Search Result for : Income Tax Department

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, ...

The Dollar Business Bureau (Source: PTI)  Taking advantage of the confusion arising due to the sudden announcement in the recalling of the Rs 500 and Rs 1000 notes by the Govt, it was brought to the notice of the income tax department on Wednesday and Thursday, that many tax evaders were engaging in illegal transactions to dispose off their unaccounted wealth. Taking cognizance of the same, the income tax department conducted multiple surveys in Delhi, Mumbai and other major Indian cities on both the days. That jewellery stores were messaging their customers assuring them of their services 24 hours a day, rasied many eyebrows. Buying gold from jewellers in cash without providing a permanent account number (PAN), backdated bills for high-value purchases and money ...

Source: PTI    British oil firm Cairn Energy plc on Tuesday said it will seek from India over $600 million in damages for loss it suffered in value of its holding from a Rs.10,247-crore tax demand raised on its eight-year-old internal business recognition. The Income Tax Department using a retrospective legislation had in January 2014 issued a draft tax assessment order on Cairn Energy over its 2006 internal business reorganisation and barred it from selling its 9.8% stake in Cairn India. In a statement, Cairn said it had initiated arbitration challenging levy of tax under UK-India Investment Treaty. “International arbitration proceedings to resolve the retrospective tax issue in India have now formally commenced following the agreement between Cairn and the Government of ...

Source: PIB, Government of India The Secretary, Department of Revenue, Ministry of Finance, Shaktikanta Das and the US Ambassador to India, Richard R. Verma signed the Inter-Governmental Agreement between India and USA for Improving International Tax Compliance and Implementing the Foreign Account Tax Compliance Act (FATCA), in New Delhi on July 09, 2015. Source: PIB, Government of India   Shaktikanta Das, Revenue Secretary of India and Richard Verma, U.S. Ambassador to India signed here today , an Inter Governmental Agreement (IGA) to implement the Foreign Account Tax Compliance Act (FATCA) to promote transparency between the two nations on tax matters. The agreement underscores growing international co-operation to end tax evasion everywhere. The text of the signed agreement will be available ...

The DGFT regional authority has started the online processing and issuance of Importer Exporter Code applications in digital format, said a statement from the Ministry of Commerce and Industry. Henceforth, the IEC applications will be not be available in physical form as the entire process, starting from receiving applications to the issuing of the same, will go online. The Dollar Business Bureau Going by the latest online initiative taken by the Government of India, the exporters, importers and entrepreneurs may not have to wander much around Regional Authority (RA)’s office for receiving/filing their applications. As a process of Digital India initiative, the Directorate General of Foreign Trade (DGFT) under Department of Commerce, Government of India, on February 3, 2015, initiated ...