Tax Payment

The idea should be to simplify the structure. This will increase compliance and reduce disputes

Revenue Secretary Sanjay Malhotra on Saturday said the government remains committed to fairness, simplicity and equity in the tax system. He said the government's ongoing efforts are to simplify tax laws, improve tax compliance, and support economic growth through prudent fiscal policies and the Union budget was in that direction. Union Finance Minister Nirmala Sitharaman had said a comprehensive review would be done on direct taxes over the next six months aiming at making direct taxes simpler to reduce disputes. "Tax growth had reached 14 per cent, outpacing GDP growth due to better compliance and collection efficiency," Malhotra said in a post-budget interactive session with stakeholders. He commended both tax administrators and taxpayers for their efforts and asked for continued cooperation to further enhance tax compliance and administration. Malhotra assured taxpayers that the government aims to simplify and make it easier to understand and make the process as hassle-free as

Flat 60% tax on undisclosed income to reduce litigation, says CBDT chief

Mobilisation of funds via certificates of deposit increased 3x in February

The DRI accused Raymond Group CMD Gautam Singhania of evading custom duties on the import of 142 vehicles, including 138 vintage cars

Signals further boost in GST mop-up in November

Vedanta Ltd on Monday said the tax authorities have imposed a penalty of Rs 1.81 crore on its subsidiary Hindustan Zinc. The order was received on Sunday, October 8, Vedanta Ltd informed the exchanges. "The company has received an order from Assistant Commissioner, Div-A, Central GST Audit Circle, CGST, Udaipur imposing a penalty of Rs. 1,81,06,073/- under Section 74(9) of the CGST Act 2017 read with corresponding provisions of the SGST Act, 2017 and Section 20 of IGST Act, 2017 for the period July 2017 to March 2018," Vedanta Ltd said. "The order has been passed on the contention that the company had wrongly availed input tax credit," it said. The company further said it is hopeful of a favourable outcome at the appellate level and does not expect the order to have any financial impact on the company.

Tata Steel on Thursday said its subsidiary Tinplate Company of India Limited (TCIL) has received a tax notice, imposing a penalty of about Rs 40 lakhs in connection with a demand order pertaining to the 2016-17 fiscal. "The said demand order is presently pending appeal before the Commissioner of Commercial taxes, Ranchi," Tata Steel said in a regulatory filing. TCIL on October 4, 2023, received an order from the office of the Deputy Commissioner of Commercial Taxes, Jamshedpur Circle, Jamshedpur, imposing a penalty of approximately Rs 3,986.78 lakh on TCIL in connection with an earlier demand order from Deputy Commissioner of Commercial Taxes, Jamshedpur, pertaining to FY 2016-17, it said. Domestic steel major Tata Steel owns a majority stake in Kolkata-headquartered TCIL, a tinplate producer. From its plant in Jamshedpur (Jharkhand), TCIL caters to 40 per cent of the overall domestic market and exports 15-20 per cent of its sales to different geographies across the world.

Micron Technology has urged the central government to reconsider taxation for the electronics sector

Stop fresh investments in ELSS and Ulip; decision to exit post lock-in should depend on performance

The Income Tax department on Wednesday conducted searches on premises of Exel Group of companies in Hyderabad and neighbouring Sangareddy district for alleged irregularities in income tax payment

Profit fell 15.6 per cent over the preceding June quarter when it had reported a net of Rs 15,205.85 crore

Oct 3 Mumbai court filing by India's customs authority underlines growing dispute between PM Modi's government and Pernod's local unit over how the company valued some of its imports for over a decade

Those with income from business or profession, who have availed deduction on cess/surcharge, must do so by March 31

Property tax is one of the major sources of revenue for local governments/Urban Local Bodies (ULBs)

Interest rates on term deposits, money market instruments could go up further, even as RBI may conduct repo operations to maintain liquidity in the system

The government may provide direct incentives to the producers of solar modules as it believes that tax cuts may lead to practical difficulties

Direct tax collection, net of refunds, stood at Rs 2.81 trn, according to initial estimates; advance tax collection for the period between April 1 and June 15 was Rs 42,679 cr

The modified form will help in checking bogus ITC claims and ensure that honest taxpayers are able to timely avail the ITC benefit

This is at least 3.3x times the current pace of daily returns filed