Page 5 - Taxes

CBIC detects Rs 62K-crore GST evasion via fake invoices during past 3 years

1030 people have been arrested by tax authorities since 2020

CBDT seeks detailed report on the top 15 taxpayers in each region

Directive issued for maximising revenue collection and monitoring advance tax mop up

Centre extends RoDTEP to more sectors, but refund woes remain

Exports under advance authorisation scheme and by export-oriented units, units in special economic zones and manufacturing goods in bonded warehouses are excluded from the scheme

Taxing proposition

Capital gains tax needs committee-level deliberations

UK finance ministery hits wealthy with higher taxes in £55 billion squeeze

British Finance Minister Jeremy Hunt announced a string of tax increases and tighter public spending in a budget plan on Thursday

Laid off? Seek advice before claiming tax exemption on severance pay

You can claim only if the payout is voluntary and you have documentary proof to this effect

Centre to receive Rs 40,000 crore from windfall tax, half from private cos

The windfall taxes were imposed in July and will only be removed if the price of oil falls below $70-75 per barrel

Q2 results: Reliance Jio logs 26.9% jump in net profit as Arpu rises

Gross revenue rises 22.8 percent annually to Rs 28,506 crore in second quarter

Taxes absorb 58% telco revenues in nation with lowest tariff: Voda-Idea CEO

Says operational cash generation can be released for investments if govt eases tax burden

Delhi govt gives in-principle approval to tax concession for new vehicles

Delhiites will soon get road tax concession if they buy new vehicles after scrapping old ones, with the Delhi government on Friday giving in-principle approval to the measure. The concession will range from eight per cent to 25 per cent of the tax amount. The government has decided to offer a maximum concession of 25 per cent in case of non-transport vehicles and 15 per cent in case of transport vehicles upon production of certificate of scrapping (certification of deposit) by new vehicle buyers. The policy will come into effect after final approval by the Delhi Lieutenant Governor and will promote scrapping and replacement of old polluting vehicles with new vehicles of upgraded fuel standards. The certificate of deposit' will be issued at the registered scrapping facilities of the government upon scrapping of old vehicles. For non-transport vehicles, the concession will range from eight per cent to 25 per cent based on cost of new vehicle and fuel type. The new vehicles registere

IMF tells UK to 're-evaluate' unfunded tax cuts as global criticism mounts

Prime Minister Liz Truss's decision to cut taxes by the most since the early 1970s and cover them via borrowing at a time of surging inflation has rattled financial markets and drawn concern

Net direct tax mop up rises 23% to Rs 7.04 trn so far in FY23: CBDT chief

The net direct tax collection has increased 23 per cent to Rs 7.04 lakh crore so far this fiscal, the income tax department said on Tuesday. Central Board of Direct Taxes (CBDT) Chairman Nitin Gupta said the income and corporate tax collections were at a record high of Rs 14.09 lakh crore in 2021-22. "The momentum of the last fiscal continues in this fiscal with net direct tax collection of Rs 7.04 lakh crore so far, which is a growth of 23 per cent over the same period last fiscal," Gupta said. At the Finance Minister's Award ceremony for CBDT officers, Gupta said the I-T e-filing portal has stabilised and it has facilitated 5.83 crore tax return filing as of July 31. A record 72 lakh returns were filed on the portal on a single day. July 31 was the last date for filing ITRs for salaried individuals for income earned in the 2021-22 fiscal. Gupta said I-T refunds worth Rs 1.41 lakh crore have been issued so far this fiscal, which is an increase of 83 per cent over the same period

Gameskraft Technology faces Rs 21,000-crore tax notice for 'GST evasion'

The Council is expected to meet next month to take up the panel's report on the issue

Tax collections to continue rising trend in coming months, say experts

The trend of increase in income tax collection is expected to continue in the coming months on increased compliance, higher corporate profitability and increased trade in festive season, experts said. The gross direct tax collection grew 30 per cent to Rs 8.36 lakh crore in the April to mid-September period of the current fiscal on increased corporate tax and personal income tax (PIT) mop up due to increased economic activity. Deloitte India Partner Rohinton Sidhwa said the reason for rising tax collection, aside from the increase in economic activity, is attributable to the marked increase in compliance demonstrated by the number of returns filed. "The increase in compliance also stems from influencing behaviour like the sharing of details of income generating activity that taxpayers are being shown on the e-filing portal. "It's expected that the trend will continue for now. While corporate tax returns are still to be filed for the last fiscal, advance tax collections show strong

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

Britain sends investors fleeing with historic tax cuts and borrowing

Pound slides below $1.11 for first time in 37 years

Rs 58.5K cr of taxes lost in 5 industries due to illicit trade: FICCI study

Says 1.5 mn jobs lost because of such trade; FMCG sector worst affected

Govt slashes windfall profit tax on domestic crude oil, ATF, diesel export

The move follows moderation in the Indian basket of crude to $92.53/barrel on average in September compared with the August average of $97.4/barrel

Banks exempt from 10% TDS on one-time loan settlements, waivers: CBDT

Issue of bonus and rights shares too will not require tax to be deducted under a section introduced in the Union Budget

Windfall profit taxes are pure economic populism and thus bad policy

Germany's government just became the latest to ingratiate itself with angry voters by promising a windfall tax on energy companies