Page 7 - Latest Updates on Direct Tax
Direct Tax Code may help bring change in mindset of taxpayers, authorities
The Direct Tax Code may help initiate the much-needed change in the mindset of taxpayers and authorities, say experts
 "Direct Tax Code may help bring change in mindset of taxpayers, authorities")
Enhanced limits to reduce pending direct tax litigation in one stroke
The CBDT circular has come at an appropriate time. It will provide much needed respite to business entities and taxpayers
 "Enhanced limits to reduce pending direct tax litigation in one stroke")
Direct tax collection sees dismal growth; mid-August mop-up growth under 5%
The collections had shot up that year because people regularised their unaccounted income by paying higher levies
 "Direct tax collection sees dismal growth; mid-August mop-up growth under 5%")
Committee submits report on replacing I-T Act with Direct Tax Code
The recommendations made by task force headed by CBDT member Akhilesh Ranjan have not been made public.
 "Committee submits report on replacing I-T Act with Direct Tax Code")
Budget impact: Direct tax proposals are futuristic and far reaching
Tax exemption on withdrawal from NPS at the time of closure or opting out will be enhanced from 40% to 60%
 "Budget impact: Direct tax proposals are futuristic and far reaching")
Budget 2019: India Inc grim over customs, direct tax surcharge uptick
Industry captains, experts at CII, FICCI praise some measures; say government could have done much more
 "Budget 2019: India Inc grim over customs, direct tax surcharge uptick")
Direct tax mop-up reaches Rs 11.5 trn against revised target of Rs 12 trn
The collection figures are expected to go up as the tax collection continues till midnight, said a government official in the know
 "Direct tax mop-up reaches Rs 11.5 trn against revised target of Rs 12 trn")
Govt faces direct tax mop-up shortfall, collects Rs 4 trn as advance tax
RS 4 trillion collected in advance tax; SBI, ONGC, PNB top the list
 "Govt faces direct tax mop-up shortfall, collects Rs 4 trn as advance tax")
DTC panel is likely to get one more month to draft the law, says official
The panel is likely to recommend a structure of rates for corporate taxes that is competitive across the south Asian economic region
 "DTC panel is likely to get one more month to draft the law, says official")
Direct tax mop-up at Rs 7.88 trillion in April-Jan: Govt informs House
The collection had stood at Rs 4.69 trillion in the entire 2017-18
 "Direct tax mop-up at Rs 7.88 trillion in April-Jan: Govt informs House")
Direct taxes to exceed target of Rs 11.5 trillion in 2018-19: CBDT chairman
In 2017-18, the revised estimate was higher than the Budget Estimate by 2.6%
 "Direct taxes to exceed target of Rs 11.5 trillion in 2018-19: CBDT chairman")
Direct tax mop-up rises 14.1% to Rs 8.74 trn during April-Dec 2018: FinMin
Net collections (after adjusting for refunds) have increased by 13.6% to Rs 7.43 trillion during April-December, 2018
 "Direct tax mop-up rises 14.1% to Rs 8.74 trn during April-Dec 2018: FinMin")
Direct tax collections surge 15.7% to Rs 6.75 trillion in April-November
Gross collections in corporate income tax (CIT) and personal income tax (PIT) grew 17.7 per cent and 18.3 per cent, respectively
 "Direct tax collections surge 15.7% to Rs 6.75 trillion in April-November")
India may cross Rs 11.5 trn direct tax collection target: CBDT chief
Total tax refund so far in the current financial year stands at about Rs 950 billion
 "India may cross Rs 11.5 trn direct tax collection target: CBDT chief")
Direct tax mop-up exceeds target in FY18 at Rs 9.95 trn; 68.4 mn ITRs filed
A net of 9.95 million new assessees were added to the tax net
 "Direct tax mop-up exceeds target in FY18 at Rs 9.95 trn; 68.4 mn ITRs filed")
Report on direct tax reforms in 4-5 months: CEA Arvind Subramanian
The six-member task force will have Arbind Modi, CBDT Member (Legislation) as the convener
 "Report on direct tax reforms in 4-5 months: CEA Arvind Subramanian")
Direct tax code should revert to 2009 while simplifying further
The final draft - say DTC14 - had cleared all ministries but was not taken to Cabinet
 "Direct tax code should revert to 2009 while simplifying further")
Direct tax collections rise 14% to Rs 4.8 lakh cr in Apr-Nov: CBDT
Refunds amounting to Rs 1.02 lakh crore have been issued during April-November, 2017, it added
 "Direct tax collections rise 14% to Rs 4.8 lakh cr in Apr-Nov: CBDT")
Widening of direct tax base
Notwithstanding demonetisation and GST, jury is still out on govt's ability to achieve this goal
 "Widening of direct tax base")
Direct tax mop-up till February high but below target
March requires 20% jump to meet year's goal; CBDT chief tells staff to sweat it out to meet target
 "Direct tax mop-up till February high but below target")
