Sumit Jha

I-T finds Rs 12 lakh crore mismatch in ITRs declared in FY 2016

A big reason for not being able to catch such tax evasion is due to the fact that the government has not, so far, implemented the invoice-matching feature of GST.

Economy News

GST fraud: Probe body seeks e-surveillance powers

In the pre-GST regime, the organisation was tasked with gathering intelligence on companies that came under the excise and service tax regime.

Roll-out of new, simplified GST return forms deferred News

GST on liquor: Two contradictory rulings raise scope of litigation

Both the firms wanted clarity on the applicability of GST on proceeds received from contract bottling units (CBUs). Sale of alcohol for human consumption is outside GST purview, and only state-specific taxes are levied on it

Karnataka Appellate Authority for Advance Ruling (AAAR), Maharashtra AAR, GST , United Breweries , CBUs , News

Lok Sabha Elections: Jobs matter the most for voters — How Modi govt fared

Surveys reveal respondents want red tape, corruption out for ease of doing biz

Elections News

Maharashtra and Haryana have shown the way to implement NOTA

Jagdeep S Chhokar, one of founders of the Association for Democratic Reforms (ADR) and the former IIM Ahmedabad professor says that even though there are no real positive changes in the country’s democracy, there is hope fo

NOTA. lok sabha elections 2019, Haryana, Maharashtra, electoral bonds scheme, ADR, implementation of NOTA, NOTA meaning News

IGST-credit-first rule: Taxpayers unsure of GSTN fiat’s legal status

The GST Act saw several amendments last year, which included changes in discharge of tax liability from the existing input tax credit (ITC) in the electronic ledger of an assessee.

Economy News

Cause of worry: Norms tightened after hundreds of auditors resign

Registrar of companies tightens norms for auditors, asked to specify reasons

Industry News

Rs 50,000 crore tax shortfall upsets budget maths

As GST revenue collections consistently missed the estimates by a wide margin, the government in the interim budget brought down FY19 estimate for central GST by Rs 1 lakh crore.

tax collection in india, tax collection shortfall, tax revenue shortfall, budget 2019 News

Money laundering in garb of donations; govt denies tax benefit to Bioved research society donors

The denial of the benefit to donors is on the ground that they were in connivance with Bioved, which was found to be at fault.

tax, income tax, cbdt, money laundering News

Demonetisation effect: Income tax department to crack down on 87,000 people

CBDT tells field officers to complete a probe into these cases by March end, outlines SOPs.

Economy News

Angel tax: No coercive action, dispose of cases quickly, CBDT instructs I-T

Also, there are talks going on that the government would give relaxation to start-ups who have already had negative assessment orders.”

GST on insurance premium, life insurance GST rate, gst rate on insurance premium, Tax savings, Section 80D , Section 80C, insurance premium, GST, insurance, News

GST support: Some states get central compensation despite revenue growth

The GST is now helping the consumption-led states to report revenue growth much higher than manufacturing states.

Economy News

Pained to see lack of actions on risky taxpayers: CBIC

Since then, GST compliance has been curtailed to single summary return filing form although its expected that a comprehensive yet simplified system would be in place from July.

Industry News

Reality check! Stellar growth in income tax e-returns, but not in the taxpayer base

The growth trajectory in direct tax collection closely resembles the growth in effective taxpayer base, rather than the number of returns.

Income Tax News

GST cut: States warn of large-scale tax evasion by builders

The proposed GST rate cut with denial of input tax credit to builders would come with a condition that builders must ensure 80% of the inputs are procured from GST-registered dealers.

GST cut: States warn of large-scale tax evasion by builders News

End of arbitrage: Uttar Pradesh eliminates GST deficit as businesses shift from Delhi

While the states' overall GST ‘revenue shortfall’ against the assured level has come down from 20% last year (July-March) to about 10% in April-December period this fiscal, a curious picture has emerged of neighbouring De

End of arbitrage: Uttar Pradesh eliminates GST deficit as businesses shift from Delhi News

Lower GST on under-construction houses; council to look at proposals

The rates could vary from 1% to 5% with higher rates to be applied on more expensive houses along with absence of input tax credit (ITC) for the builders in case of all categories of houses.

GST council to look into proposals seeking rate cut on under-construction houses News

Worry lines for Modi govt: Direct tax collection could fall short by Rs 65,000 crore

If the historical mop-up trend serves any guidance, some 65% of the annual direct taxes get collected in the first nine months of a fiscal year and the balance in the fourth quarter.

Interim Budget, Direct tax collection, Modi govt, gross tax revenue, personal income tax, personal income tax collections, corporation tax News

New PIT disputes see a drop

The latest data, as revealed in Friday’s interim Budget, however, seem to suggest either a drop in new claims or withdrawal of cases made in the area of personal income tax (PIT).

personal income tax, PIT disputes, direct tax disputes, interim Budget News

Budget 2019: Tax growth projected for FY 2019-20 is realistic, says revenue secretary AB Pandey

The Budget estimate for the growth in direct tax collections in FY19 was 15%.

Budget 2019 News

In GST we trust – Government bets big on tax reform despite Rs 1 lakh crore shortfall in mop-up

The monthly average required to achieve the estimate stands at Rs 1.1 lakh crore for 2019-20

Economy News

Good news! Income Tax rebate limit up at Rs 5 lakh, standard deduction at Rs 50,000

The change in the limit will save middle-class individual assessees Rs 10,000 a year each

Budget 2019, Notional Rent on Your Second House, Tax Rebate Up To Rs 5 lakh,Standard Tax Deduction Limit, Capital Gain Investment News

Budget 2019: Government allows reinvestment of capital gains in two homes

Among a slew of tax concessions announced in the Interim Budget 2019 that will help home owners is the one where income tax that is levied on notional rent accruing from a second self-occupied house will be done away with.

Budget 2019 News

If GST hasn’t paid off, then blame its unwieldiness

While both the government and the Opposition promise a simpler and broader GST, the tax has only grown more complex

Economy News

GST refunds: State government tax officials to blame for 75% of blocked cases

This is largely because state authorities are new to dealing with service providers.

Industry News

Budget 2019: Income Tax exemption might go up to Rs 3 lakh from Rs 2.5 lakh

Narendra Modi government may try to consolidate its middle class voter base by offering income tax soaps.

Budget 2019, union budget 2019 News

Demonetisation report card: Tax notices after note ban yielded little

Deposits worth a few lakh crore in the banks post-demonetisation are reckoned to be cash that had remained out of the banking system for long, with a sizeable chunk of this being presumably untaxed cash (SBI had estimated the

Economy News
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