Income Tax
Tax rule recap: Some key changes have come into effect
Let's have a look at some changes here: The new income tax regime has become the default regime from April 1 onwards. However, taxpayers have the option of choosing between the old and new tax regimes. The new tax regime's standard deduction for taxable income exceeding Rs 15.5 lakh is Rs 52,500.
CBIC says upgraded system in place for payments amid problems faced by taxpayers
"CBIC has noted difficulties being faced by members of the trade in making duty payments over the customs automated system. It maybe noted that an upgraded and modern system of payment is live since April 1, 2023," it said in a tweet. The board further informed that it's technical teams "are working overtime to fix some teething issues and the problems being temporarily noticed will be resolved at the earliest".
Gross direct tax collections for 2022-23 rise 20% to Rs 19.68L cr
Direct tax collections (provisional) for 2022-23 have exceeded the revised estimates by 0.69 per cent. The budget estimates (BE) for direct tax revenue in the Union Budget for 2022-23 were fixed at Rs 14.20 lakh crore, which were revised to Rs 16.50 lakh crore. The provisional direct tax collections (net of the refunds) have exceeded the budget estimates by 16.97 per cent and revised estimates by 0.69 per cent.
Value of assets seized in searches by Income Tax Department records rise
As per the data by the Ministry of Finance, the value of assets seized during the year 2021-22 was Rs 880.83 crore which increased to Rs 1,159.59 crore in the year 2021-22 and to Rs 1,533.23 crore in the year 2022-23 (till January 2023, provisional figures), Minister of State for Finance, Pankaj Chaudhary told the Lok Sabha in a reply.
Government received Rs 20.39L cr till Feb, spent Rs 34.93L cr
Meanwhile, total expenditure incurred by the government stood at Rs 34,93,590 crore, out of which Rs 29,03,363 crore was on revenue account and Rs 5,90,227 crore on capital account. Out of the total revenue expenditure, Rs 7,98,957 crore was on account of interest payments and Rs 4,59,547 crore was on account of major subsidies.
New capital gains tax rules to come into effect from April 1
From April 1, converting physical gold to electronic gold receipts won't be considered as a transfer and therefore will not attract any capital gains tax. Similarly converting electronic gold receipt to physical gold also will not attract any capital gains tax. Electronic gold receipts are depository gold receipts that can be traded on the stock exchanges.
IT Dept launches app for viewing annual info statement, taxpayer info summary
The app is called 'AIS for Taxpayer', which will be provided free of cost by the Income Tax Department and is available on Google Play and App Store. It will provide a comprehensive view of the AIS and TIS to the taxpayer, which displays the information collected from various sources pertaining to the taxpayer.
Government releases Rs 1,40,318 cr monthly instalment tax devolution to states
The monthly instalment for March is much more than the normal monthly devolution of Rs 70,159 crore made for states. This is in line with the commitment of the Central government to strengthen the hands of states to accelerate their capital and developmental expenditure, an official statement said.
Tax discrepancies found during survey at BBC premises, says I-T Department
During the course of the "survey", the department gathered evidence pertaining to the operation of the organisation (BBC) which indicate that tax has not been paid on certain remittances, which have not been disclosed as income in India by foreign entities of the group. it said.
CBDT notifies ITR forms for assessment year 2023-24
The department said in a statement that the new forms have been notified well in advance in order to enable filing of returns from the beginning of the ensuing assessment year. In order to improve ease of filing, no significant changes have been made in the ITR forms, as was the case in last year's ITR forms.
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