New Delhi [India], Apr 26 : Union Finance Minister Arun Jaitley on Wednesday asserted that that the Centre has no plans to impose any tax on agriculture income, while acknowledging that as per the Constitutional Allocation of Powers, the central government has no jurisdiction to impose tax on agricultural income.
"I have read the paragraph in Niti Ayog Report entitled 'Income tax on agriculture income'. To obviate any confusion on the subject, I categorically state that the Central Government has no plan to impose any tax on agriculture income," said Jaitley.
However, NITI Aayog member Bibek Debroy made strong case for taxing agriculture income, an opinion contrary to the government's stated position.
New Delhi [India], Apr 4 : Central Board of Direct Taxes on Tuesday said that the provisional figures for revenue collections up to March, 2017 showed a gross Direct Tax collection of Rs. 10.09 lakh crore.
As per a notification by the company, the net collection after issue of refunds stands at Rs. 8.47 lakh crore which is 14.2 percent higher than the net collection for the corresponding period last year.
With this the CBDT has accomplished 100 percent of the direct tax target for Financial Year 2016-17.
Refunds amounting to Rs. 1.62 lakh crore have been issued during April 2016-March 2017, which is 32.6 percent higher than the refunds issued during the same period for FY 2015-16. This has substantially reduced the grievances of tax payers.
New Delhi [India], Apr.4 : Union Revenue Secretary Hasmukh Adhia on Tuesday revealed that the provisional tax collection for fiscal 2016-17 shows net growth of 18 percent.
Addressing media in the national capital, Adhia said that the government would shortly be issuing a detailed report on provisional tax collection.
In a tweet, he said, "Provisional tax collection figures for 16-17 released. Total net tax revenue grows at 18% to 17.10 lac cr, highest in last 6 years. Direct tax growth rate is 14.2% and indirect tax growth rate is 22%."
He said that direct tax collections upto March 2017 stood at Rs. 8.457 lakh crore, while indirect tax collections (Central Excise, Service Tax and Customs) for fiscal 2016-17 stood at Rs.8.63 lakh crore
New Delhi [India], Mar 28 : India's largest Income Tax returns e-filing and enterprise compliance service provider ClearTax on Tuesday launched its GST e-learning kit to educate the business community and make over 2.5 lakh CAs and Tax Return Preparers GST-ready and help them serve over 1 crore businesses.
ClearTax's GST training will be imparted through e-learning modules that include10 hours of high quality videos, 20+ real world examples to study implications, 50+ online webinars, 20+ quizzes to practice concepts, and 100+presentations and articles on GST.
New Delhi [India], Feb 8 : In continuation of the initiative of the government to acknowledge the contribution of tax payers by paying taxes towards nation building and promptness in filing of Income Tax Returns, Central Board of Direct Taxation (CBDT) has issued the third round of Certificates to nearly 3.74 lakh tax payers.
With this, the total number of certificates issued by CBDT now stands at approximately 23 lakh.
New Delhi [India], Feb 7 : The Central Board of Direct Taxation (CBDT) on Tuesday announced that India and Austria signed a protocol amending the existing convention between the two countries for Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to taxes on income today at New Delhi.
The protocol was signed by the chairman CBDT, Sushil Chandra on behalf of India and along with Georg Zehetner, Charge d' Affaires, Embassy of Austria on behalf of Austria.
The protocol will broaden the scope of the existing framework of exchange of tax related information, which will help curb tax evasion and tax avoidance between the two countries and will also enable mutual assistance in collection of taxes. (ANI)
New Delhi [India], Feb 7 : The Central Board of Direct Taxes (CBDT) on Tuesday announced signing of four more unilateral Advance Pricing Agreements (APAs) on 6th February, 2017.
The four APAs signed pertain to the manufacturing, financial and Information Technology sectors of the economy.
The international transactions covered in these agreements include contract manufacturing, IT enabled services and software development services.
With this, the total number of APAs entered into by the CBDT has reached 130. This includes eight bilateral APAs and 122 Unilateral APAs. In the current financial year, a total of 66 APAs (five bilateral APAs and 61 unilateral APAs) have already been entered into.
New Delhi [India], Feb. 6 : Out of a total of 15 lakh companies in India, over 50 percent of them are not filing income tax returns, said Sushil Chandra, Chairman, Central Board of Direct Taxation (CBDT).
Speaking at a post-Budget event held by CII on Monday, Chandra revealed that only around 50 percent of the companies are regular with filing income tax returns.
"As per statistical information available, only around 36,500 companies are filing return above Rs. 1 crore. We are very certain that more persons should come under the tax net. This is a very serious problem and needs immediate attention," Chandra said.
New Delhi [India], Jan 24 : The concept of Place of Effective Management (POEM) for deciding the residential status of a company was introduced by the Finance Act, 2015.
It is effective from 01.04.2016 and accordingly shall apply from assessment year 2017-18 onwards.
The guidelines for determining the POEM has been uploaded on website of the Income-tax Department (www.incometaxindia.gov.in). These guidelines of POEM have been finalized, after placing draft guidelines in public domain for seeking comments from stakeholders and general public, and with extensive consultations thereafter.
New Delhi [India], Jan. 18 : Most services are likely to attract a tax of 18 percent under the Goods and Services Tax (GST) as Union Finance Minister Arun Jaitley presents the Union Budget on February 1.
It will be interesting to witness whether the Centre raises the service tax rate from the existing 15 percent by at least one percentage point to 16 percent as a precursor to the rollout of GST.
However, the Centre and states have agreed to rollout GST from July 1, 2017, after which most services will turn costlier.
Also, a higher service tax, even for three months, will help the Centre partially offset the revenue loss after the GST kicks in, sources indicated.
New Delhi [India], Jan 9 : Highlighting the impact the 'currency squeeze', as a result of demonetisation, has had on revenue collection in the country in the months of November and December last year, Union Finance Minister Arun Jaitley on Monday said that collection figures have moved up in all states.
"The big picture is that the Direct Tax collections have moved up. The Indirect Tax collections have also significantly increased," Jaitley told a press conference here.
In view of the number of tax scams mounting in the country, the IRS has issued advisory cautioning the tax payers to be extra vigilant and alert while filing tax details.
The IRS alerted that the scammers have devised new techniques for befooling the taxpayers. The victims are being approached through emails, phone-calls and even letters.
In a press statement issued recently, the IRS stated that the Treasury Inspector General for Tax Administration (TIGTA) has so far, reported 6,00,000 complaints since October, 2013. They said that the tax losses turn out to be about $20 million, in total.
Community volunteers are going to join IRS-certified tax preparers and accounting students from various universities with an aim to provide free tax preparation services for people with incomes under $57,000. The students who are taking part to provide help are from Davenport University, Aquinas College and Cornerstone University.
Free tax preparation services will be provided on April 11, 12, 14 and 15. Volunteers will provide help in cooperation with the Volunteer Income Tax Assistance (VITA) program. It is cooperative effort of the Internal Revenue Service and nonprofit groups that give training to volunteers to prepare basic tax returns in communities across the country.
April 15 is the deadline for tax payments. At this time, filers have so many questions with regard to tax. They can range from 'Do I need to file my taxes?' and 'Who can I claim as a dependent?'
There can be so many questions, but here is a list of the most common tax questions from taxpayers.
1. Is there is a need to mention my healthcare coverage on my taxes?
The answer is yes, there is a need to report it for the first time. Taxpayers need to report their healthcare status at the time of filing their taxes.
2 What is the Earned Income Credit and how to determine the amount?
According to WalletHub report on the best and worst states for taxpayers, Illinois and Iowa were ranked as the worst taxpayers.
The report wrote, "The average American household pays roughly $17,000 in federal income taxes each year. And while we're all faced with the same burden in that regard, there is significant disparity when it comes to state and local taxes".
This means that it makes a big difference where you live while paying state and local taxes. The report calculated relative income tax obligations by applying the average American's income to the effective income taxes rate in each state and locality.
Each year, the tax filing deadline on April 15 grips the taxpayers across the nation with stress of filing taxes. Over the past few years, increasing number of people have been filing tax returns online and this has helped in quick disbursal of tax refunds. However, taxpayers must be well aware of the tax frauds and avoid paying high fee to some tax preparers.
Some useful tips have been offered by IRS to the taxpayers in order to avoid any kind of scam while filing their returns or in getting a tax refund. The best option to get timely refunds is e-filing of returns and direct deposit for tax refund.
New Delhi: Indirect tax mop up inched up by 4.6 percent in the April-August period of this fiscal, while customs duty and excise duty collections rose marginally.
Indirect tax collections comprising excise, customs and service tax stood at Rs 1,94,492 crore in the first five months of 2014-15 fiscal as against Rs 1,85,881 crore in the corresponding period a year ago, the finance ministry said in a statement.
The growth at 4.6 percent is far less than 25 percent annual increase envisaged in the Budget for the full 2014-15 fiscal.
Excise collection rose marginally 0.5 percent during the quarter to over Rs 61,415 crore.