Page 28 - Income Tax

Net direct tax mop up rises 23% to Rs 7.04 trn so far in FY23: CBDT chief

The net direct tax collection has increased 23 per cent to Rs 7.04 lakh crore so far this fiscal, the income tax department said on Tuesday. Central Board of Direct Taxes (CBDT) Chairman Nitin Gupta said the income and corporate tax collections were at a record high of Rs 14.09 lakh crore in 2021-22. "The momentum of the last fiscal continues in this fiscal with net direct tax collection of Rs 7.04 lakh crore so far, which is a growth of 23 per cent over the same period last fiscal," Gupta said. At the Finance Minister's Award ceremony for CBDT officers, Gupta said the I-T e-filing portal has stabilised and it has facilitated 5.83 crore tax return filing as of July 31. A record 72 lakh returns were filed on the portal on a single day. July 31 was the last date for filing ITRs for salaried individuals for income earned in the 2021-22 fiscal. Gupta said I-T refunds worth Rs 1.41 lakh crore have been issued so far this fiscal, which is an increase of 83 per cent over the same period

Check ITR for discrepancies before responding to notice from tax dept

Respond on time, with expert help if required, to prevent further punitive measures

Tax collections to continue rising trend in coming months, say experts

The trend of increase in income tax collection is expected to continue in the coming months on increased compliance, higher corporate profitability and increased trade in festive season, experts said. The gross direct tax collection grew 30 per cent to Rs 8.36 lakh crore in the April to mid-September period of the current fiscal on increased corporate tax and personal income tax (PIT) mop up due to increased economic activity. Deloitte India Partner Rohinton Sidhwa said the reason for rising tax collection, aside from the increase in economic activity, is attributable to the marked increase in compliance demonstrated by the number of returns filed. "The increase in compliance also stems from influencing behaviour like the sharing of details of income generating activity that taxpayers are being shown on the e-filing portal. "It's expected that the trend will continue for now. While corporate tax returns are still to be filed for the last fiscal, advance tax collections show strong

Overseas firms see compliance burden increasing to get tax treaty benefits

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

Even foreign nationals have right to personal liberty: Huawei chief to HC

Court permits Xiongwei Li to travel abroad after providing a FDR of Rs 5 crore

Advance tax mop-up grew 17% between Apr and Sep to Rs 2.95 trillion

Net direct tax collections (net of refunds) for the current financial year have grown at 23 per cent to over Rs 7 trillion between April 1 and September 17

Banks exempt from 10% TDS on one-time loan settlements, waivers: CBDT

Issue of bonus and rights shares too will not require tax to be deducted under a section introduced in the Union Budget

Section 54 benefits available on house built on contiguous plots: Experts

If adjacent apartments are purchased from a developer, make the modifications to convert them into one unit

No restrictions on RRPR Holding for warrant conversion, says I-T dept

In a disclosure to the stock exchanges, VCPL said it had approached the IT department for clarity on the matter and received a reply from the Additional Commissioner of Income Tax

Adani open offer for additional stake in NDTV starts Oct 17: JM Financial

Open offer for acquiring up to 1.67 crore equity shares will amount to Rs 492.81 crore, if fully subscribed

Address cause of tax refund failure, then request reissuance: Experts

Failure to verify return, incorrect bank address are key reasons for not receiving timely refund

Dellhi: I-T Dept conducts survey on Centre for Policy Research

The Income-tax department on Wednesday conducted a survey operation against Delhi-based think tank Centre for Policy Research (CPR), official sources said. The premises of the think tank located near Malcha Marg in central Delhi are being covered, they said. The exact reason for conducting the survey, where only business premises are covered by the taxman, was not known.

Low rate regime: Why corporation tax is a hit but not personal tax?

While the new corporation tax regime has drawn a good response, the personal income tax regime seems to have attracted only a lukewarm response

Experts raise several red flags around section 194R of the Income Tax Act

The section introduced in the Finance Act, 2022 to reduce evasion and widen the tax base has some conflicting provisions apart from other challenges

Cash transactions of Rs 2 lakh plus per day could incur a penalty: Experts

This applies even to transactions with close relatives; penalty can be up to 100% of amount received

Sometimes, tax is payable on deemed income from unoccupied house

A house owner can claim only up to two properties as self-occupied

Direct tax collection grows 40% driven by personal income tax from Apr-Jul

Personal income tax collection posted a growth of 52% YoY at Rs 2.67 trillion, while corporation tax collection stood at Rs 45,000 crore

Top Headlines: BEML to list land holding firm, 5G phones at Rs 10k next yr

BEML will soon list its land holding company on the exchanges after receiving the corporate ministry's approval

Income taxpayers can't join Atal Pension Yojana from Oct 1: Govt

Social security scheme should reach the poor and underprivileged, says official

Tax payers can no longer be a part of the Atal Pension Yojana: FinMin

A notification by the Ministry of Finance further said that those who are already a part of the APY scheme, will cease to be so from October 1 but they will receive their accumulated money