New Delhi, June 21 (IANS) The gross direct tax collection (corporate tax, non-corporate tax, securities transaction tax and other levies) in the current fiscal (2025-26) rose by 4.86 per cent to Rs 5.45 lakh crore (as of June 19), according to the latest figures released by the Income Tax (I-T) department. New Delhi: India’s gross […]
Ride-hailing platforms, including Ola, Uber, and Rapido, are set to make a fresh set of representations to the Central Board of Indirect Taxes and Customs (CBIC) on the contentious issue of applicability of goods and services tax (GST) on services offered under the SaaS model. Under the SaaS model, platforms charge a fixed subscription fee […]
New Delhi, June 20 (IANS) Finance Minister Nirmala Sitharaman on Friday asked the Central Board of Indirect Taxes and Customs (CBIC) to take further measures to simplify GST registration, ensure speedy closure of investigations for Customs & CGST cases, and prevent tax evasion and wrongful Input Tax Credits (ITC) claims. Finance Minister Nirmala Sitharaman directed […]
The Institute of Chartered Accountants of India (ICAI) has been endeavouring, for more than the last two decades, to establish a suitable regulatory framework that promotes networking among accounting firms. However, it has not succeeded in providing one that is conducive to fostering domestic global accounting networks. The draft guidelines for overseas networks, notified by […]
FM Nirmala Sitharaman on Friday asked senior tax officials to prepare plans to improve parameters for GST registration, refund processing, and grievance redressal. During an interaction with senior officials under the Central Board of Indirect Taxes and Customs, FM also asked officials to speed up processing of GST and customs refunds, as well as reduce […]
The Central Board of Direct Taxes on Friday said that it regularly receives detailed financial data under global tax cooperation frameworks, including the Automatic Exchange of Information (AEOI) with over 100 jurisdictions, including Switzerland, which it uses to verify ITRs filed by Indian taxpayers. As a result, a total of 24,678 taxpayers reviewed their ITRs […]
Mumbai: Top global professional services firms are pushing back against draft guidelines to regulate overseas networks engaged in multi-disciplinary advisory services in India, saying they require excessive disclosures that raise confidentiality concerns and add layers of operational complexity. The Institute of Chartered Accountants of India’s (ICAI) proposed guidelines also use highly ambiguous terminology that creates […]
This is an representative image. Some taxpayers can get tax demand notice or tax refund as tax dept starts processing these old ITRs; Know more about it Sydney, Jun 19 (The Conversation) Soon, more than 15 million Australians should be lodging a tax return with the Australian Taxation Office in the hope of receiving at […]
New Delhi, Anil Agarwal-led Vedanta Ltd has contributed Rs 4.5 lakh crore to the government exchequer over the last 10 years. In its annual Tax Transparency Report (TTR), the company reaffirmed its commitment to transparent and responsible tax practices. The company said it has “contributed Rs 4,48,830 crore to exchequer across its domestic and international […]
Mumbai: Top global professional services firms are pushing back against draft guidelines to regulate overseas networks engaged in multi-disciplinary advisory services in India, saying they require excessive disclosures that raise confidentiality concerns and add layers of operational complexity. The Institute of Chartered Accountants of India’s (ICAI) proposed guidelines also use highly ambiguous terminology that creates […]
