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direct taxes News
Tax trouble: 65 lakh people face government crackdown
Mon, Apr 30, 2018
The department in its analysis has reportedly concluded that of the nearly 6.8 crore returns filed in 2017-18, nearly a fifth related to previous years as was the case earlier too. Officials reportedly said that the text messages and emails were targeted at close to 1.75 crore "potential assessees" of which 1.07 crore have voluntarily filed returns so far. Going by this measure too, the numbers add up, said the report.
CBDT asks field officers to step up collections to meet Rs 10.05 lakh crore target
Sun, Feb 25, 2018
In the April-January period, the government has collected Rs 6.95 lakh crore from direct taxes, which was 69.2 per cent of the revised estimate of Rs 10.05 lakh crore for full 2017-18 fiscal. In the last fiscal (2016-17), the government had collected Rs 8.49 lakh crore as direct taxes.
Niti Aayog suggests retaining tax exemption limit at Rs 2.5 lakh
Fri, Aug 25, 2017
On direct taxes, the 211-page document said that the nominal tax exemption threshold should remain unchanged in a bid to include greater proportion of individuals in the tax net over time.
Mumbai's income tax zone misses revenue target of Rs 2.79 trillion in FY17
Mon, Apr 10, 2017
The Income Tax Department of Mumbai has missed the revenue mop-up target of Rs 2.79 trillion for the financial year 2016-17 on account of more refunds given to tax payers.
Direct tax collection records growth of nearly 11% in April-February; indirect tax collection up 22%
Fri, Mar 10, 2017
The Government of India's net refunds of direct tax collection from April to February 2016-17 has risen 10.7% to Rs 6.17 lakh crore as compared to same period last year.
Here are 20 key Budget 2017 terms that you need to know
Wed, Feb 01, 2017
Here are 20 key Budget 2017 Glossary terms that you need to know before you watch FM Arun Jaitley's Union Budget speech on Wednesday.
Cut indirect tax rates, not direct ones: Chidambaram
Sat, Jan 28, 2017
In view of the "sufferings" of the common people resulting from demonetisation, former Union Finance Minister P. Chidambaram on Saturday suggested that the Centre should cut indirect tax rates to mitigate the hardships people are facing now.
CBDT detects over 30 tax irregularity cases, seizes over Rs130 crore
Tue, Dec 06, 2016
Detecting ‘serious’ irregularities while disclosing income, the Central Board of Direct Taxes (CBDT) on Tuesday said that over 30 such cases have been reported to the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED).