Robust growth in corporate and personal income tax receipts will lift the share of income taxes in central government revenues to a 15-year high in FY25, revenue secretary Sanjay Malhotra said. What coincided with FY24’s strong growth in income taxes is the sluggishness in customs and excise duty receipts. It is expected to improve only … Read more
The Income Tax Appellate Tribunal – Chennai bench on Wednesday ordered that a Rs 19,000-crore share buyback undertaken by technology major Cognizant in 2017-18 attracts dividend distribution tax of Rs 4,853 crore. The ITAT‘s ruling dismissed an appeal filed by Cognizant. Cognizant conducted a share buyback through a scheme approved by the Madras high court … Read more
“In a move aimed to further improve taxpayer services in alignment with the Taxpayers’ Charter, the Income Tax Department creates dedicated e-mail ids for registering grievances in respect of pending cases under the Faceless Scheme,” the tax department said in a statement on Saturday. Grievances related to the faceless assessment process, penalties and appeals can … Read more
Finance ministers from wealthy G7 nations on Saturday pledged to commit to a global minimum corporate tax of at least 15 percent, rallying behind a US-backed plan. “We… commit to a global minimum tax of at least 15 percent on a country by country basis,” said a statement at the conclusion of their London meeting. … Read more
The net direct tax collection for the fiscal ended March 31 stood at Rs 9.45 lakh crore, an increase of 5 per cent over the revised estimates in the Union Budget. Central Board of Direct Taxes (CBDT) chairman P C Mody on Friday said the income tax department has exceeded the revised estimates despite issuing … Read more
The tax department has committed to treat every taxpayer as honest, unless proven otherwise, and provide fair, courteous and reasonable treatment, according to the taxpayers’ charter adopted on Thursday. The charter also expects taxpayers to pay taxes on time and be honest and compliant. Prime Minister Narendra Modi launched the platform ‘Transparent Taxation – Honoring … Read more