Income Tax department notifies cost inflation index for current fiscal

• Jun 15, 2022
• The Income Tax Department has notified the cost inflation index for the current fiscal to calculate long-term capital gains arising from the sale of immovable property, securities and jewellery. The cost inflation index (CII) is used by a taxpayer to compute gains arising out of the sale of capital assets after adjusting for inflation. The Cost Inflation Index for FY 2022-23 relevant to AY 2023-24 is 331.AMRG & Associates Senior Partner Rajat Mohan said the CII will help taxpayers to compute long-term capital gains tax, enabling them to remit advance tax on time.
  

Income Tax

Direct tax collections so far this fiscal rise 53.2% to Rs 2.58 lakh crore

• Jun 16, 2022
 

The net direct tax collections, which include income tax and corporate tax, reached Rs 2.58 lakh crore as of June 14 in financial year 2022-23 against Rs 1.86 lakh crore YoY, according to a CNBC-TV18 report, reigniting hopes of sustained economic recovery, despite inflationary concerns and the disruption caused by geopolitical tensions. The net direct tax collection has increased by around 53.2 percent from April 1 to June 14 over the year-ago period.The advance collection of corporate tax and personal income tax in the first quarter witnessed a healthy growth over last year, initial trends indicated.The government expects the advanced tax collection in the first quarter to grow around 50 to 60 percent over last year.

Income Tax

CBDT issues guidelines on TDS applicability on non-salary perquisites

• Jun 17, 2022
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  • The Central Board of Direct Taxes (CBDT) on Thursday issued guidelines seeking to address likely issues emanating from application of the newly introduced section 194R of the Income Tax Act for withholding 10% tax (TDS) on benefits or perquisites from non-salary sources.The new provision part of the Finance Act 2022 will become effective from July 1.

Income Tax

Income Tax department issues revised instruction on action against officers for high-pitched assessments

• Jun 17, 2022
 

The income tax department on Thursday said it has issued revised instruction, which provides for initiation of suitable administrative action against the officer concerned, in cases of high-pitched assessments. In 2015, the Central Board of Direct Taxes (CBDT) had provided for the constitution of ‘local committees to deal with taxpayer grievances from high-pitched scrutiny assessment’ in each principal commissionerate region. Considering the implementation of faceless assessment regime, the CBDT has now issued a revised instruction regarding constitution and functioning of these committees.

Income Tax

Get personlised support from income tax helpdesk

Nov 17, 2022

To provide real-time and personalised support, income tax department offers an option of Co-browsing, which is also referred to as collaborative browsing. This enables helpdesk representatives to work alongside the taxpayer's browser in real-time and agents can monitor the taxpayer's browser screen and lead them interactively. Here is a quick look at what is cobrowsing and how it helps tax payers, according to the income tax department’s website FAQs. What is Co-Browsing and how does it help Taxpayer service?
Co-browsing, also known as collaborative browsing, allows the Helpdesk agents to collaborate with the taxpayer’s browser in real-time, just at the click of a button. Agents can view and securely co navigate the Taxpayer’s browser screen and guide them interactively to deliver real-time and personalized support.

Income Tax

Direct tax mop-up to exceed budget target by 25-30 pc: CBDT chief

• Nov 16, 2022
  
  

• The direct tax collection in the current fiscal is likely to exceed the budget target of Rs 14.20 lakh crore by about 30 per cent, a senior official said. Central Board of Direct Taxes (CBDT) Chairman Nitin Gupta also said that the Budget for next fiscal could bring about some tweaks in the TDS provision for online gaming to check tax evasion. “Currently there is a provision for deduction of TDS on online gaming. There is existing provision, if it needs to be modified or retained in the same way that needs to be seen,” he said.

Income Tax

Tweaking of TDS provisions for online gaming likely to check tax evasion

• Nov 16, 2022
• The government is considering tightening the Tax Deducted at Source (TDS) framework for the online gaming sector to ensure that a better audit trail can be established for the money spent and earned from such activities and check evasion. Also, given the buoyancy in tax collections, the budget target for the next fiscal (2023-24) is likely to be higher, Central Board of Direct Taxes (CBDT) chairman Nitin Gupta said on Tuesday. "TDS provision needs a tweak for better audit trail," Gupta said on the sidelines of the inauguration of Taxpayers Lounge at India International Trade Fair (IITF).
  

Tax Deduction at Source

Advisory on Filing TRAN forms for Taxpayers from Daman and Diu & Ladakh

Due to reorganization of the state of Jammu & Kashmir and merger of the Union territories of Dadra and Nagar Haveli and Daman and Diu, the taxpayers of Ladakh and earlier ‘Daman and Diu’ region have been allotted new GSTINs. There is therefore a doubt as to how to file the TRAN-1 and whether it would be linked with the old TRAN-1 or not. The aggrieved taxpayers of both the above-mentioned regions are hereby informed that they can file or revise their TRAN-1 or TRAN-2 Forms only through their newly allotted GSTINs. Kindly do not use the old GSTIN for filing of TRAN forms. The respective tax administrations of both the regions are also advised to accordingly facilitate the taxpayers and keep the above information in mind while processing the TRAN claims under the new GSTINs by linking both the old and revised TRAN-1 forms filed by such taxpayers.

GST