Tax Compliance
Tax filers earning over Rs 1 cr surge 5X in 10 years; returns double
Salaried individuals account for nearly 52 per cent of those declaring income exceeding Rs 1 crore in the most recent assessment year, according to data released by the tax department
 "Tax filers earning over Rs 1 cr surge 5X in 10 years; returns double")
Strict compliance, reporting rules making tax function difficult: PwC India
The study also said that to manage compliance and ensure that businesses pay their "fair share" of taxes, rapid tech adoption is necessary
 "Strict compliance, reporting rules making tax function difficult: PwC India")
ITAT's relief to Congress after nine bank accounts 'frozen' claim
Sources said that it was not the accounts that were frozen, but an amount of around Rs 115 crore, which remains attached
 "ITAT's relief to Congress after nine bank accounts 'frozen' claim")
Higher compliance has boosted monthly GST collections: CBIC chief
CBIC chief Sanjay Kumar Agarwal on Thursday said increased monthly GST collections are mainly on account of higher compliance, and the GST Council's decision to tighten return filing and registration process would help reduce fake ITC claims in evasion prone sectors, including iron and steel. Agarwal said the Central Board of Indirect Taxes and Customs (CBIC) has received suggestions regarding streamlining tax rates in evasion-prone sectors and all that is being discussed. The Goods and Services Tax (GST) collection was Rs 1.87 lakh crore in April and in the first four months of the current fiscal, the collections have averaged Rs 1.67 lakh crore. "The buoyancy of revenue is 1.43 of nominal GDP growth meaning thereby revenue collection is not entirely on account of growth in GDP, but a major contribution is made by increased compliance level," the CBIC chief said at the Ficci Cascade event here. Tax buoyancy explains the relationship between changes in government tax revenue growth
 "Higher compliance has boosted monthly GST collections: CBIC chief")
Surplus liquidity falls to lowest in 2 months due to advance tax outflows
Due to the fall in surplus liquidity, the RBI conducted variable rate repo (VRR) auction after a month on Monday
 "Surplus liquidity falls to lowest in 2 months due to advance tax outflows")
Overseas firms see compliance burden increasing to get tax treaty benefits
Chartered accountants' group asks CBDT to do away with PAN requirement for filing form electronically
 "Overseas firms see compliance burden increasing to get tax treaty benefits")
Union Budget 2022-23: Clarity on tax compliance needed, say experts
The last tweaks in the personal income tax rates came in the 2020-21 Union Budget, just before the pandemic
 "Union Budget 2022-23: Clarity on tax compliance needed, say experts")
SaaS company Zenwork raises over Rs 1,200 cr from Spectrum Equity
Spectrum's investment portfolio includes the likes of Grubhub, SurveyMonkey, Kajabi, Lucid Software, and Verafin
 "SaaS company Zenwork raises over Rs 1,200 cr from Spectrum Equity")
Top headlines: RBI extends restrictions on PMC, Franklin moves SAT, & more
Business Standard brings you the top news of the evening
 "Top headlines: RBI extends restrictions on PMC, Franklin moves SAT, & more")
File past year returns, avoid higher taxes as new tax provisions kick in
Steeper TDS, TCS rates will apply from July 1 as new tax provisions kick in
 "File past year returns, avoid higher taxes as new tax provisions kick in")
Non-resident entities seek withholding tax breather amid second Covid wave
In absence of certificates, they risk having 40% tax cut from revenues
 "Non-resident entities seek withholding tax breather amid second Covid wave")
Govt examining industry demands; breather on tax compliance deadline likely
Proposals for a 3-month extension of compliance timeline being considered
 "Govt examining industry demands; breather on tax compliance deadline likely")
Best of BS Opinion: Growth via ease of compliance, GameStop episode & more
Here are the top BS Opinions of the day
 "Best of BS Opinion: Growth via ease of compliance, GameStop episode & more")
Growth through ease of compliance
Compliance procedures need rationalisation and integrated digital systems
Budget 2021: Easier compliance, tax administration to boost revenue
The Budget proposed abolishing the under-performing, authority of advance ruling, to replace it with a two-member board of advance ruling
 "Budget 2021: Easier compliance, tax administration to boost revenue")
The stampede from Silicon Valley
Regulatory burden is pushing big firms out of California
Four years on
Even with hindsight, hard to say demonetisation was a success
 "Four years on")
4 years on, PM Narendra Modi says demonetisation demolished corruption
On November 8, 2016, Modi announced the decision to ban all currency notes of denomination of 500 and 1,000 from midnight
 "4 years on, PM Narendra Modi says demonetisation demolished corruption")
I-T dept undergoes overhaul to implement faceless assessment scheme
3,500 posts of assessment officers diverted to other centres; officers flag transitional challenges in implementing scheme
 "I-T dept undergoes overhaul to implement faceless assessment scheme")
Govt modifies e-assessment scheme after PM unveils Taxpayers' Charter
The nomenclature of the scheme has now been changed to "Faceless Assessment Scheme" from the existing "E-assessment Scheme"
 "Govt modifies e-assessment scheme after PM unveils Taxpayers' Charter")
