A CENTRAL BOARD OF DIRECT TAXES
Budget 2024: India’s GST kitty remains central focus; a look at overall collection
India GST Collection Budget 2024 | Finance Minister Nirmala Sitharaman is set to incorporate robust Goods and Services Tax (GST) collections, hitting Rs 2.1 lakh crore in April 2024, into Union Budget 2024. With May's collections at Rs 1.73 lakh crore, GST continues to streamline, aiding government fiscal strategies amidst economic growth and coalition governance challenges.
Banks in a GST fix over RBI's directive to levy penal charges
The Reserve Bank of India's directive to levy penalties only in the form of 'penal charges' is posing a tax dilemma for banks. Banks fear that the indirect tax on such levies would attract the goods and services tax (GST). The new rule, which came into force from April 1, 2024, was brought in by the central bank to ensure "reasonableness and transparency" in disclosure of penal interest. However, banks have asked the tax authorities to spell out their stand on the issue.
Kanchanjunga Express accident: ECR suspends issuing of T/A 912, directs drivers to maintain caution
The East Central Railway (ECR) has suspended the T/A 912 written authority letter for train drivers to cross signals in case of automatic signal failure. The decision was taken at a safety meeting, following a Kanchanjunga Express-goods train collision that killed 10 people. The ECR's circular stated that the T/A 912 would not be issued until further advice, and instead, the provision of G&SR 9.02 will be used for double line.
India's net direct tax collections up 21% YoY to over Rs 4.62 lakh cr in April-June
India's net direct tax collections for the period from April 1 to June 17, 2024, have risen significantly by 21% year-on-year, totaling over Rs 4.62 lakh crore. This includes Corporate Income Tax (CIT) amounting to Rs 1,80,949 crore and Personal Income Tax (PIT) including Securities Transaction Tax (STT) totaling Rs 2,81,013 crore, according to the Central Board of Direct Taxes (CBDT).
ITR filing forms for FY 2023-24 (AY 2024-25): Which income tax return form applies to you?
ITR forms: The important part of ITR filing process is to identify the correct the income tax return form applicable to their incomes. Filing income tax return using wrong ITR form will make the filed ITR as defective ITR. Read on to know the correct tax return form applicable to your incomes.
GSTN rolls out form for tobacco manufacturers to report inputs, outputs to tax authorities
The GST Network (GSTN) has introduced a new form, GST SRM-II, for manufacturers of pan masala and tobacco products to report inputs and outputs, aiming to curb tax evasion. This form, implemented shortly after the rollout of GST SRM-I for registering machines, requires detailed monthly reporting. The Central Board of Indirect Taxes and Customs (CBIC) had announced these changes in January to enhance GST compliance for such manufacturers, with penalties for non-compliance.
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CBIC clarifies on display assembly of mobile phones for levy of 10 pc import duty
CBIC lists parts of mobile phone display assembly attracting 10% import duty. Concessional 10% customs duty on integrated display assembly. Circular by CBIC imposes 10% BCD on display assembly for cellular mobile phone manufacturing.
White goods, FMCG imports failing to get custom-fit tag
White goods, chemicals, pharmaceuticals, and FMCG companies face import delays or higher duties as customs authorities scrutinize third-party invoicing at various ports. This practice, used for tax optimization, allows invoicing through a country different from the goods' origin and is permitted under FTAs. However, customs officials suspect abuse of FTA provisions, withholding consignments and denying lower duty benefits at ports like Nhava Sheva. Authorities demand differential duty payments and invoke rules addressing potential duty evasion through third-party invoicing, leading to potential supply disruptions.
No tax recovery within three months of notice, says CBIC
The letter was written after the board noted that many tax officers were abusing the exceptional case clause, initiating recovery proceedings before the expiry of the specified three-month period, even in routine cases, forcing the companies to move courts to seek stay on the recovery process. This attracted not only adverse comments from the judiciary but in some cases even penalty.
CBIC issues instructions for initiating early GST recovery
The CBIC has authorized Principal Commissioners or Commissioners to demand GST dues within three months of a demand order if necessary for revenue. Generally, recovery starts post the three-month period, but early recovery can be initiated if justified in writing by the proper officer. This move aims to balance revenue protection and business ease, enhancing transparency and predictability in tax administration.
Windfall tax on crude slashed to ₹5,200/tonne
Centre slashes windfall gains tax on domestically-produced crude to ₹5,200 per tonne from ₹5,700 per tonne effective June 1, 2024. No change in export duty on petrol, diesel, and ATF.
Fiscal deficit may fall below revised estimate of 5.8%
The Indian government's fiscal deficit could be slightly lower than revised estimates of 5.8% of GDP due to robust revenues and lower subsidy outgo. Tax revenues could exceed the revised estimate by ₹27,000 crore. The fiscal deficit in absolute terms is pegged at ₹ 17.3 lakh crore. Direct tax receipts are expected to exceed revised estimates by about Rs 14,000 crore, while indirect revenues, including customs and excise duty, by Rs 13,000 crore.
Gold storage at home: How much gold can you legally keep at home, government rules, taxation
Gold storage at home: Gold is a valuable metal in India. People buy it during festivals for luck and keep it at home. It's crucial to be aware of government rules on gold storage.
