A Deloitte survey of pre-Budget expectations of managers on personal income tax shows that most give a thumbs-up to aligning the tax year with the calendar year. Jurisdiction-free e-assessment of tax returns, a gradual reduction in personal tax rates in line with changes to the corporation tax structure and enhanced tax breaks for education of kids are among other key Budget 2018 demands from Finance Minister Arun Jaitley.
Indian managers are keen to align the tax year (April-March) with the calendar year (January-December), despite chances of initial hardships. In a survey of around 700-odd managers, a majority of respondents (84 per cent) want the Indian tax year to be changed from the financial year to the calendar year. A little over half (52 per cent) are in favour of bringing agricultural income under the tax ambit. Interestingly, one-third of the respondents (33 per cent) did not agree to tax on agriculture income.
Close to two-thirds (64 per cent) of the respondents gave an equivocal thumbs-up to the concept of jurisdiction-free e-assessment. E-assessments are seen as part of the read more
Prime Minister Narendra Modi’s flagship programme, the Pradhan Mantri Jan-Dhan Yojana (PMJDY), which completed three years in August last year and was credited by Finance Minister Arun Jaitley for unleashing the “JAM” — Jan Dhan, Aadhaar, Mobile — revolution, is set to receive an extension in Budget 2018, which is just days away. The financial inclusion scheme could also reportedly see the overdraft amount sanctioned under it double as the government looks to use it to promote entrepreneurship by providing bank loans.
A senior government official told financial daily The Economic Times that during Budget 2018, an announcement on PMJDY being extended is expected. The unnamed official added that an increase in the overdraft amount under the scheme could also be on the cards. Stating that the government was looking to “build upon” the scheme, the official told the financial daily that it was also going to “bundle other financial products” under PMJDY, which will read more
The Income Tax Department raids on Cafe Coffee Day(CCD) retail chain since Thursday found Rs 650 crore concealed income from the documents seized, said an official on Sunday.
“Documents seized from the search operations at 25 places of Cafe Coffee Day and its group companies in Karnataka, Mumbai and Chennai have revealed concealed income of over Rs 650 crore,” a senior tax official told IANS here.The search and seize operations, which began on September 21, concluded on Sunday evening in the offices of the group involved in coffee, tourism, IT and other areas.
“The searches concluded with the group’s officials admitting to concealed income exceeding Rs 650 crore and the detection of undisclosed income, which is expected to be a much higher figure,” said another tax official in an e-mail to IANS.
The offices and residence of CCD’s founder-owner read more
Rental income from residential property has been exempt from GST but any earning over Rs 20 lakh annually from renting or leasing for commercial purposes would attract the levy.
Revenue Secretary Hasmukh Adhia said that if the house property is rent out for shop or office purpose, no Goods and Service Tax (GST) will be levied up to Rs 20 lakh.
“Rental income received from residential house is exempt. But if you have given your unit to commercial enterprise, then it is taxable if you are getting more than Rs 20 lakh as rent,” Adhia said at the GST Master Class.
The taxpayer earning more than the exempted threshold will have to register with the GST Network and pay taxes.
GSTN Chief Executive Prakash Kumar said that as many as 69.32 lakh registered excise, service tax and VAT payers have migrated to the GSTN portal. There are over 80 lakh such assessees in the earlier indirect taxation regime.
Out of the 69.32 lakh, as many as 38.51 lakh have completed the entire registration process and registration certicate is being issued to them.
The remaining 30.8 lakh taxpayers are being sent SMS and emails by GSTN so that they READ MORE