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  • Year 2018 in review: LTCG, changes in direct taxes and a late NPS bonanza Dec 31, 2018 11:26 AM IST

    Year 2018 in review: LTCG, changes in direct taxes and a late NPS bonanza

    The standard deduction of Rs.40,000 meant that a pensioner who is at the highest tax bracket of 30% would save Rs.12,000 of taxes.

  • Opinion | Coordinated response from monetary, fiscal and trade policy will sustain investment recovery Nov 02, 2018 01:36 PM IST

    Opinion | Coordinated response from monetary, fiscal and trade policy will sustain investment recovery

    The good news is that the advance taxes paid for the second quarter of the fiscal year and higher GST collections in October open a window for closing the fiscal deficit gap

  • I-T identifies 1,155 shell cos used to launder Rs 13,300 crore Mar 28, 2017 10:33 PM IST

    I-T identifies 1,155 shell cos used to launder Rs 13,300 crore

  • Anti-avoidance tax rule to kick in from April 2017 Jan 08, 2017 03:24 PM IST

    Anti-avoidance tax rule to kick in from April 2017

    Tax anti-avoidance rule GAAR will kick in from April 1, 2017, the tax department said today.

  • Don't see any significant tax cuts this Budget: Veda Investment Dec 06, 2016 12:55 PM IST

    Don't see any significant tax cuts this Budget: Veda Investment

    The market is not likely to bounce back anytime soon, says Jyotivardhan Jaipuria, Founder & MD of Veda Investment Managers. Recovery, after demonetisation and GST, may be delayed by around 1-2 months. Third quarter earnings are going to be worse than expected, he says.

  • CBDT signs 5 advance pricing pacts with Indian taxpayers Oct 27, 2016 07:16 PM IST

    CBDT signs 5 advance pricing pacts with Indian taxpayers

    The Central Board of Direct Taxes today singed five unilateral advance pricing agreements (APAs) with Indian taxpayers as it looks to reduce litigation by providing certainty in transfer pricing.

  • Indirect tax collection up 27% in Apr-Aug; direct tax, 15%, Sep 12, 2016 05:54 PM IST

    Indirect tax collection up 27% in Apr-Aug; direct tax, 15%,

    Government's revenue collection in the first 5 months of current fiscal has shown impressive growth, with indirect taxes up 27.5 percent and direct taxes, 15.03 percent.

  • IT dept to take steps to boost TDS collections Jun 22, 2016 03:40 PM IST

    IT dept to take steps to boost TDS collections

    The department plans to undertake meetings with various stakeholders like company deductors and chartered accountants to ensure that due taxes under this category are deposited accurately and on time.

  • Govt unlikely to curtail borrowing programme for FY16 Jan 17, 2016 03:43 PM IST

    Govt unlikely to curtail borrowing programme for FY16

    The government has decided not to cut its annual borrowing this fiscal as it wants to keep public spending high in order to keep growth engines running.

  • FinMin asks suggestions on tax rates from trade, industry Oct 11, 2015 02:58 PM IST

    FinMin asks suggestions on tax rates from trade, industry

    With preparations for the next Union Budget picking up pace, the Finance Ministry has invited suggestions from trade and industry for changes in tax rates and broadening of base.

  • CBDT to issue pre-filled I-T Returns form to ease e-filing Sep 24, 2015 04:52 PM IST

    CBDT to issue pre-filled I-T Returns form to ease e-filing

    The apex policy-making body of the I-T department is actively working to ensure that this customer-friendly measure can be launched for taxpayers from the next financial year.

  • 'I-T dept to catch hold of black money holders post Sept' Sep 21, 2015 06:35 PM IST

    'I-T dept to catch hold of black money holders post Sept'

    The top boss of the I-T department said the Board is constantly trying to strengthen its information systems in both the domestic and international arena in order to create the “capacity to catch hold of such people who are spoiling country‘s tax compliance culture.”

  • Blackmoney: Upto Rs 15 lac award for defaulters' info Sep 05, 2015 10:15 PM IST

    Blackmoney: Upto Rs 15 lac award for defaulters' info

    The department last week issued a set of new instructions to all its offices in the country stating any person who provides credible inputs against a declared defaulter would be rewarded a 10 percent booty of tax realised from such an entity, but upto a maximum limit of Rs 15 lakh.

  • CBDT to clarify on bk a/c disclosures under black money law Aug 17, 2015 03:02 PM IST

    CBDT to clarify on bk a/c disclosures under black money law

    In the Frequently Asked Questions (FAQs) the Central Board of Direct Taxes (CBDT) will answer around two dozen queries based on inputs received from various stakeholders since the notification of the Compliance Window under the Black Money Act on July 1.

  • India, US resolve 35 transfer pricing disputes in IT sector Aug 06, 2015 05:44 PM IST

    India, US resolve 35 transfer pricing disputes in IT sector

    A Framework Agreement was recently signed with the US under the Mutual Agreement Procedure (MAP) provision of the India-US Double Taxation Avoidance Convention (DTAC). "This is a major positive development," the Central Board of Direct Taxes (CBDT) said in a statement.

  • CBDT notifies ITR forms for companies, firms Aug 03, 2015 08:25 AM IST

    CBDT notifies ITR forms for companies, firms

    The Central Board of Direct Taxes (CBDT) has notified ITR 3, 4, 5, 6 and 7 for Assessment Year 2015-16. These forms are used by non-salaried entities to file income tax returns.

  • Small bank licence: IT to verify applicants' credentials Jul 27, 2015 08:56 AM IST

    Small bank licence: IT to verify applicants' credentials

    CBDT has asked its investigation and regular assessment ranges across the country to "quickly" collect the data and submit them so that RBI can take a final view on the grant of licences to eligible parties.

  • GST may be enabler for Make in India initiatives: Assocham Jul 20, 2015 09:54 PM IST

    GST may be enabler for Make in India initiatives: Assocham

    Goods & Services Tax (GST) will be a game changer for the Indian economy. The new tax regime can lead to efficient resource allocation within the economy, improve tax compliance and positively impact GDP growth.

  • Blackmoney: Taxman to make awareness among school students Jun 15, 2015 06:48 PM IST

    Blackmoney: Taxman to make awareness among school students

    "The officers should emphasise how a rupee gained or collected by way of taxes is utlilised towards development of the country leading to nation building. The officers should discuss the importance of taxation and menace of black money or the parallel economy," the latest directive to the I-T officials said.

  • Adopt taxpayer-centric regime: Rev Secy tells taxmen May 26, 2015 10:06 PM IST

    Adopt taxpayer-centric regime: Rev Secy tells taxmen

    The Income Tax Department should adopt a responsive taxpayer-centric regime and focus on dealing with the menace of both domestic as well as overseas black money, Revenue Secretary Shaktikanta Das has said.

  • Squeeze parallel economy in a fair manner: FM to taxmen May 25, 2015 12:39 PM IST

    Squeeze parallel economy in a fair manner: FM to taxmen

    For the current financial year, the Arun Jaitley said, direct tax collection was likely to improve by 14-15 percent and there was possibility of government improving upon the fiscal deficit target of 3.9 percent.

  • India ignored warnings on foreign investor tax row: Sources May 19, 2015 11:46 AM IST

    India ignored warnings on foreign investor tax row: Sources

    The Finance Ministry could have sidestepped a damaging multibillion-dollar tax row with foreign investors if it had acted on regular warning letters that officials had been sending since as long ago as September.

  • Income Tax dept collects Rs 6.96 lakh cr revenue in 2014-15 May 04, 2015 10:53 AM IST

    Income Tax dept collects Rs 6.96 lakh cr revenue in 2014-15

    The government had revised the direct tax collection target to Rs 7,05,000 crore for the fiscal 2014-15 against the initial projection of Rs 7,36,000 crore in view of the sluggish economic growth.

  • All MAT tax claims under DTAA to be settled in a month Apr 27, 2015 05:35 PM IST

    All MAT tax claims under DTAA to be settled in a month

    The move is aimed at quickly resolving the controversial tax issue facing foreign portfolio investors. The Income Tax Department has sent notices in 68 cases to FIIs for payment of dues totalling Rs 602.83 crore towards Minimum Alternate Tax (MAT).

  • India sends out  $6 bn worth of tax notices to foreign fund Apr 06, 2015 09:20 AM IST

    India sends out $6 bn worth of tax notices to foreign fund

    The FIIs have, however, decided to challenge the tax demands, stating that MAT cannot be levied on FIIs or FPIs as they do not earn any 'business income' in India and their income is defined as 'capital gains' under the I-T Act.

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