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Vol. XIII Issue no.55
Chennai, Jul 23 , 2017
Bar coding on Mono-carton to be effective from April 2015• ADD on Sodium Nitrite from EU imposed•Exports to Iran eligible for incentives• Rates of exchange notified effective August 8•Tariff values notified•ADD on PTA imposed
Understanding the new income-tax forms: PwC India
One of the significant proposals in this year's Union Budget is that residents will have to file the tax return where they hold any foreign asset (including financial interest in any entity) or are signing authority in any account located outside India even though they do not have taxable income to
CBDT exempts income up to Rs. 5 Lakh from filing returns
New Delhi, July 2:  Fulfilling a Budget vow to exempt a certain class of tax-payers from the annual ritual of filing an income-tax return, the Central Board of Direct Taxes (CBDT) has issued Press Release No. 402/92/2006-MC (14 of 2011) on June 23, 2011. Individuals with total income up to Rs 5
Direct tax collections up 21% in April-February
New Delhi, March 9:   Net direct tax collections grew by 20.75 per cent to Rs 3,36,117 crore during the April-February period of the current financial year. Direct tax collections stood at Rs 2,78,411 crore in the same period last fiscal. Corporate income tax collections grew by 24.01 per
IT arrears stands at Rs 2,48,927 crore: Finmin
New Delhi, February 22:   The total income tax arrears in the country stood at Rs 2,48,927 crore on April 1, 2010, and the Central Board of Direct Taxes (CBDT) is tasked to monitor all outstanding dues of above Rs 10 crore, Parliament was informed today. In a written reply in the Rajya Sa
FM ups revenue target by Rs 20 k cr
New Delhi, January 6:   Banking on healthy growth in direct taxes collections, finance minister Pranab Mukherjee raised the target for financial year by Rs 20,000 crore to Rs 4.5 lakh crore after a one and half hour long video conference with the chief commissioners of income tax. Mr Mukh
FM to make big Budget change in direct tax laws
New Delhi, December 30:  Saddled with huge tax arrears of Rs 2,50,000 crore -- more than half of the total tax collection projected for 2010-11 -- finance minister Pranab Mukherjee is likely to introduce in the forthcoming Budget some major changes in direct tax laws that could help in swift re
Direct tax collections grew 18%
New Delhi, December 20:   The government's kitty swelled by 18 per cent to around Rs 3 lakh crore from direct taxes till the mid of this month in the current fiscal, driven by robust corporate tax payments , including from advance tax. "The net direct tax collection stood at Rs 2.96 lakh c
I-T officials to be under strict vigilance scanner
New Delhi, November 13:   Worried over reports of alleged corruption especially in issuing refunds to taxpayers, the Income Tax Department has brought its own officials under strict vigilance scanner and has issued instructions to the top brass to constantly monitor the process. The vigil
Net Direct tax Collections Increases by 17.82%
New Delhi, November 4:  Net direct tax collections in the first seven months of the current fiscal crossed the mark of rupees two trillion and stood at Rs.2,04,351 crore as on 31st October 2010 (April-October, 2010), compared to Rs.1,73,447 crore collected during the same period in last fiscal,
Settlement Commission cannot reopen concluded proceedings
New Delhi, October 25:   A five-judge Constitution bench of the Supreme Court last week ruled that the settlement commission under the Income Tax Act cannot reopen concluded proceedings under Section 154 (‘rectification of mistakes’) so as to levy interest on default in payment
Direct tax receipts rise 19% in H1
New Delhi, October 19:  The Centre's corporate tax collections grew a robust 26.25 per cent in September to Rs 64,683 crore   Net direct tax collections recorded the highest growth so far this fiscal, at 26.12 per cent in September to Rs 81,647 crore, an official release said. Net di
I-T dept moves HC to claim Rs 4cr from Salman in tax evasion case
Mumbai, October 12:   Income Tax Department has moved the Bombay High Court to claim Rs four crore from actor Salman Khan in a tax evasion case while challenging an order of the appellate body which absolved him from paying the amount.  The petition will come up for hearing in due cou
New tax norms for foreign firms soon
New Delhi, September 13:  The Finance Ministry today said safe harbour rule—a set of norms that would enable the income tax (I-T) authorities to accept without scrutiny the tax returns by the Indian units of foreign companies -- would be soon put in place. "Safe harbour rules are at an a
Taxpayers to mail ITR-V to CPC Bangaluru
New Delhi, September 10:  The Central Board of Direct Taxes have extended the time limit for filing ITR-V forms relating to income tax returns filed electronically (without digital signature) for the assessment year (AY) 2009-10 up to 31st December 2010, or 120 days from the date of filing, whi
Direct tax collection up 15.75% in April-July
New Delhi, August 5:   Net direct tax collections during first four months of the present fiscal (up to July 2010) stood at Rs.85,647 crore, up from Rs.73,990 crore in the same period last fiscal, registering a growth of 15.75 percent. Growth in Corporate Income Tax was 20.95 percent (Rs.5
Filing of I-T return deadline extended till Aug 4
New Delhi, July 31:   The Income Tax Department today extended the last date of filing income tax returns to August 4 due to inclement weather and some technical snags. Last dates for filing of income tax returns was to expire today. "The Central Board of Direct Taxes has decided to exten
I-T Dept streamlines tax refund procedure for faster payment
New Delhi, July 22:   In a move that will speed up the issuance of I-T refunds, the Income Tax Department for the first time will accept all TDS credit and refund claims not exceeding Rs 3 lakh and Rs 25,000, respectively, at the stage of processing of income tax returns itself. The Centr
Now companies can only e-file I-T returns
New Delhi, July 13:  The finance ministry made it mandatory for all companies to file income tax returns electronically with digital signatures, a move that will facilitate faster filing of I-T returns.    However, digital signatures will not be mandatory for individuals and Hindu un
July 24 to be celebrated as Income Tax Day
New Delhi, July 11:  Income Tax department has decided to celebrate July 24, as the annual Income Tax Day from this year, to mark 150 years of existence of this levy. "Since income tax was first levied as a duty in the year 1860 and the authority to levy that duty came into force on July 24 of
Direct tax collections up 15.49% in Q1
New Delhi, July 6:   Net direct tax collections during first quarter of the present fiscal (up to June 2010) stood at Rs.68,675 crore, up from Rs.59,465 crore in the same period last fiscal, registering a growth of 15.49 percent. Growth in Corporate Taxes was 21.65 percent (Rs.43,439 crore
IT Dept demands tax over transfer pricing
New Delhi, June 20:   The Income Tax Department is likely to slap a demand of Rs 8,500 crore on foreign companies and their domestic subsidiaries which allegedly transferred profits to other countries to reduce tax liability.  There has been scrutiny of 8,105 such cases, Finance Minis
TPA cos. To deduct tax on hospital payments
Mumbai, June 14:  Tax authorities can now raise an additional Rs 600 crore or more after a Bombay High Court order that held that third party administrators (TPA)—companies that liaise between insurers and hospitals to facilitate cashless treatment for policyholders—are required to