Income Tax News

Cabinet approves expenditure sanction for Integrated E-filing and Centralized Processing Centre 2.0 Project  The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has given its approval to expenditure sanction of Rs.4,241.97crore for Integrated E-filing &Centralized Proces..

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 chamber has also suggested revision in the tax slabs for the individual taxpayers..

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 issued which is 17% higher than that of last y..

DEDUCTION OF TAX AT SOURCE INCOME-TAX DEDUCTION FROM SALARIES UNDER SECTION 192 OF THE INCOME-TAX ACT, 1961 DURING THE FINANCIAL YEAR 2018-19 CIRCULAR NO 01 /2019 F.No. 275/192/2018-IT(B) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes ****** ..

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 for submission of report to the Government which was..

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 ..

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 Number of Income Ta..

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

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, the Government has appointed Shri Akhilesh R..

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 to taxes on income, by signing a Protocol on 26/11..