Now pay convenience charges, GST on income tax payments if you choose this payment mode
- Next time if you pay your income tax via the new income tax portal website, then be aware that you will be liable to pay for convenience charges and Goods and Services Tax (GST) for using certain payment methods. For example, you can get charged Rs 300 for paying income tax of Rs 30,000 using some of the payment modes.The convenience charges and GST will be applicable if income tax is paid using the ‘payment gateway’ on the e-filing income tax website. If you pay using ‘Payment Gateway’ -which is one of the five payment options as shown below then transaction charges will be applicable for certain modes of payment.
GST
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Gross direct tax collections up 35.46% y/y to touch Rs 6.48 lakh crore till September 8
Sep 10, 2022
Gross direct tax collections in the ongoing fiscal year till September 8 totaled `6.48 lakh crore, up 35.46% compared with the tax collected in the same period of the last fiscal year. Net of refunds, direct tax collections since April 1 increased 30.17% to Rs 5.29 lakh crore, data showed.The net collection is 37.24% of the direct tax collection estimated in the budget for this fiscal year, the Central Board of Direct Taxes said in a statement.
"After adjustment of refunds, the net growth in corporate income tax collections is 32.73% and that in personal income tax collections (including securities transaction tax) is 28.32%," the statement said.
The Income Tax Department has issued refunds amounting to Ra 1.19 lakh crore, 65.29% higher than in the yearago period. The Centre expects its net direct tax collection to exceed the Rs 14.20 lakh crore target set in the budget for this fiscal. “As the economy continues to recover from the Covid downturn, the efforts at nudging taxpayers to better compliance through a combination of technology intervention and data reporting are paying off, and tax collections continue on their upward trajectory,” said Rohinton Sidhwa, partner, of Deloitte India.
Income Tax
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ITAT comes to rescue of taxpayer over filing error
- The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has frowned upon a “hyperpedantic approach” adopted by an I-T officer in denying a long-term capital gains (LTCG) exemption claimed by a non-resident taxpayer. The rejection was merely because she quoted a wrong section in her I-T returns against her claim.
Under the I-T Act, two key sections — section 54 and 54-F — provide for an exemption from long-term capital gains arising on sale of an asset (this original asset can be shares, tenancy rights or residential property) if an investment is made in a house property.
Income Tax
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Loan waiver not a benefit, banks exempt from 10% TDS for one-time settlement
Sep 14, 2022
- Banks will not be required to deduct 10% tax at source (TDS) on one-time settlement (OTS) or loan waivers, the Central Board of Direct Taxes said on Tuesday.
- CBDT said in a detailed clarification that OTS or loan waiver by a bank will not be treated as a benefit or a perquisite and not face Tax Deducted at Source as they would have to bear the additional cost of tax deduction besides the haircut. The exemption will be available to all public financial institutions, scheduled banks, cooperative banks, rural development banks, state financial corporations, and state industrial investment corporations.
Tax Deduction at Source
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Can you claim the new tax regime benefit while filing belated income tax returns?
Sep 16, 2022
Planned your taxes according to the new tax regime but missed filing your income tax returns (ITR) before the July 31, 2022 deadline, then there is some bad news. As per current income tax laws, you cannot claim the benefit of the new tax regime while filing belated ITR. Not only, you will have to pay taxes according to the old tax regime while filing belated ITR, but there may be chances of a higher income tax liability as well.What income tax laws say about filing ITR with new income tax regime
Once the deadline to file ITR is missed, then the individual can file a belated ITR using only the old income tax regime. The Finance Bill, 2020, introduced the new income tax regime and it came into effect from FY 2020-21 (April 1, 2020). The Finance Bill makes it clear that in order to avail benefits under the new regime, an individual has to file their ITR within the due date (usually July 31 unless extended by the government) under Section 139(1) of the Income-tax Act,1961. If the income tax returns are filed belatedly, the taxpayer will not be able to claim the benefit of the lower tax rates, as provided for in the new tax regime and the existing, old income tax rates would apply.
Income Tax
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Q2 advance tax collections up 22%: Report
17 SEPTEMBER,2022
The Centre’s advance direct tax collections grew by about 22% on year to Rs 1.81 trillion in the second quarter of the current financial year, CNBC TV18 reported.A senior revenue department official, however, told FE that the data was ‘premature’ as it was still being tallied. The due date for advance tax for September quarter was 15th of the month.The government’s advance direct tax collections from companies, LLPs and individuals in the first quarter (June quarter) was up 33% on year at about Rs 1.01 trillion.The Centre’s direct tax collections (post-refunds) grew by a robust 30% on year till September 8 of the current financial year even as refunds rose sharply by 65% during the period.
General
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Income Tax department relaxes norms for compounding of offence
Sep 19, 2022
To facilitate Ease of Doing Business and decriminalisation of offences, the Income Tax department today said it has relaxed several norm related to compounding of offences under the I-T Act. The I-T department said it has allowed compounding in cases where the applicant has been sentenced to up to two years of imprisonment. Compounding allows the person to accept his offence and pay specified charges to avoid prosecution.Issuing the revised guidelines for Compounding of offences under the Income-tax Act, 1961, the Central Board of Direct Taxes (CBDT) said: "The scope of eligibility for compounding of cases has been relaxed whereby case of an applicant who has been convicted with imprisonment for less than 2 years being previously non-compoundable, has now been made compoundable.
Income Tax
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Direct tax kitty grows 30% in FY23 to Rs 8.36 lakh cr on higher advance tax mop-up
- Gross direct tax collections grew 30 per cent to Rs 8.36 lakh crore till September 17 of current fiscal year on increased advance tax mop-up, the finance ministry said on Sunday.“The gross collection of direct taxes (before adjusting for refunds) for FY 2022-23 stands at Rs 8,36,225 crore compared to Rs 6,42,287 crore in the corresponding period of preceding financial year i.e. 2021-22, registering a growth of 30 per cent over collections of 2021-22,” the ministry said in a statement.
General
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