Page 4 - Direct Tax

What are the new and old income tax regimes?

n the Union Budget 2020, Finance Minister Nirmala Sitharaman had introduced a new tax regime. Our next report presents the difference in tax rates between the new regime and the old regime

Union Budget 2022-23: Phasing out of some tax exemptions likely

FinMin also exploring the option of rationalising capital gains tax rates

Top headlines: Govt withdraws spending curbs; direct tax mop-up grows 74%

Business Standard brings you the top headlines on Friday

Advance tax collection surges 146% despite Covid-19-led economic disruption

Net direct tax mop-up zooms 100% till June 15

Spend, earn, tax: Finances of Union Budget 2021 explained in nine charts

Taxes on individual incomes will now bring more revenue to the government than taxes on corporate profits

For direct taxes, Budget 2021 has largely maintained status quo

To further support the start-up ecosystem, the tax holiday has been extended by one year by including start-ups incorporated till March 31, 2022 to be eligible for the tax holiday

Direct tax compliance set to be made easier in upcoming Budget

Budget may resolve issues related to administration

FM Nirmala Sitharaman told to extend ITRs, tax audit and AGM time frame

The Direct Taxes Professionals Association (DTPA) has urged Finance Minister Nirmala Sitharaman for extension of date of furnishing of tax audit report under section 44AB to February 28

Govt collects Rs 72K-cr under Vivad Se Vishwas direct tax resolution scheme

A total of 45,855 declarations have been filed under Form 1 as on November 17 and declarations amount to Rs 31,734 crore

Direct tax practitioners seek extension of Sebi settlement scheme till Mar

Direct tax practitioners have urged SEBI to extend the last date of availing the Settlement Scheme 2020 from October 31 to March 31 in the wake of the COVID-19 pandemic induced disruptions

Net direct tax collections decline 31% in April-August FY21

The net direct tax collection in April-Augustwas 31.1 per cent lower on year-on-yearbasis at over Rs 1.92 trill, according to data provided by Minister of State for Finance Anurag Thakur in Lok Sabha

Economic contraction easing? Direct tax mop-up down, but not like earlier

At 23 per cent, decline in collection was slightly better than 30 per cent seen a fortnight ago, provisional data show

Cross-border tax disputes: ITAT orders to overrule MAP outcomes, says CBDT

Direct tax board issues detailed guidance on mutual agreement procedure, or MAP

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.

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

The problem of tax buoyancy

The Union government's tax buoyancy has never been very high

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

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

Rationalise GST now

Counteract coronavirus supply shock with tax reform

Vivaad Se vishwas Bill to settle tax disputes passes LS test amidst din

Opposition has been protesting over the issue of Delhi violence and demanding an immediate discussion