Have you read these stories?

Audit firms in India have suddenly become too hard to please

Some of the large audit firms are now conducting a risk assessment of their existing clients.

Direct Taxes

10 July, 2020, 02:28 PM IST



I-T department refunds Rs 62,361 crore during lockdown: CBDT

Income tax refunds amounting to Rs 23,453.57 crore have been issued in 19,07,853 cases to taxpayers and corporate tax refunds amounting to Rs 38,908.37 crore have been issued in 1,36,744 cases to taxpayers during this period.

Fall in tax collections temporary, says CBDT

"It is a fact that the net direct tax collection for the FY 2019-20 was less than the net direct...

Gross tax collection falls 31% so far in June quarter

Gross tax collection fell 31 per cent till June 15 of the current fiscal, with advance ...

  • The Director-General of GST Intelligence (DGGI) sourced information from online platforms such as Amazon, Flipkart, Snapdeal and PayTM and has circulated a list of 62 sellers after finding that manufacturers had paid 12% GST instead of 18%.

    Income-tax refund of Rs 14,632 crore to 15,81,906 assesses and corporate tax refund amounting to Rs 11,610 crore to 1,02,392 assesses have been processed during this period, the CBDT said in a statement.

    Citizen groups, residents welfare associations and experts have raised questions about the old property tax data, which was gathered over the last 12 years, not being utilised in the new portal made by National Informatics Centre.

    In a message to tax officers on the third anniversary of Goods and Services Tax (GST), Sitharaman also said there is scope for easing compliance further for taxpayers, especially MSMEs.

    In the last financial year, India attracted USD 14.67 billion in FDI from Singapore, whereas it was USD 8.24 billion from Mauritius, according to the data of the Department for Promotion of Industry and Internal Trade (DPIIT). In 2018-19, Singapore's FDI aggregated at USD 16.22 billion, while that from Mauritius it was USD 8.08 billion.

    India figures among the top-three countries getting detailed information from Switzerland about bank accounts and beneficiary ownership of entities established by their residents in the Alpine nation, according to the latest study by OECD's Global Forum on transparency and exchange of information for tax purposes.

    The ministry submitted that the Commission may consider to keep its award to the PRIs (Panchayati Raj Institutions) for the revised period 2021-2026 at Rs 10 lakh crore, an official statement said.

    The E-way generation which used to be around 20 lakh a day, in regular times, had drastically come down after the enforcement of the lockdown. March witnessed the steepest fall in E-way bill generation plunging to a low of approximately 0.50 lakh on 25th March, the lowest figure on the first day of the nation-wide lockdown.

    Collection of direct tax for the just-concluded fiscal 2020 is expected at Rs 10.1 lakh crore, well short of the government’s most recent estimate of Rs 11.7 lakh crore, officials in the know said.

    Economists said the reductions were in line with expectations for the full year with growth forecasts in the negative, more so due to the lockdown which almost obliterated demand, consumption and economic activity in the first quarter.

    Union labour ministry has directed all states on the start of the lockdown to frame a scheme under section 22 (1) (h) of the Act for transfer of adequate funds in the bank accounts of construction workers through direct benefit transfer (DBT) mode.

    According to the report titled ‘Indian Roots, American Soil’ which surveyed 155 Indian companies in the US, Texas came out as the top investment destination for Indian FDI, receiving $9.5 billion, followed by New Jersey’s $2.4 billion and $1.8 billion in New York.

Load More...

Other useful Links

Copyright © 2020 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service