Page 4 - Income Tax Collection

89% individuals say income tax refund faster now, finds CII survey

As many as 89 per cent of individuals and 88 per cent of firms are of the view that there has been a greater reduction in waiting time to get an income tax refund in the last five years between 2018-2023, a CII survey has said. The CII Income Tax Refund Survey presented to Finance Minister Nirmala Sitharaman also found that 75.5 per cent of the individuals and 22.4 per cent of the firm-level respondents did not pay TDS over and above their estimated tax liability. The survey respondents (84 per cent of individuals and 77 per cent of firms) also felt the process of checking refund status was now smooth. "The extensive measures, which have been introduced by the government in the recent years to streamline, simplify and automate the taxation regime have borne rich dividends as is evident from the upbeat survey results on assessing speed and efficiency of income tax refunds conducted by CII," the industry body's President R Dinesh said. A staggering 87 per cent of the individuals and

I-T department discovers Rs 10,000 crore tax evasion by online retailers

Several companies have received I-T notices for either not paying their taxes properly or for underreporting their revenue

India's gross direct tax collection up 17.6% at Rs 12.3 trillion till Nov

The government has projected 10.5 per cent growth in revenues from corporate and individual income tax to Rs 18.23 trillion this financial year

India's direct tax collection up 17.6% to Rs 12.3 trillion till Nov 9: CBDT

Currently, the tax collection stands at 58.15% of the total Budget Estimates for FY24

October e-way bill generation hits all-time high at Rs 10.3 crore

Signals further boost in GST mop-up in November

Income Tax Calendar 2023: Important dates for taxpayers in November

There are some important dates for all the income taxpayers who need to remember these dates to avoid the potential consequences

Taxpayers and the Covid impact

Govt data on direct taxes points to ways of expanding the tax net

Rising economic activities lead to surge in personal income tax in H1FY24

Corporation tax grows moderately, growth in GST collections decelerates but the new normal is above Rs 1.55 trillion a month now

Charitable trusts having a tough time under new regulations, seek more time

The government has asked trusts to share the identities of relatives of trustees, settlors, and substantial contributors, along with information about electronic and other modes of payments

Track finfluencer earnings, and have a lot more RIAs

The tax department must share the information gathered under the new TDS section with the regulators to help the latter maintain a finfluencer revenue dashboard

Definition to deadline: What to know about advanced tax payment

Some salaried individuals, NRIs, professionals and senior citizens have to pay this tax

New tax norms favour employees living in employer accommodation

Reduction in salary percentage considered as perquisite value and introduction of inflation-linked cap will reduce taxable income

ITAT nixes additional tax demand on firm for deposits during demonetisation

No reason for tax authorities to disbelieve why cash balance was needed, says tribunal

About 55 million might opt for new tax regime, says revenue department

Majority of them have a taxable income of upto 7 lakh- 7.5 lakh

Income Tax dept operationalises e-advance ruling in Delhi, Mumbai

The Income Tax department on Saturday said the boards for advance rulings have been operationalised in Delhi and Mumbai, which will function through email-based procedures and conduct hearings through video conference. The Central Board of Direct Taxes (CBDT) had constituted three boards for advance rulings in September, 2021. Further, the scheme of e-advance ruling was introduced with an objective to make the entire process of advance rulings with a minimal interface and impart greater efficiency, transparency and accountability. "Subsequently, the Boards for Advance Rulings have been operationalised in Delhi and Mumbai. These Boards started functioning through e-mail-based procedures and conducting hearing through video conferencing," the CBDT said in a statement. A non-resident investor can obtain certainty on liability towards income tax even before undertaking the investment in India. Further, even a resident entity can obtain a ruling on the taxability of a transaction and avo

ITR filing: 60 million tax returns filed for FY2022-23 till July 30

As many as 5.83 crore tax returns have been filed for income earned in 2022-23 fiscal, thus crossing the number of ITRs filed till July 31 last year. The last date for filing income tax returns for the previous year by salaried class and those who do not have to get their accounts audited is July 31. "5.83 crore #ITRs have been filed till 1 pm today (30th July) crossing the number of ITRs filed till 31st July, last year," the I-T department tweeted. Giving statistics of the tax return filing, the department said more than 46 lakh successful logins on the e-filing portal were seen till 1 pm today. On Saturday, there were more than 1.78 crore successful efiling logins. "10.39 lakh ITRs have been filed upto 1 pm today & 3.04 lakh ITRs have been filed in the last 1 hour," the I-T department tweeted at 1403 hrs.

CBDT to keep close tabs on IVF clinics, hotels, others to add new filers

According to the I-T department, there is inadequate matching of transactions with the returns filed by individuals

ITR to higher pension: Important financial and tax deadlines in July 2023

The income tax return (ITR) filing deadline is approaching, which means taxpayers need to ensure timely submission

I-T dept sends queries to NRIs about big, unexplained transactions

Govt officials aware of the matter said that the I-T department was taking cues from its 'insight' database to gather information on these individuals

Govt releases 3rd instalment of tax devolution of Rs 1,18,280 cr to states

The Centre on Monday released the third instalment of tax devolution to states amounting to Rs 1,18,280 crore, as against normal monthly devolution of Rs 59,140 crore