Page 7 - Income Tax Collection

The future of taxation is automation

The finance ministry's new online tax filing system will help expand the tax base by reducing the time and effort required to register a new taxpayer and create a permanent account number

CBI, ED turn to tech-driven investigations to nail offenders amid Covid-19

The Income Tax Department is going full throttle on data analytics to issue notices in time-bound cases

Non-resident entities seek withholding tax breather amid second Covid wave

In absence of certificates, they risk having 40% tax cut from revenues

Govt examining industry demands; breather on tax compliance deadline likely

Proposals for a 3-month extension of compliance timeline being considered

Concessional 5% withholding tax continues for debt interest income of FPIs

The Income Tax department on Wednesday said that concessional rate of tax of 5 per cent shall continue for certain interest income of foreign portfolio investors.

Decoding 15th FC's estimate of mismatch in two sets of salary income data

The Commission asserts salary incomes shown by taxpayers are understated by 50%, finds scope to extract more direct tax by chasing evasion without changing tax rates; experts aren't convinced

21.5% growth in direct tax revenue for FY22 a realistic goal: CBDT chairman

In a Q&A, P C Mody says while income tax slabs have been left untouched, more money is being put in the hands of taxpayers with faster refunds. Tax administration reforms will boost tax compliance

Late income-tax returns surge slows direct tax mop-up contraction

Net collection stands at Rs 6.57 trn, compared with Rs 7.24 trn a year ago

Faceless assessment may put an end to people dodging income tax notices

Revenue department identifies people who have ignored notices calling for enquiry and verification of tax returns.

Faceless Income Tax appeals deter participation in Vivad Se Vishwas scheme

With the appeals process going faceless from September onwards, there are no jurisdictions for the Commissioner of I-T (Appeals), or CIT(A), to approve the withdrawal request

Fall in direct tax mop-up slows in November on better economic movements

Personal income tax saw contraction shrink to 13 per cent by November from 22 per cent seen up to September, on the back of lower issuance of refunds and improvement in economic conditions

Lower tax collected at source rate on funds remitted for education

But a higher rate will be levied if PAN isn't furnished

Covid-19: Taxmen suggest 40% tax on super-rich, higher levy on foreign cos

The suggestions are part of a paper titled 'Force', which stands for 'Fiscal Options & Response to the COVID-19 Epidemic'

ITR forms being revised for benefits of timeline extension, says CBDT

Once the revised forms are notified, it will further necessitate the consequential changes in the software and return filing utility

Modi govt launches sixth tax amnesty despite muted show by earlier schemes

Collection goal of Rs 9.32 trn under Vivad Se Vishwas seems a tall order, given that the most successful scheme so far has yielded just about 3% of that amount

Budget should look to push rural demand, not reduce I-T rate: Economists

Ajit Ranade, chief economist at Aditya Birla Group, said, "I don't think a cut in the personal income tax is a good thing to do at this juncture."

Amid falling collections, FinMin sets Rs 1.1 trillion monthly GST target

Revenue Secretary Ajay Bhushan Pandey had a video conference meeting with top tax officials and impressed upon them to step up measures to achieve direct and indirect tax collection target.

Govt unlikely to cut income-tax rate amid economic slowdown, fiscal stress

The government last fiscal missed its direct tax collection target, and for this financial year it has set a higher revenue mobilisation goal of Rs 13.80 trillion

Advance tax mop-up posts dismal growth, rises by just 6% in H1FY20

Direct tax collection needs to grow by about 27% from here on to meet FY20 Budget target

Tax collection misses target by a wide margin; inches up 4.7% in Apr-Sep

Of the Rs 5.50 trillion collections, advance tax rose a tepid 7.3 per cent to Rs 2.20 trillion from Rs 2.05 crore, sources said