Income Tax News

FICCI recommends increasing top 30% tax slabs to income above 20 lac

16 January 2019 at 11:20

FICCI in its Pre-Budget recommendations for 2019-20 has suggested reduction in the corporate tax rate across the board to 25% (irrespective of turnover) to spur economic growth and increase overall tax collections. The cha

Posted in Income Tax | 1 comments | 8070 Views

Direct tax collection grows to 8.74 lac crore in 2018-19

07 January 2019 at 16:48

In the recent press release issued by the Government, they have stated a whopping increase of 14.1% in the direct tax collection in the FY 2018-19, where the total collection amounted to Rs. 8.74 lakh crores!A net of 1.30 lakh crores of refunds were

Posted in Income Tax | 3315 Views

Circular issued on TDS deduction from salaries in FY 2018-19

03 January 2019 at 11:09

DEDUCTION OF TAX AT SOURCE INCOME-TAX DEDUCTION FROM SALARIESUNDER SECTION 192 OF THE INCOME-TAX ACT, 1961DURING THE FINANCIAL YEAR 2018-19CIRCULAR NO 01 /2019F.No. 275/192/2018-IT(B)Government of IndiaMinistry of FinanceDepartment of RevenueCentral

Posted in Income Tax | 2 comments | 20814 Views

Task force created to review Direct Tax legislation

19 December 2018 at 11:25

The Government had constituted a Task Force to draft a New Direct Tax Law vide Officer Order in F.No. 370149/230/2017 dated 22.11.2017 under the Convenorship of Shri Arbind Modi, the then Member (Legislation), CBDT with original term of six months fo

Posted in Income Tax | 1 comments | 6375 Views

Direct and Indirect tax collected in last 4 years

17 December 2018 at 11:33

The details of total Direct Tax and Indirect Tax collected over the last three years along with the different component-wise are as under:Direct Tax (Rs. in crore) Financial Year Corporation T

Posted in Income Tax | 3156 Views

E-return filing doubled in last 4 years

17 December 2018 at 11:33

There has been a growth in the number of e-Returns filed by the individual taxpayers during the last four years.The number of income-tax returns filed and the annual growth rate during the last four financial years are as under: Financial

Posted in Income Tax | 2367 Views

Direct tax collection grows to 6.75 lac crore upto Nov 18

10 December 2018 at 17:34

Direct Tax Collections for F.Y. 2018-19 up to November, 2018Gross collections at Rs. 6.75 lakh crore which is 15.7% higher than the gross collections for the corresponding period of last yearThe Provisional Figures of Direct Tax Collections up to Nov

Posted in Income Tax | 5157 Views

Task Force for drafting a New Direct Tax Legislation

26 November 2018 at 18:09

In order to review the Income-tax Act, 1961 and to draft a new direct tax law in consonance with the economic needs of the country, a Task Force was constituted by the Government of India in November, 2017.In partial modification of the earlier order

Posted in Income Tax | 2340 Views

Protocol amending India-China DTAA

26 November 2018 at 18:09

The Government of the Republic of India and the Government of the People’s Republic of China have amended the Double Taxation Avoidance Agreement (DTAA) for the avoidance of double taxation and for the prevention of fiscal evasion with respect

Posted in Income Tax | 1995 Views

Father's name non-mandatory in PAN application form now

21 November 2018 at 11:27

MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES)NOTIFICATIONNew Delhi, the 19th November, 2018G.S.R. 1128(E). In exercise of the powers conferred by section 139A read with section 295 of the Income-tax Act, 1961 (43 of 1961),

Posted in Income Tax | 2 comments | 7887 Views