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India`s direct tax collections jumped over 3-fold to Rs 20 lakh crore in last 10 years: Revenue Secretary  India's direct tax revenues have increased from Rs 5.59 lakh crore to Rs 20 lakh crore a year over the last 10 years while the tax-to-Gross Domestic Product (GDP) ratio has increased to 6 per cent from 5.6 per cent over this period, according to Revenue Secretary Sanjay Malhotra. In his address on Income Tax Day, he also said that the Income Tax Department's focus on the use of technology was comparable with global practices to improve taxpayer services. Highlighting the f...
India`s direct tax collections jumped over 3-fold to Rs 20 lakh crore in last 10 years: Revenue Secretary
India`s direct tax collections jumped over 3-fold to Rs 20 lakh crore in last 10 years: Revenue Secretary
Source: IANS
2024-08-22 01:52:22 pm
Centre mulling some respite on LTCG tax regime for real estate sector Amid the debate on the impact of the long-term capital gains (LTCG) tax on the real estate sector, the government is mulling options to address concerns of the stakeholders, including a "grandfathering clause", likely allowing transactions completed before July this year to continue benefiting from previous indexation rules.  When a new clause or policy is added to a law, certain people may be relieved from complying with the new clause which is called "grandfathering&q...
Centre mulling some respite on LTCG tax regime for real estate sector
Centre mulling some respite on LTCG tax regime for real estate sector
Source: IANS
2024-08-07 09:21:38 am
Six crore ITRs filed in 2023-24, 70 pc under new tax regime Around six crore income tax returns have been filed in 2023-24, of which 70 per cent were filed under the new simplified tax regime which offers a lower rate of tax but fewer deductions, Revenue Secretary Sanjay Malhotra has said.  Addressing the post-budget session of PHD Chamber of Commerce and Industry, Malhotra said initially some apprehensions were raised in some sections as to whether people would shift to the simplified tax regime. However, the large percentage of taxpayers ...
Six crore ITRs filed in 2023-24, 70 pc under new tax regime
Six crore ITRs filed in 2023-24, 70 pc under new tax regime
Source: IANS
2024-07-31 01:50:24 pm
Budget simplifies tax provisions, ensures fairness and equity: Revenue Secretary The Union Budget aims to simplify tax provisions and reduce complexity and disputes, while ensuring that those more capable bear a burden than the lesser, Revenue Secretary Sanjay Malhotra said here on Tuesday.   At a post-budget session at the leading industry chamber PHDCCI, Malhotra said the budget not only aims to adopt a collaborative, non-adversarial approach but also stimulate growth and employment, "with a significant shift from principal accounts to normative and presump...
Budget simplifies tax provisions, ensures fairness and equity: Revenue Secretary
Budget simplifies tax provisions, ensures fairness and equity: Revenue Secretary
Source: IANS
2024-07-31 10:17:26 am
New simplified Income Tax law to be put out for stakeholder consultation soon The government is working towards a comprehensive review of the Income Tax Act, and the first draft which will be prepared by an internal committee of the tax department will be put out for stakeholder consultation within the next 6 months, Revenue Secretary Sanjay Malhotra said on Thursday.  Addressing FICCI’s interactive session on Union Budget 2024-25, he said: "We will have a consultation process on the first draft and how it will happen, that we will decide. We would l...
New simplified Income Tax law to be put out for stakeholder consultation soon
New simplified Income Tax law to be put out for stakeholder consultation soon
Source: IANS
2024-07-26 09:07:04 am
Government looking at bringing down number of customs duty levies to five from about dozen presently: Sanjay Malhotra Revenue Secretary Sanjay Malhotra has said that the government is looking at bringing down the number of customs duty levies to five from about a dozen presently, as part of the duty rationalisation exercise. He stated the reduction in the number of customs rates will help reduce classification disputes. On Tuesday, Finance Minister Nirmala Sitharaman in her Budget speech said the government will undertake a comprehensive review of the customs rate structure over the next six months to rat...
Government looking at bringing down number of customs duty levies to five from about dozen presently: Sanjay Malhotra
Government looking at bringing down number of customs duty levies to five from about dozen presently: Sanjay Malhotra
Source: Accord Fintech
2024-07-25 10:44:17 am
Indian-descent Nikesh Arora 2nd highest paid CEO in US, says report Nikesh Arora, the India-born CEO of Palo Alto Networks, has been ranked America’s second-highest paid CEO in 2023. A total of 17 Indian-descent CEOs are in the top 500 rankings, according to an analysis published by The Wall Street Journal on Tuesday. Shantanu Narayen of Adobe is the second-highest paid Indian-descent CEO, ranked 11 overall. Arora and Narayen earned $151.43 million and $44.93 million, respectively, more than Tesla’s Elon Musk, who did not receive any compens...
Indian-descent Nikesh Arora 2nd highest paid CEO in US, says report
Indian-descent Nikesh Arora 2nd highest paid CEO in US, says report
Source: IANS
2024-05-22 10:13:01 am
India aims to collect $1.7 billion from online gambling tax in FY25  Indian expects to collect up to 140 billion rupees ($1.7 billion) in goods and services tax (GST) next financial year by taxing online gambling companies, Revenue Secretary Sanjay Malhotra told Reuters on Saturday. The government in October imposed a 28% tax on funds that online gaming companies collect from their customers for every bet, shocking a nascent $1.5 billion industry that is backed by global investors. The government had defended the move, citing concerns about addiction....
India aims to collect $1.7 billion from online gambling tax in FY25
India aims to collect $1.7 billion from online gambling tax in FY25
Source: IANS
2024-02-03 04:15:41 pm
Guarantees provided by corporates to subsidiaries to attract 18% GST: GST Council The GST Council, chaired by Union Finance Minister Nirmala Sitharaman and comprising state ministers, has clarified that guarantees provided by corporates to their subsidiaries will attract an 18 per cent GST, but no tax will be levied on the personal guarantee given by a director of a company raising loans from the market. The council also capped the maximum age for appointment of President and members in the GST appellate tribunal (GSTAT) at 70 years and 67 years, respectively.Revenue Secre...
Guarantees provided by corporates to subsidiaries to attract 18% GST: GST Council
Guarantees provided by corporates to subsidiaries to attract 18% GST: GST Council
Source: Accord Fintech
2023-10-09 03:44:09 pm