Page 5 - Latest Updates on Direct Tax
Happy that govt announced long-awaited taxation reform, says VP Naidu
Vice President M Venkaiah Naidu on Thursday said the "long-awaited" taxation reform announced by the government would lead to greater compliance of tax laws
 "Happy that govt announced long-awaited taxation reform, says VP Naidu")
Rights & responsibilities of citizens in new taxpayers' charter: Full text
PM Modi said the charter had been introduced with defined rights and responsibilities. Read the full text of the tax charter document here
 "Rights & responsibilities of citizens in new taxpayers' charter: Full text")
Cross-border tax disputes: ITAT orders to overrule MAP outcomes, says CBDT
Direct tax board issues detailed guidance on mutual agreement procedure, or MAP
Meghalaya govt okays amnesty scheme for taxpayers to pay outstanding dues
The Meghalaya Cabinet has approved an amnesty scheme for taxpayers to pay their outstanding dues to the state government
 "Meghalaya govt okays amnesty scheme for taxpayers to pay outstanding dues")
Covid-19 impact: Direct tax refunds down 16% to Rs 64,428 crore in Q1
Corporation tax refunds stood at Rs 40,482 crore, while income tax refunds stood at Rs 23,828 crore in Q1FY21.
How to claim income tax deduction for investments made in April - July 2020
One of the key points to note while accounting for these investments made from April to July is that a deduction once claimed in FY20 on an investment made, cannot be claimed again for FY21
 "How to claim income tax deduction for investments made in April - July 2020")
Income tax exemptions to lower tax assessee for certain allowances
The Budget for 2020-21 came out with an option of lower tax regime for those who forgo certain exemptions
 "Income tax exemptions to lower tax assessee for certain allowances")
NTPC Q4 net profit declines 70% to Rs 1,523 cr on higher tax provision
Total income was Rs 31,315.32 crore in the period under review, compared to Rs 26,116.15 crore in the year-ago period
 "NTPC Q4 net profit declines 70% to Rs 1,523 cr on higher tax provision")
Advance tax collection falls 31% in Q1, corporation tax mop-up down 79%
Gross direct tax collection fell a full 31% to Rs 1,37,825 crore in the first quarter of FY21
 "Advance tax collection falls 31% in Q1, corporation tax mop-up down 79%")
The problem of tax buoyancy
The Union government's tax buoyancy has never been very high
Direct tax mop-up rises 39% amid sharp decline in disbursement of refunds
Collections may come under pressure once the base effect wears off
 "Direct tax mop-up rises 39% amid sharp decline in disbursement of refunds")
Contrary to govt's claims, direct tax refunds down 67% till May 21
Expediting refunds of up to Rs 5 lakh was announced as part of the government's policy initiative to fight the economic impact of Covid
 "Contrary to govt's claims, direct tax refunds down 67% till May 21")
Central Board of Direct Taxes amends Rule 44G of Income-tax Rules 1962
It also states that if a resolution is arrived, the same shall be communicated to the assessee, who shall communicate his acceptance or non-acceptance within 30 days
 "Central Board of Direct Taxes amends Rule 44G of Income-tax Rules 1962")
Direct tax mop-up falls short by record Rs 1.45 trn of revised estimates
Official figures showed that the gross amount collected under direct taxes as of March 31 was Rs 12.11 trillion
From Finance Bill to Termination of Pregnancy, Bills passed by Parliament
Here are a few Bills passed by Parliament in the Budget session
 "From Finance Bill to Termination of Pregnancy, Bills passed by Parliament")
Covid-19 impact: Govt may extend Mar 31 deadline for paying income-taxes
Change in financial year for I-T purposes expected amid Covid-19 outbreak
 "Covid-19 impact: Govt may extend Mar 31 deadline for paying income-taxes")
Govt notifies Vivad se Vishwas forms and rules; deadline extension expected
The income tax department notified a 5-stage process of making declaration under the Scheme, with as many as five forms released
 "Govt notifies Vivad se Vishwas forms and rules; deadline extension expected")
Rationalise GST now
Counteract coronavirus supply shock with tax reform
 "Rationalise GST now")
FM reaches out to CAs to promote Vivad se Vishwas scheme to resolve cases
Addressing CAs at an, Sitharaman said they should work hard to make the scheme successful
 "FM reaches out to CAs to promote Vivad se Vishwas scheme to resolve cases")
Parliament approves direct tax Vivad Se Vishwas Bill by voice vote
The Direct Tax Vivad Se Vishwas Bill was passed by voice vote and returned by Rajya Sabha as it was a money bill. It was approved by Lok Sabha on March 4
