-The Hindu Despite being specialists, they are relegated to the margins The Central Board of Direct Taxation (CBDT), a wing of the Ministry of Finance, has initiated disciplinary proceedings against some Indian Revenue Service (IRS) officers for a report they submitted to the government recently. The officers are not corrupt, nor did they abuse any Minister or any functionary of the government. So, what was their crime? A group of 50 IRS officers...
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Covid-19: Centre rejects IRS’ proposal of taxing the super rich, calls it an ‘act of indiscipline’
-Scroll.in The finance ministry has directed the CBDT chairperson to seek an explanation from these officers for writing such ‘ill-conceived views’ in public. The Centre on Sunday rejected a proposal made by officials of the Indian Revenue Service suggesting the government should increase taxes to cushion the economic fallout of the coronavirus pandemic. The Centre called it “an act of indiscipline”, NDTV reported. In a 44-page report titled FORCE, or Fiscal Options and...
More »Tax dept. asks officers working from home to chase large taxpayers for dues
-PTI/ The Hindu “While the ITBA platform is not available to the officers for discharging statutory functions, it is still possible to follow up the pending collection matters by contacting large taxpayers telephonically/electronically,” IT Commissioner said. A three-month extension in deadlines for tax payment and filing of returns notwithstanding, the Income-Tax Department has asked field formations to contact large taxpayers over phone or email to follow up on pending collections. Rakesh Gupta, Commissioner...
More »Income tax department releases data on crorepati taxpayers -Nikhil Agarwal
-Livemint.com * India's super-rich club of those earning above Rs.500 crore has only 3 individuals * Over 1.7 lakh people had filed income tax returns with zero income in 2017-18 NEW DELHI: If data from the income tax department's records is taken into account, India had more than 97,000 people earning a taxable income of over ?1 crore in the financial year 2017-18. The Central Board of Direct Taxes (CBDT) has now come out...
More »Corporate tax reduction: They already pay much less than required effective -Subodh Varma
-Newsclick.in Effective tax rate for Big Business in India was 26.3% although statutory rate is 34.6%, according to Budget documents. There is a proposal that corporate taxes should be reduced to 25% from 30%. According to reports, this has been mooted in a report submitted to the finance minister by a panel headed by Akhilesh Ranjan, member of the Central Board of Direct Taxes (CBDT). However, data on corporate taxes put out...
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