Direct Taxes News
Max Financial Services Ltd (MFSL) on Wednesday said it has settled a tax dispute involving over Rs 123 crore under the government's 'Direct Tax Vivad Se Vishwas' scheme
In the wake of coronavirus lockdown, Cleartax, a Fintech Saas company, has launched a new e-learning course ‘Power of 21’. The course is designed to help CAs, SMEs, and tax professionals dive into the basics of GST and direct taxes and brush up their tax compliance skills
GDP growth slows to nearly 7-year low at 4.7% in Q3 on poor performance by manufacturing, construction sectors
GDP at Constant (2011-12) prices in Q3 of 2019-20 is estimated at Rs 36.65 lakh crore, as against Rs 35 lakh crore in Q3 of 2018-19, showing a growth rate of 4.7 percent," the NSO said.
GDP growth to stay flat at 4.5% in October-December 2019; coronavirus epidemic to have economic impact on country: SBI economists
The GDP growth is set to slip to a decadal low of 5 percent in 2019-20, driven majorly by a fall in domestic consumption and sluggish world markets that have impacted Indian exports.
Govt mops up Rs 6 lakh cr in direct tax collection so far, less than 50% of Rs 13.35 lakh cr target set for current year
The government has so far mopped up Rs 6 lakh crore or less than 50 percent of the total tax collection target of Rs 13.35 lakh crore for the current fiscal, a senior official said
In perhaps the first instance, the finance ministry has kicked off the exercise to formulate the next budget by seeking suggestions on changes in direct and indirect taxes from industry and trade associations
Corporate tax cut to help top 1,000 firms save Rs 65,000 cr, but measure unlikely to stimulate private sector capex in medium-term
The internal rate of return expected from any new upcoming capex is determined by both the likely asset turnover and cost structure of the business, it explained.
indirect tax is collected by one entity in the supply chain and paid to the government
Economic Survey 2018-19: Gross tax to GDP ratio dips to 10.9% in FY19 on shortfall in indirect tax revenues
The gross tax to GDP ratio declined to 10.9 percent in 2018-19 as indirect tax revenues fell short of budget estimates by about 16 percent, due to shortfall in Goods and Services Tax (GST) mop up, the Economic Survey said
Union Budget 2019: Direct taxes form about 50% of govt's revenue; help curb inflation, maintain socio-economic balance
Direct taxes are considered to be very productive, the reason being, as the working population and community grow, so do the returns from direct taxation.
Union Budget 2019: Will Nirmala Sitharaman be able to stick to fiscal deficit target in her new role as finance minister
The interim Budget presented in February this year had revised upward the fiscal deficit target to 3.4 percent from 3.3 percent of the GDP estimated earlier for 2018-19.
The government in the interim Budget in February revised upward the fiscal deficit target to 3.4 percent from 3.3 percent of GDP
Net direct tax collection crosses Rs 10 lakh cr mark; govt confident of achieving Rs 12 lakh cr target for fiscal of 2019
The net direct tax collection figure has crossed the Rs 10 lakh crore mark as on 16 March, helped by the fourth and final installment of tax payment
Govt will meet fiscal deficit target of 3.4% in FY'19, says Economic Affairs Secretary Subhash Chandra Garg
Economic Affairs Secretary Subhash Chandra Garg on Friday exuded confidence that fiscal deficit target of 3.4 percent for 2018-19 would be met as a shortfall in indirect tax collection would be compensated by lower expenditure
Union Cabinet approves abolition of Ombudsman for direct, indirect taxes; people prefer online redressal mechanism
The institution of Income Tax Ombudsman was set up in 2003 to deal with grievances of public related to settlement of complaints relating to income tax.
Budget 2019: PHD Chamber expects reforms in farm sector, rationalisation of direct taxes; says bold steps essential to boost investment
Consistent indirect tax revenue growth along with reduction in GST rates by the government indicates that the tax base is widening and economic activity is rapidly expanding in India, it said.
Gross collections in corporate income tax (CIT) and personal income tax (PIT) grew 17.7 percent and 18.3 percent, respectively.
Rs 4.89-lakh cr accounted for 42 percent of the full-year direct tax collection target of Rs 11.5 lakh crore for the fiscal ending 31 March, 2019
Petrol, diesel rates on the rise again: Knee-jerk cut in taxes may calm down public temper transiently but makes little economic sense
Petroleum products are sitting ducks in view of their inelastic demand which emboldens the government to tax it as it pleases as evident by the approximate 25 percent central excise and approximate 25 percent state VAT on petroleum products together accounting for nearly 50 percent of the petrol bunk price
Net tax collections (after adjusting for refunds) have increased by 14 percent to Rs 4.44 lakh crore during April, 2018 to September, 2018.