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Thank You, says Income Tax department to taxpayers

Thank You, says Income Tax department to taxpayers

Known for harassing taxpayers over the years, sometimes including innocent ones, the I-T Department is taking a new step for an image changeover – thanking taxpayers in the form of a certificate.

GST regime: ClearTax to foray into return filing, launch app

GST regime: ClearTax to foray into return filing, launch app

To help clear confusion over return filing and tax planning under the impending GST regime, online tax filing portal ClearTax will act as an advisor to traders and businesses, assisting them in filing returns.

Indirect tax collection up 30% in June quarter against last FY

Indirect tax collection up 30% in June quarter against last FY

The collection up to June indicate that 25.7 percent of the annual budget target of indirect taxes has been achieved in the first three months of the fiscal.

Government's tax kitty swells to Rs 4.3 lakh crore in April-July

Government's tax kitty swells to Rs 4.3 lakh crore in April-July

Reflecting an upturn in economic activity, government's revenue collection showed an impressive growth in April-July period of this fiscal, with total direct and indirect tax mop-up rising to Rs 4.3 lakh crore.

GST impact: Cars, FMCG items to get cheaper; services dearer

GST impact: Cars, FMCG items to get cheaper; services dearer

Luxury cars, FMCG products, consumer durables, electronics items and readymade garments will become cheaper once GST is rolled out next year, but mobile phones, banking and insurance services, telephone bills as well as air travel will be dearer due to higher tax.

GST Bill to be tabled in Lok Sabha today

GST Bill to be tabled in Lok Sabha today

GST, the biggest economic reform since 1991, is likely to sail through smoothly in the Lower House. It will replace a raft of different state and local taxes with a single unified value added tax system to turn the country into world's biggest single market.

Govt trying to pass GST bill this session: Meghwal

Government is working overtime to build a consensus on the long-pending Goods and Services Tax (GST) bill with the hope of getting it passed during the ongoing Parliament session, Minister of State for Finance Arjun Ram Meghwal said Monday.

CBDT issues draft norms for taxing buy back of unlisted shares

Central Board of Direct Taxes (CBDT) Monday came out with draft rules for determining the quantum of distributed income arising out of buy back of shares of unlisted companies for levy of tax.

I-T dept identifies 90 lakh high-value transactions without PAN; to seek details

I-T dept identifies 90 lakh high-value transactions without PAN; to seek details

The high-value transaction trails were detected following the department's drive to bring to book maximum amount of black money during the one-time compliance window closing on September 30.

Japan's Shinzo Abe may leave tax hike to next PM: Reports

Japan's Shinzo Abe may leave tax hike to next PM: Reports

Japan Prime Minister Shinzo Abe intends to push back his debt-loaded country's next tax hike for two and a half years, when he will likely have left office, reports said Sunday.

David Cameron says his tax affairs 'entirely standard practice'

David Cameron says his tax affairs 'entirely standard practice'

British Prime Minister David Cameron Monday described as "deeply hurtful and profoundly untrue" comments about his late father's investments as he faced MPs in the House of Commons for the first time since the Panama Papers row.

UK finance minister George Osborne publishes tax details

UK finance minister George Osborne publishes tax details

Finance minister George Osborne had a total taxable income of £198,738 (247,900 euros, $283,500) during the 2014/15 financial year, according to a statement from his accountants released by officials.

Tax proposals a mixed bag, more could have been done: Experts

Experts have termed tax proposals in the Budget as a mixed bag without major surprises as most key measures were on expected lines.

I-T dept identifies up to 5,000 MNCs late on tax payments

I-T dept identifies up to 5,000 MNCs late on tax payments

Income Tax Department has identified 4,000-5,000 foreign companies based in this megapolis that are not paying taxes on time, including due to tax disputes, and expects to soon recover from them dues totalling nearly Rs 8,000 crore.

Mauritius to begin automatic tax info exchange from September 2018

Mauritius will start automatic exchange of tax information with other nations only from September 2018, as it has postponed by a year implementation of global common reporting standard on tax matters.

Over 11 lakh file tax returns under special drive by IT department

Over 11 lakh file tax returns under special drive by IT department

Over 11 lakh taxpayers have filed their IT returns for Assessment Year 2014-15 after the department tracked them under a special drive to identify those who have not filed their returns despite having an obligation to do so, according to official data.

Tax refund totals Rs 65,000 cr so far this fiscal: FinMin

Tax refund totals Rs 65,000 cr so far this fiscal: FinMin

The Income Tax department has issued a record Rs 65,000 crore worth refunds so far this fiscal, Finance Ministry said Saturday.

Govt may lower long-term capital gain tax for unlisted companies

Govt may lower long-term capital gain tax for unlisted companies

Government Saturday hinted at lowering the long-term capital gain tax on investments made in unlisted firms, particularly startups, in the Budget for the next financial year, to bring them closer to the levels prevalent for the listed companies.

Good news for taxpayers! Income Tax grievances to be addressed in 2 months

Good news for taxpayers! Income Tax grievances to be addressed in 2 months

Taxpayers facing "high-pitched" assessments or unfair scrutiny by the Income Tax Department can now attempt to get their grievances redressed in a short time before undertaking the arduous litigation route of courts or other appellate mechanisms.

Swachh Bharat cess to be levied on portion of taxable service

Swachh Bharat cess to be levied on portion of taxable service

Finance Ministry Thursday said that service tax on restaurant bills will go up from 5.6 percent to 5.8 percent following the levy of 0.5 percent Swachh Bharat cess on all taxable services from November 15.