Page 14 - Tax

The mystery of 20% TCS

There is a general principle that fiscal policies should be transparent and have obvious motives

Centre, state tax officers launch drive to identify fake GST registration

With GST evasion crossing over Rs 1 lakh crore in 2022-23, Centre and state tax officers have initiated a two-month long special drive to identify fake GST registration and nab offenders. The GST Policy Wing had earlier this month written to Principal Chief Commissioners of Central Tax highlighting that fake/ non-genuine registrations are being used to fraudulently pass on input tax credit to unscrupulous recipients by issuing invoices without any underlying supply of goods or services or both. "This menace of fake registrations and issuance of bogus invoices for passing of fake ITC has become a serious problem, wherein fraudulent people engage in dubious and complex transactions, causing revenue loss to the government," the Central Board of Indirect Taxes (CBIC) had said. Currently, there are 1.39 crore businesses registered under Goods and Services Tax (GST), which was implemented on July 1, 2017. The government has been using robust data analytics and artificial intelligence to

Centre eyeing to tax OTT platform Netflix's income in India: Report

The authorities have reportedly held that the company has a permanent establishment in the country and is thus liable to pay the tax on its income here

Large companies spend a lot of time on tax compliance, says Deloitte

Tax teams at large companies spend around 70 per cent time on an average on tax compliance and wants cross-utilisation of data collected by various government agencies to cut down on reporting requirements, a Deloitte survey said on Tuesday. A big challenge faced by organisations include TDS compliance, the survey said, adding simplifying reporting under tax regulations would make reconciliations quicker and more efficient. "The disproportionate amount of time spent by tax teams on tax compliance, more so in larger organisations, is an area of concern and needs to be addressed by way of discussion between the tax administration and taxpayers," said the Deloitte survey on 'Income-tax digitalisation in India'. Tax teams in large, complex organisations, despite their enhanced use of technology in tax, spend a high proportion (around 70 per cent on average) on tax compliance. Given the significant amount of data involved, the reconciliation of TDS data and processing/re-processing of d

ASAP Kerala enters agreement with US based tax agency to employ EA students

: The state-run ASAP Kerala has entered into an agreement with US-based tax services company H&R Block to ensure employment for those who complete the Enrolled Agent (EA) course, introduced for the first time in the state. The Additional Skill Acquisition Programme (ASAP) Kerala is an undertaking of the Higher Education Department, that focuses on upskilling students and the community to enhance their employability. According to the agreement, H&R Block will provide employment to those studying EA course along with or after their studies. The memorandum of understanding was signed between ASAP Kerala CMD Usha Titus and H&R Block India Vice President MD Hariprasad K in the presence of Higher Education Minister R. Bindu at her chamber at the secretariat here recently, an official statement said. Those who successfully complete the course would be eligible to represent taxpayers in countries like US, Canada, Australia and file their tax returns staying in India, it said. This

I-T lens on big spenders, aims to widen taxpayer base by 10% in FY24

Targets adding 10% new filers in FY24, raising base to about 86 million

Donations made to move to lower tax slab can make taxman see red

Donate only to legitimate organisations using banking channels, maintain documentation to back up claim

Expect stable cash flows and earnings in FY24, Adani tells banks

Gross debt at Rs 2.27 trillion in FY23 after repayment

Superpower's weak institutions

The money raised through a higher capital gains tax will hardly add much to the Rs 24.4 trillion of revenue receipts and Rs 41.9 trillion of spending estimated for 2023-24

Examine top 30 cases of TDS falling short: CBDT to tax department

Apex body releases interim action plan for the first half of FY24

Mauritius down; Norway, Singapore gain as FPI destinations in FY23

The total assets under custody (AUC) from Mauritius declined nearly 42 per cent to Rs 3.25 trillion at the end of March 2023, from Rs 5.55 trillion a year ago.

Not liable to pay tax? Submit Form 15G/15H right away to avoid TDS

If your income exceeds 15G/15H limit but you qualify for tax deduction at a lower rate, use Form 13

Small savings schemes: Pay heed to return, taxation, and lock-in

Returns of some schemes remain unchanged throughout the tenure, but can fluctuate in the case of others

Fund houses ponder ways to cushion tax blow to debt mutual funds

New offerings, lowering costs, debt-plus arbitrage schemes among measures planned

Employers must seek employees preferred tax regime for deducting TDS: CBDT

The Income Tax Department on Wednesday said employers will have to seek details from employees about their preference for tax regime in the current fiscal and deduct TDS accordingly. In case an employee does not intimate his/her employer about the preferred tax regime, then the employer would be required to deduct TDS from salary income as per the new revamped tax regime announced in Budget 2023-24. Individual taxpayers have the option to select whether they want to be in the old tax regime, which provides for exemptions and deductions or switch to the new tax regime which offers low tax rates but no exemptions. The Budget 2023-24 unveiled on February 1 tweaked the optional exemption-free tax regime, which is available under section 115BAC of the I-T Act to push salaried-class taxpayers to switch to the new tax regime. The revamped concessional tax regime was made the default regime for an individual taxpayer. The Central Board of Direct Taxes (CBDT) on Wednesday issued a ...

Windfall tax on domestic crude oil cut to nil, on export of diesel halved

This means crude oil, aviation turbine fuel (ATF), and petrol will not attract windfall tax

Debt mutual funds log Rs 40K-crore inflow before tax tweak cut-off

Investors snap up popular medium- to longer-duration debt funds to lock in higher returns

Centre cuts all windfall tax on domestically produced crude oil from today

Previously in March, the Centre had slashed the windfall tax by Rs 900 per tonne to Rs 3,500 per tonne from Rs 4,400 per tonne

FinMin notifies GST amnesty scheme for non-filers, small businesses

Enterprises can apply for revocation of cancelled GST registration by June 30 after paying due taxes, interest and penalty

Jharkhand's commercial tax dept posts 114% collection in FY 2022-23

Jharkhand's Commercial Tax department posted a record collection of over Rs 21,000 crore for the financial year 2022-23, state Finance minister Rameshwar Oraon said. The target for the department for 2022-23 fiscal was Rs 18,500 crore. "The department's revenue collection is around 114 per cent against the target till Friday evening for 2022-23 fiscal. Against the target of Rs 18,500 crore, the collection reached over Rs 21,000 crore by Friday evening, which means Rs 2,500 more than the target. We hope Rs 10-15 crore will be added more to the collection by night," Oraon said, while briefing media persons on Friday. In 2021-22, the department had earned Rs 19,750 crore against the target of Rs 16,500 crore. "In 2021-22 fiscal, the collection was also more than the target but it had been achieved due to Centre's GST compensation to the states," he said. Since the GST compensation was applicable for only five years, the Centre stopped the release of compensation from July 1, 2022. "Th