Search Result for : Income Tax

The Dollar Business Bureau The direct tax collections has surged by 18.2% to Rs.6.56 lakh crore during April to December period of current financial year as compared to the same period a year ago. Direct taxes comprises of income tax, wealth tax and corporation tax paid by companies. “The provisional figures of Direct Tax collections up to December, 2017 show that net collections are at Rs.6.56 lakh crore which is 18.2 per cent higher than the net collections for the corresponding period of last year,” Finance Ministry said in a statement on Tuesday. “The net direct tax collections represent 67% of the overall budget estimates of direct taxes of Rs.9.8 lakh crore for the financial year 2017-18,” it said. The gross collections shown an increase ...

The Dollar Business Bureau The direct tax collections increased 14.8% in June this year compared to the same month last year, according to the provisional figures released by the Ministry of Finance on Thursday. “The provisional figures for Direct Tax collections up to June, 2017 show that net collections are at Rs.1.42 lakh crore which is 14.8% higher than the net collections for the corresponding period of last year,” said an official statement.  The net direct tax collections indicates 14.5% of the overall Budget estimates of direct taxes of Rs.9.8 lakh crore for the fiscal of 2017-18, it said. The gross collections under corporate income tax (CIT) increased 4.8%, whereas those under personal income tax (PIT) including the securities transaction tax (STT) grew at 12.9, according to the statement. However, ...

Ranjeet Mahtani and Stella Joseph One of the noteworthy proposals made in the Union Budget of 2017 is the proposal to rationalize Section 10AA of the Income-tax Act, 1961 (“IT Act”), which contains special provisions in respect of newly established Units in Special Economic Zones (“SEZ”). The IT Act provides for the levy, collection and recovery of income tax in India. It is divided into various chapters governing separate aspects including exemptions, computation of total income, deductions, etc. Section 10AA of the IT Act is a provision contained in Chapter III of the IT Act which was inserted w.e.f. 10.02.2006 allowing for deduction of profits and gains derived from the export earned by an SEZ Unit. The Section specifically uses the word “deduction”. ...

The Dollar Business Bureau (sourced from PTI) Providing a window to black money holders, the government today proposed to levy a total tax, penalty and surcharge of 50% on the amount deposited post demonetisation while higher taxes and stiffer penalty of up to 85% await those who don't disclose but are caught.Nearly three weeks after Prime Minister Narendra Modi announced junking high denomination 500 and 1000 rupee notes, Finance Minister Arun Jaitley introduced a bill to amend the Income Tax law which also provides for black money declarants a mandatorily depositing of 25% of the amount disclosed in anti-poverty scheme without interest and a four-year lock-in period.Those who choose to declare their ill-gotten wealth stashed till now in banned 500 and ...

The Dollar Business Bureau The government on Friday said that GAAR (General Anti-Avoidance Rules) would be effective from the financial year 2017-18, bringing up the possibility of further delay of the dreaded rules.The Income tax department, in a series of tweets, said, “The GAAR provisions mentioned in the Income Tax (I-T) Act shall come into effect from the financial year 2017-18 onward. Public in general and the stakeholders are requested to submit their inputs with regards to GAAR provisions that require more clarity.”In the last Union Budget, Finance Minister Arun Jaitley, agreed to the demands from its international investors and delayed GAAR’s implementation by two years to fiscal year 2017-18 (assessment year 2018-19) and succeeding years. The anti-tax avoidance regulation ...

The Dollar Business Bureau    India and Japan on Friday signed a protocol for amending the existing convention for the avoidance of double taxation and for the prevention of fiscal evasion in regards to taxes on income. The existing convention was signed in 1989. “The protocol signed today gains all the more importance as it is being signed few hours before the arrival of the Prime Minister of Japan in India,” Ministry of Finance said in a statement. The agreement was signed between India’s Revenue Secretary Hasmukh Adhia and Japan’s Ambassador to India Kenji Hiramatsu. The protocol will enable the two countries to exchange information on tax matters, including bank information and information without domestic tax interest, through internationally accepted standards. ...

Source: PIB, Government of India After due consideration of the various aspects of the matter, the government of India has decided that with effect from 01.04.2001, the provisions of Section 115JB shall not be applicable to a foreign company if — The foreign company is a resident of a country having DTAA (Double Taxation Avoidance Agreement) with India and such foreign company does not have a permanent establishment within the definition of the term in the relevant DTAA,  or The foreign company is a resident of a country which does not have a DTAA with India and such foreign company is not required to seek registration under Section 592 of the Companies Act 1956 or Section 380 of the Companies Act 2013. An appropriate amendment ...

Source: PTI All “consequences” of law will follow and the taxman will go after black money hoarders who do not declare their illegal funds before the expiry of a one-time 90-day 'compliance window' on September 30, the CBDT chief warned on Monday. The Central Board of Direct Taxes(CBDT), the apex policy-making body of the Income Tax department, also made it clear that all anti-harassment and pro-confidentiality procedures have been put in place by it for those people who want to avail this window before the September 30 deadline followed by payment of taxes and penalty before December 31. “Tomorrow, if it is known that there is some wrong or no filing by a person holding black money, then the accountability rests ...