Income Tax News
Cabinet approves integrated E-filing and CPC 2.0 Project
17 January 2019 at 11:26Cabinet approves expenditure sanction for Integrated E-filing and Centralized Processing Centre 2.0 Project The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has given its approval to expenditure sanction of Rs.4,241.97crore for In
FICCI recommends increasing top 30% tax slabs to income above 20 lac
16 January 2019 at 11:20FICCI in its Pre-Budget recommendations for 2019-20 has suggested reduction in the corporate tax rate across the board to 25% (irrespective of turnover) to spur economic growth and increase overall tax collections. The cha
Direct tax collection grows to 8.74 lac crore in 2018-19
07 January 2019 at 16:48In the recent press release issued by the Government, they have stated a whopping increase of 14.1% in the direct tax collection in the FY 2018-19, where the total collection amounted to Rs. 8.74 lakh crores!A net of 1.30 lakh crores of refunds were
Circular issued on TDS deduction from salaries in FY 2018-19
03 January 2019 at 11:09DEDUCTION OF TAX AT SOURCE INCOME-TAX DEDUCTION FROM SALARIESUNDER SECTION 192 OF THE INCOME-TAX ACT, 1961DURING THE FINANCIAL YEAR 2018-19CIRCULAR NO 01 /2019F.No. 275/192/2018-IT(B)Government of IndiaMinistry of FinanceDepartment of RevenueCentral
Task force created to review Direct Tax legislation
19 December 2018 at 11:25The Government had constituted a Task Force to draft a New Direct Tax Law vide Officer Order in F.No. 370149/230/2017 dated 22.11.2017 under the Convenorship of Shri Arbind Modi, the then Member (Legislation), CBDT with original term of six months fo
Direct and Indirect tax collected in last 4 years
17 December 2018 at 11:33The details of total Direct Tax and Indirect Tax collected over the last three years along with the different component-wise are as under:Direct Tax (Rs. in crore) Financial Year Corporation T
E-return filing doubled in last 4 years
17 December 2018 at 11:33There has been a growth in the number of e-Returns filed by the individual taxpayers during the last four years.The number of income-tax returns filed and the annual growth rate during the last four financial years are as under: Financial
Direct tax collection grows to 6.75 lac crore upto Nov 18
10 December 2018 at 17:34Direct Tax Collections for F.Y. 2018-19 up to November, 2018Gross collections at Rs. 6.75 lakh crore which is 15.7% higher than the gross collections for the corresponding period of last yearThe Provisional Figures of Direct Tax Collections up to Nov
Task Force for drafting a New Direct Tax Legislation
26 November 2018 at 18:09In order to review the Income-tax Act, 1961 and to draft a new direct tax law in consonance with the economic needs of the country, a Task Force was constituted by the Government of India in November, 2017.In partial modification of the earlier order
Protocol amending India-China DTAA
26 November 2018 at 18:09The Government of the Republic of India and the Government of the People’s Republic of China have amended the Double Taxation Avoidance Agreement (DTAA) for the avoidance of double taxation and for the prevention of fiscal evasion with respect
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