Nirmala Sitharaman says Centre has no more announcements to make; rules out any cut in income tax rates
Nirmala Sitharaman, who had over the last week announced an economic package to help revive the economy, said how the coronavirus and the lockdown has hurt revenues is yet to be completely assessed.
Vivad se Vishwas scheme: Assessee eligible to file declarations despite issuance of notice to initiate prosecution
In the FAQ issued on 4 March, the CBDT said that where notice for initiation of prosecution has been issued with reference to tax arrears, taxpayer has a choice to compound the offence and opt for Vivad se Vishwas.
Govt collects Rs 7.52 lakh cr direct tax in April-January; revised estimate pegs revenue receipts at Rs 18.50 lakh cr for this fiscal
The Revised Estimate (RE) has pegged the target for collection of direct taxes for the current fiscal, which ends on 31 March, at Rs 11.70 lakh crore.
Vivaad Se Vishwas scheme to help save time, money in fighting tax disputes, says Finance Minister Nirmala Sitharaman
Finance Minister Nirmala Sitharaman on Monday said the direct tax dispute resolution scheme announced in Budget will be of great help to people as they will be able to save time and money spent in fighting cases
Budget 2020: Govt stares at tax shortfall of Rs 2 lakh cr on faltering economy; room for personal income tax relief limited
The exchequer was shaved off Rs 1.45 lakh crore as the government slashed corporate tax rates up to 10 percentage points, the biggest reduction in 28 years.
Direct tax collections likely to drop in current fiscal year, first fall in at least two decades, IT dept receives only Rs 7.3 lakh cr so far
India’s corporate and income tax collection for the current year is likely to fall for the first time in at least two decades, over half a dozen senior tax officials told Reuters, amid a sharp fall in economic growth and cut in corporate tax rates
The government is unlikely to moderate personal income tax rates for the rich due to fiscal stress on account of lower tax realisation amid a slowdown in the economy, sources said
The Income Tax Department will use data mining and risk profiling rather than intrusive methods for tax collection, Revenue Secretary Ajay Bhushan Pandey said on Wednesday while exuding the confidence of achieving the direct tax mop-up target for the current fiscal
Direct tax collection target of Rs 13.35 lakh cr for current financial year is achievable: CBDT chairman PC Mody
The government has re-calibrated and fixed the direct taxes collection target for this financial year at Rs 13.35 lakh crore, a task that the CBDT chief said is difficult but achievable
Govt duty-bound to achieve fiscal deficit of 3% as per law, says Finance Minister Nirmala Sitharaman
In the Budget presented on Friday, the government lowered the fiscal deficit target to 3.3% of the GDP for 2019-20
indirect tax is collected by one entity in the supply chain and paid to the government
Union Budget 2019: Finance Minister should consider bringing down corporate tax rate for all companies, irrespective of turnover
In February 2019, the then Interim Finance Minister Piyush Goyal adopted a pragmatic approach by providing a pro-growth and fiscally prudent Budget
Direct Tax collections fell short by Rs.82,000 crore at Rs 11.18 lakh crore during 2018-19 with lower corporate tax collections emerging as one of the reasons for the lower mop
The government is estimated to have witnessed a shortfall of Rs 50,000 crore in direct tax collection target of Rs 12 lakh crore for 2018-19, a senior finance ministry official said on Tuesday
CBDT raises alarm as direct tax collection remains short of 15%; officials asked to pull up socks to achieve target
The officer expressed CBDT's disappointment at this situation and has asked the supervisory tax officials to pull up their socks and ensure no stone remains unturned to achieve the target.
With fiscal math under pressure due to lower buoyancy in tax collection, the government is eyeing advance tax payment to meet the revised Budget target of Rs 12 lakh crore for the current fiscal
Direct tax collection exceeds target in FY19, pegged at Rs 13.80 lakh cr in FY20; mop-up from customs crosses target
As per the 2019-20 Budget estimates, out of the Rs 13.80 lakh crore direct taxes, the government aims to raise Rs 7.60 lakh crore from corporate tax and Rs 6.20 lakh crore from PIT.
Direct tax mop up rises 14.1% to Rs 8.74 lakh cr during Apr-Dec 2018; net collections increase by 13.6% to Rs 7.43 lakh cr
The gross collections for corporate tax is 14.8 per cent while that for personal income tax is 17.2 percent.
The Direct Tax collection has risen 19.5 percent to Rs 7.44 lakh crore in the April-February period of the current fiscal, buoyed by a strong pick up in corporate tax
Currently, the GST regime slots items under rates of 5, 12, 18 and 28 percent. An additional GST compensation cess is also levied on certain products.