Aadhaar-PAN linking update: Pay penalty for not deducting higher TDS amount if PAN and Aadhaar not linked by this date
The Income Tax Department has urged taxpayers to link PAN with Aadhaar by May 31, 2024, to avoid higher tax deducted at source (TDS) or tax collected at source (TCS). The TDS is deducted at a higher rate when a deductee’s (whose tax has been deducted) PAN has not been linked with Aadhaar. A PAN that is not linked Aadhaar becomes an inoperative PAN.
Income Tax department notifies cost inflation index for current fiscal
The Income Tax Department has notified the Cost Inflation Index (CII) for the fiscal year 2024-25, set at 363, to calculate long-term capital gains from the sale of assets. The CII reflects economic inflation, with an increase of 15 points from the previous year, aiding taxpayers in adjusting gains for inflation and reducing tax liabilities.
Mandatory scrutiny of ITR: Income tax dept reveals the criteria how the ITRs will be selected for the scrutiny
Income tax return: The tax department has released a circular which outlines the criterias and procedure to be followed if a particular income tax return (ITR) is to be selected for scrutiny. These guidelines also includes the procedure and criteria to be followed for section 142 (1) income tax notice.
Q1 tax revenue likely to exceed budgeted growth
The government expects tax revenues to exceed budgeted growth in Q1 but will stick to interim budget revenue estimates, considering global headwinds. Gross revenue collections projected at ₹38.30 lakh crore for FY 2024-25, with factors like compliance, corporate earnings, elections, and enhanced focus on recovery contributing to growth.
CBDT brings new update in income tax AIS; now you can check the status of correction request; Here's how it works
Annual Information Statement (AIS): The Central Board of Direct Taxes (CBDT) has updated the functionality of AIS which can be found on the compliance portal. Now after you put in a correction request, you will be able to see whether the reporting source took any action at all. CBDT says this makes the system more transparent.
New functionality in AIS rolled out for taxpayers
CBDT introduces AIS feature for real-time taxpayer feedback on transactions, enhancing data accuracy, compliance, and taxpayer services, covering tax deductions and financial data sources.
Received a tax notice seeking more details, or for not filing your ITR? Here's are some key things to know
This particular notice, covered under Section 142(1), is sent to taxpayers who fails to file their income tax returns. This is also sent when the taxman feels that more details about a taxpayer is required.
CBDT extends deadline for charitable trusts' registration till June 30
The income tax department has extended the deadline for charitable and religious trusts to submit registration applications with tax authorities until June 30. The Central Board of Direct Taxes (CBDT) had previously extended the due date for filing Form 10A and Form 10AB for such trusts, institutions, and funds multiple times, with the last extension until September 30, 2023. This extension aims to avoid genuine hardships to taxpayers, allowing trusts to file Form 10A/Form 10AB for income tax exemption or renewal of permanent registration by the new deadline.
Non-linkage of PAN-Aadhaar: CBDT gives relief to tax deductors
The Central Board of Direct Taxes (CBDT) has clarified that tax deductors will not be treated as defaulters for failures in deduction of tax at a higher rate on transactions between July 1, 2023, and March 31, 2024, if the Permanent Account Number (PAN) becomes inoperative due to non-linkage with Aadhaar. This relief will be exempt from penalties, providing relief to businesses facing tax notices for shortfalls in deduction.
Proof of HRA claims of previous years; can you really take it easy after CBDT's assurance of no review of old HRA cases
Rent HRA: The Central Board of Direct Taxes (CBDT) has clarified that there is no special drive to identify fake HRA claims from previous years. However this communication from CBDT should not be taken lightly, because if you have claimed false HRA and evaded income tax then the income tax department is bound to catch you.
Property buyer may end up paying 19% TDS out of his own pocket for this PAN related issue
Tax deducted at source (TDS): If you are buying any property above Rs 50 lakh value then make sure to deduct 1% TDS before making the payment to the seller. However it is important to check the status of the seller's PAN. An individual forgot to do this and got served with an income tax notice.
Report all high-value transactions of FY23 by June 30: CBDT
CBDT mandated SROs to report high-value transactions by June 30. 6,000 entities failed to comply, lacking data. Form 61A enforcement in progress for Income Tax Act adherence.
Govt ends easy tax relief for Mauritius-based FPIs
This limitation on third-party countries will be a concern, along with the new requirement to demonstrate that tax relief is not one of the principal purposes of the investment, said experts.
Central & state GST officials to conduct joint audits of firms
As per industry estimates, there are about 11,000 such cases of dual investigation by both the central and state authorities or under litigation. Several central GST zonal heads have sent an internal communique to officials, asking them to invite state officials to join their ongoing audits for better coordination, said officials.
HRA claims: Income tax dept clarifies no special drive to reopen cases of mismatch
Refuting reports that there is a special drive by the department to reopen cases regarding House Rent Allowance (HRA), the Central Board of Direct Taxes (CBDT) said the verification of rent paid by the tenant and the rent received by the recipient was done in a "small number" of cases.
Penny stocks linked tax evasion: Tax dept may take you to court and tribunal for bogus transactions
Penny stocks: The income tax department can now file appeal in tribunals and court if you are found to be using penny stocks or accommodation entries or both to evade taxes. Earlier the tax department could file such appeals only if the tax effect crossed certain thresholds, however now these cases are to be taken on merit irrespective of the tax effect amount.
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