direct tax

Outward remittances exceeding ₹6 lakh come under I-T scanner

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Outward remittances exceeding ₹6 lakh come under I-T scanner

New Delhi: The Central Board of Direct Taxes (CBDT) has launched a comprehensive scrutiny and verification of high-value outward foreign remittances of above ₹6 lakh to identify discrepancies in remittance data and likely tax evasion. The move follows detection of cases where foreign remittances and expenditures did not align with the income declared by individuals, … Read more

India’s net direct tax collection grows 22% to Rs 6.93 lakh crore

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India’s net direct tax collection grows 22% to Rs 6.93 lakh crore

India’s net direct tax collection grew 22.48 per cent to about Rs 6.93 lakh crore as of August 11 this fiscal, government said on Monday. The net direct tax collection includes personal income tax collection of Rs 4.47 lakh crore and corporate tax collection of Rs 2.22 lakh crore. Securities Transaction Tax (STT) mopped up … Read more