Page 3 - Latest Updates on Direct Tax
For direct taxes, Budget 2021 has largely maintained status quo
To further support the start-up ecosystem, the tax holiday has been extended by one year by including start-ups incorporated till March 31, 2022 to be eligible for the tax holiday
 "For direct taxes, Budget 2021 has largely maintained status quo")
Budget 2021 LIVE: Budget is a shot in the arm for Indian economy, says S&P
Budget 2021 LIVE: Finance minister Nirmala Sitharaman in her Union Budget 2021 speech announced a slew of taxation reforms but left personal income tax slab unchanged. Track Budget 2021 highlights
 "Budget 2021 LIVE: Budget is a shot in the arm for Indian economy, says S&P")
Direct tax compliance set to be made easier in upcoming Budget
Budget may resolve issues related to administration
 "Direct tax compliance set to be made easier in upcoming Budget")
FM Nirmala Sitharaman told to extend ITRs, tax audit and AGM time frame
The Direct Taxes Professionals Association (DTPA) has urged Finance Minister Nirmala Sitharaman for extension of date of furnishing of tax audit report under section 44AB to February 28
 "FM Nirmala Sitharaman told to extend ITRs, tax audit and AGM time frame")
Govt collects Rs 72K-cr under Vivad Se Vishwas direct tax resolution scheme
A total of 45,855 declarations have been filed under Form 1 as on November 17 and declarations amount to Rs 31,734 crore
 "Govt collects Rs 72K-cr under Vivad Se Vishwas direct tax resolution scheme")
Direct tax practitioners seek extension of Sebi settlement scheme till Mar
Direct tax practitioners have urged SEBI to extend the last date of availing the Settlement Scheme 2020 from October 31 to March 31 in the wake of the COVID-19 pandemic induced disruptions
 "Direct tax practitioners seek extension of Sebi settlement scheme till Mar")
Net direct tax collections decline 31% in April-August FY21
The net direct tax collection in April-Augustwas 31.1 per cent lower on year-on-yearbasis at over Rs 1.92 trill, according to data provided by Minister of State for Finance Anurag Thakur in Lok Sabha
 "Net direct tax collections decline 31% in April-August FY21")
Economic contraction easing? Direct tax mop-up down, but not like earlier
At 23 per cent, decline in collection was slightly better than 30 per cent seen a fortnight ago, provisional data show
 "Economic contraction easing? Direct tax mop-up down, but not like earlier")
Many landmark decisions by Modi govt to honour honest taxpayers: Amit Shah
Amit Shah said the Narendra Modi government has taken several key decisions to empower and honour honest taxpayers and launch of 'Transparent Taxation-Honoring the Honest' is a gift to the taxpayers
 "Many landmark decisions by Modi govt to honour honest taxpayers: Amit Shah")
Happy that govt announced long-awaited taxation reform, says VP Naidu
Vice President M Venkaiah Naidu on Thursday said the "long-awaited" taxation reform announced by the government would lead to greater compliance of tax laws
 "Happy that govt announced long-awaited taxation reform, says VP Naidu")
Rights & responsibilities of citizens in new taxpayers' charter: Full text
PM Modi said the charter had been introduced with defined rights and responsibilities. Read the full text of the tax charter document here
 "Rights & responsibilities of citizens in new taxpayers' charter: Full text")
Cross-border tax disputes: ITAT orders to overrule MAP outcomes, says CBDT
Direct tax board issues detailed guidance on mutual agreement procedure, or MAP
Meghalaya govt okays amnesty scheme for taxpayers to pay outstanding dues
The Meghalaya Cabinet has approved an amnesty scheme for taxpayers to pay their outstanding dues to the state government
Covid-19 impact: Direct tax refunds down 16% to Rs 64,428 crore in Q1
Corporation tax refunds stood at Rs 40,482 crore, while income tax refunds stood at Rs 23,828 crore in Q1FY21.
How to claim income tax deduction for investments made in April - July 2020
One of the key points to note while accounting for these investments made from April to July is that a deduction once claimed in FY20 on an investment made, cannot be claimed again for FY21
 "How to claim income tax deduction for investments made in April - July 2020")
Income tax exemptions to lower tax assessee for certain allowances
The Budget for 2020-21 came out with an option of lower tax regime for those who forgo certain exemptions
 "Income tax exemptions to lower tax assessee for certain allowances")
NTPC Q4 net profit declines 70% to Rs 1,523 cr on higher tax provision
Total income was Rs 31,315.32 crore in the period under review, compared to Rs 26,116.15 crore in the year-ago period
 "NTPC Q4 net profit declines 70% to Rs 1,523 cr on higher tax provision")
Advance tax collection falls 31% in Q1, corporation tax mop-up down 79%
Gross direct tax collection fell a full 31% to Rs 1,37,825 crore in the first quarter of FY21
 "Advance tax collection falls 31% in Q1, corporation tax mop-up down 79%")
The problem of tax buoyancy
The Union government's tax buoyancy has never been very high
Direct tax mop-up rises 39% amid sharp decline in disbursement of refunds
Collections may come under pressure once the base effect wears off
 "Direct tax mop-up rises 39% amid sharp decline in disbursement of refunds")
