but probably the benefits were not percolating and now the government has re-tweaked th

Buoyant tax collections cushion govt on fiscal front; ITR reforms likely

Riding on the back of a 26 per cent surge in tax collections, the government is set to unveil the next set of reforms in tax administration by pruning the number of forms available for filing Income Tax Return (ITR) to improve taxpayers' experience and reduce the time taken to file returns. Both direct and indirect tax collections have been buoyant in 2022 in clear indication of revival of the economy after the pandemic and also as a result of government efforts to plug tax leakages. Going forward, as it seeks to tighten the noose around evaders, the government may also look at stricter tax deduction norms for e-commerce and online service providers, besides online gaming. Taxation of the digital economy, ensuring developing countries get their fair share of taxes and global coordination for taxation of cryptocurrencies would be one of the priority areas as India is all set to host the leaders of G-20 countries next year. Rationalisation of long-term capital gains tax structure is

CBDT to hold high-level meeting to review revenue collection of FY23

Move seen as part of department's revenue maximisation exercise