The Tax department is hopeful of meeting the revenue assortment target for twelvemonth 2016-17, a prime official aforesaid on Tuesday.
Indirect tax assortment rose regarding thirty.8 per cent throughout april-june to RS one, 99, 970 crore, against Rs one, 52,740 large integer within the corresponding amount a year past, Tax consultant in India
The collection up to June indicates that twenty five.7 per cent of the annual budget target of indirect taxes has been achieved within the 1st 3 months of the yr.
We have done fine to date. assortment within the June quarter from central excise customs and serve tax place along square measure thirty per cent a lot of from the year-ago amount. Central board of excise and customs chairman Najib sovereign on the sidelines of an occurrence here.
If you’re a private, you recognize you have got to file either kind ITR one or ITR two. If apprehend have a business. You recognize it’s either ITR three, four or 4S that you just have to be compelled to make a choice from.
However what if you’re within the transition? You have got simply quit your job and commenced functioning on model for your start-up. Functioning on a model for your start-up. That tax come kind is that the right one for you?
Should you simply collect your kind sixteen from your ex-employer and declare your earnings financial gain move into ITR1 or does one have to be compelled to file ITR four, although the business might not are incorporated? Your business has no workers nevertheless simply friends attempting to develop and doubling their drawing area as a short lived workplace. The start-up capital additionally known as Bengaluru is stuffed with such cases and with the tax-filing point in time simply days away. Several of those entrepreneurs square measure grappling with such tax coupled dilemmas.
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Starting income tax data was in the news recently that only 1.2 crore, or 1% of Indians paid income taxes. Tax audit service in Delhi, Check with the tax department revealed that the data was somewhat unrepresentative, as it only considered taxes on salaries. The number of individuals paying taxes is close to 5crore or 4% of the population.
At the same time, the tax department did confirm that the number of individuals claiming to have an income greater that Rs 50 lakh annually is only 150,000 in a country of 120 crore people.
Hence, the tax department’s assertion that there is significant amount of tax evasion in the country may not be incorrect and the so-called hostility with which our tax officials approach taxpayers is somewhat justified. They could argue that if people behaved, they would not have to be so rough.
At the same time, there are constant reports of genuine taxpayers claiming harassment and persecution by tax officials. The tax department many income earners say, starts with the assumption that the taxpayer is in the wrong, deliberately complicates rules, comes after you only because you decided to pay taxes (while ignoring or remaining blissfully unaware of the real tax evaders and doesn’t seem to be getting any better.
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The income tax department has launched a special electronic grievance redressal system called ‘e-nivaran’ in order to fast track taxpayer grievances and ensure early resolution of their complaints.
A separate and dedicated window for grievance redressal has been launched recently in the has been launched recently has been launched recently in the income tax business application (TBA), the new smart electronic platform for the regular operations of the department.
The facility is called ‘e-nivaran’ (electronic solution and acts to integrate all online and physical complaints gathered by the department at this platform which will be monitored by the Assessing officer of the case upto the supervisory officers in a paperless environment.
The new system is called unified grievance management system and is acronymed ‘e-niravan’ The system not only records the origin of the grievance on the electronic platform it works on but it also keeps tracking it till it reaches its logical conclusion for final resolution “a-senior IT official said.
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There is no estimation of the amount of money that has been sent to the foreign countries by Indian persons said by government today.
The money sent by Indian persons to foreign countries is subject matter of investigation and requires follow-up actions by the relevant law enforcement agencies such as Income tax Department, CBI etc, which is going on.
“The economists from Bank of Itlay estimated that Indian share in black money stashed in tax heavens across the world is at $152-181 billion. These economists have reportedly analysed data from IMF and the Bank of International Settlement (BIS) and applied certain assumptions to arrive at the estimation. The same economists have reportedly estimated Indian share in black black assets at $4-5 billion with the new set of assumptions”, Mr. Sinha said .
These estimations have put a red flag that these estimations have to be considered with great care and in no way can represent firm data,” Mr. Sinha said.
Ruchi Anand and Associates are Tax Consultants in India.