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Page 3 - Income Tax Collection

Govt examining industry demands; breather on tax compliance deadline likely

Proposals for a 3-month extension of compliance timeline being considered

Govt examining industry demands; breather on tax compliance deadline likely
Updated On : 23 Apr 2021 | 6:10 AM IST

Concessional 5% withholding tax continues for debt interest income of FPIs

The Income Tax department on Wednesday said that concessional rate of tax of 5 per cent shall continue for certain interest income of foreign portfolio investors.

Concessional 5% withholding tax continues for debt interest income of FPIs
Updated On : 17 Mar 2021 | 9:04 PM IST

Decoding 15th FC's estimate of mismatch in two sets of salary income data

The Commission asserts salary incomes shown by taxpayers are understated by 50%, finds scope to extract more direct tax by chasing evasion without changing tax rates; experts aren't convinced

Decoding 15th FC's estimate of mismatch in two sets of salary income data
Updated On : 17 Feb 2021 | 9:25 PM IST

21.5% growth in direct tax revenue for FY22 a realistic goal: CBDT chairman

In a Q&A, P C Mody says while income tax slabs have been left untouched, more money is being put in the hands of taxpayers with faster refunds. Tax administration reforms will boost tax compliance

21.5% growth in direct tax revenue for FY22 a realistic goal: CBDT chairman
Updated On : 03 Feb 2021 | 6:10 AM IST

Late income-tax returns surge slows direct tax mop-up contraction

Net collection stands at Rs 6.57 trn, compared with Rs 7.24 trn a year ago

Late income-tax returns surge slows direct tax mop-up contraction
Updated On : 15 Jan 2021 | 6:10 AM IST

Faceless assessment may put an end to people dodging income tax notices

Revenue department identifies people who have ignored notices calling for enquiry and verification of tax returns.

Faceless assessment may put an end to people dodging income tax notices
Updated On : 24 Dec 2020 | 7:58 PM IST

Faceless Income Tax appeals deter participation in Vivad Se Vishwas scheme

With the appeals process going faceless from September onwards, there are no jurisdictions for the Commissioner of I-T (Appeals), or CIT(A), to approve the withdrawal request

Faceless Income Tax appeals deter participation in Vivad Se Vishwas scheme
Updated On : 11 Dec 2020 | 12:19 AM IST

Fall in direct tax mop-up slows in November on better economic movements

Personal income tax saw contraction shrink to 13 per cent by November from 22 per cent seen up to September, on the back of lower issuance of refunds and improvement in economic conditions

Fall in direct tax mop-up slows in November on better economic movements
Updated On : 04 Dec 2020 | 12:43 AM IST

Lower tax collected at source rate on funds remitted for education

But a higher rate will be levied if PAN isn't furnished

Lower tax collected at source rate on funds remitted for education
Updated On : 07 Oct 2020 | 12:46 AM IST

Covid-19: Taxmen suggest 40% tax on super-rich, higher levy on foreign cos

The suggestions are part of a paper titled 'Force', which stands for 'Fiscal Options & Response to the COVID-19 Epidemic'

Covid-19: Taxmen suggest 40% tax on super-rich, higher levy on foreign cos
Updated On : 26 Apr 2020 | 3:18 PM IST

ITR forms being revised for benefits of timeline extension, says CBDT

Once the revised forms are notified, it will further necessitate the consequential changes in the software and return filing utility

ITR forms being revised for benefits of timeline extension, says CBDT
Updated On : 19 Apr 2020 | 5:29 PM IST

Modi govt launches sixth tax amnesty despite muted show by earlier schemes

Collection goal of Rs 9.32 trn under Vivad Se Vishwas seems a tall order, given that the most successful scheme so far has yielded just about 3% of that amount

Modi govt launches sixth tax amnesty despite muted show by earlier schemes
Updated On : 26 Feb 2020 | 3:54 PM IST

Budget should look to push rural demand, not reduce I-T rate: Economists

Ajit Ranade, chief economist at Aditya Birla Group, said, "I don't think a cut in the personal income tax is a good thing to do at this juncture."

Budget should look to push rural demand, not reduce I-T rate: Economists
Updated On : 30 Dec 2019 | 5:17 PM IST

Amid falling collections, FinMin sets Rs 1.1 trillion monthly GST target

Revenue Secretary Ajay Bhushan Pandey had a video conference meeting with top tax officials and impressed upon them to step up measures to achieve direct and indirect tax collection target.

Amid falling collections, FinMin sets Rs 1.1 trillion monthly GST target
Updated On : 17 Dec 2019 | 5:39 PM IST

Govt unlikely to cut income-tax rate amid economic slowdown, fiscal stress

The government last fiscal missed its direct tax collection target, and for this financial year it has set a higher revenue mobilisation goal of Rs 13.80 trillion

Govt unlikely to cut income-tax rate amid economic slowdown, fiscal stress
Updated On : 30 Oct 2019 | 7:06 PM IST

Advance tax mop-up posts dismal growth, rises by just 6% in H1FY20

Direct tax collection needs to grow by about 27% from here on to meet FY20 Budget target

Advance tax mop-up posts dismal growth, rises by just 6% in H1FY20
Updated On : 19 Sep 2019 | 9:15 AM IST

Tax collection misses target by a wide margin; inches up 4.7% in Apr-Sep

Of the Rs 5.50 trillion collections, advance tax rose a tepid 7.3 per cent to Rs 2.20 trillion from Rs 2.05 crore, sources said

Tax collection misses target by a wide margin; inches up 4.7% in Apr-Sep
Updated On : 18 Sep 2019 | 9:47 PM IST

Confident of hitting tax-collection target, says FM Nirmala Sitharaman

Sitharaman, however, was confident that the target would be achieved without any harassment to taxpayers

Confident of hitting tax-collection target, says FM Nirmala Sitharaman
Updated On : 24 Aug 2019 | 1:52 AM IST

Tax terrorism: Embedded in laws & practice

Blaming tax officials will not help us get to the root of the issue. The problem is government itself, in two important ways

Tax terrorism: Embedded in laws & practice
Updated On : 19 Aug 2019 | 12:44 AM IST

Don't overtax and overspend: How Modi govt can avoid cooking its own goose

The govt must understand that if you spend more than you earn, you will end up bankrupt one day

Don't overtax and overspend: How Modi govt can avoid cooking its own goose
Updated On : 01 Aug 2019 | 11:53 AM IST