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Rs 75,000-crore minimum alternate tax credit dilemma grips India Inc Fifteen heavyweight companies have accumulated MAT credit in excess of Rs 1,000 crore each Current Affairs :Tremendous swathes of Corporate India may not be in a rush to move to the new partnership charge system. Ninety-nine organizations, which additionally incorporate some unlisted ones, have more than Rs 100 crore every one of least interchange charge (MAT) credit on their books, in total signifying Rs 75,000 crore. Of these, 15 heavyweights, for example, NTPC, Reliance Industries, Bharti Airtel, Vedanta, and TCS have MAT credit in overabundance of Rs 1,000 crore each. “By using MAT credit, numerous organizations will have the option to cut down their compelling duty cost to 17.47 percent from 25.17 percent (under the new system), prompting considerable expense reserve funds of around 8 percent,” said Saumil Shah, accomplice, Dhruva Advisors. “Just those organizations whose compelling expense cost is h...

Modi 2.0 ‘Na Khaunga, Na Khane Dunga’ drive takes 12 top taxmen’s jobs The government has dismissed from service 12 senior income tax officers, including one of the ranks of the joint commissioner, on charges of corruption and professional misconduct. Current Affairs :-The administration has expelled from administration 12 senior personal duty officers, including one of the positions of the joint magistrate, on charges of debasement and expert unfortunate behavior The legislature has rejected from administration 12 senior annual duty officers, including one of the positions of the joint magistrate, on charges of defilement and expert unfortunate behavior. The rundown is bested by a Joint Commissioner rank officer against whom there are not kidding protests of defilement and blackmail from representatives blamed for helping a so called godman It likewise incorporates an IRS officer in the post of Commissioner (Appeal) in Noida, who was blamed for lewd behavior to two wo...

Concessional income tax rate in traders’ list of demands for Modi govt The BJP has promised Rs 50-lakh collateral-free credit to entrepreneurs Elections :-After effectively crusading for Prime Minister Narendra Modi in the Lok Sabha decisions, the more than 60-million dealers’ locale is prepared with its rundown of requests, including a concessional annual duty rate, for the new government. Looking for a gathering with Modi, exchange pioneer Praveen Khandelwal said they would inform him of center issues shippers confronted and request guarantees be satisfied in the following a half year. The BJP, in an offer to charm brokers, made guarantees in its declaration, for example, a benefits conspire for retailers and a shipper Visa on the lines of the Kisan charge card. “We will help the administration to remember every one of the guarantees. We will press for a fast execution of these plans by incorporating them in the forthcoming Finance Bill in July,” said Khandelwal, sec...

Linking PAN with bank mandatory for refunds from March: I-T to taxpayers Till now, the department used to issue refunds to taxpayers either in their bank accounts or through account payee cheques, in a case-to-case basis depending on the category of taxpayers The  Income Tax Department  will “just” issue discounts through the e-mode into financial balances of citizens starting one month from now and they should connect PAN with their records, the  taxman  said in its most recent open correspondence. The office said discounts will be sent to ledgers as it will issue “just e-discounts from March 1, 2019.” Connection your  PAN  (lasting record number) with your ledger toget your discount specifically, quickly and safely, the office said in an open warning issued Wednesday. It included the financial balance could be either reserve funds, current, money or overdraft. Till now, the office used to issue discounts to citizens either in their fin...

No tax liability if your income is up to Rs 9.5 lakh, but conditions apply Standard deduction has also been raised from Rs 40,000 to Rs 50,000, besides a host of tax benefits to home buyers Focusing on that  Tax  concessions have been given a view to support poor and white collar class individuals living on a tight spending plan, Finance Minister Piyush Goyal on Tuesday said that now people procuring up to Rs 9.5 lakh can escape risk by exploiting sparing plans. Answering to the discussion on the Finance Bill in Lok Sabha, the Minister said he didn’t propose any adjustment in the  Tax  rate however just given couple of refunds which will support spending and help the economy. The Finance Bill, which contains charge proposition, was passed by the Lok Sabha with a voice vote, finishing the budgetary procedure in the lower house. In a swipe at the Congress, the Minister said that dissimilar to the past UPA administration, the present Modi government in...

News digest: I-T holds back Rs 20,000 cr, RIL’s profit rises 8.8%, and more From Centre looking at options to boost farmer income to Goyal setting terms for Rs 700-crore infusion, BS brings you up to date with the latest news I-T keeps down Rs 20,000 crore in expense discounts The Income Tax (I-T) office has chosen not to discharge some high-esteem discounts guaranteed by corporates and open segment units for the money related year 2016-17, refering to reasons, for example, disparities in the credit of Tax Deduction at source (TDS), convey forward misfortunes, and pending expense interest for the earlier years, said two sources aware of the improvement.  Read more Focus seeing alternatives to support agriculturist salary: Singh Only days before the between time Budget for 2019, Agriculture Minister Radha Mohan Singh on Thursday said the NDA government was taking a gander at more up to date approaches to support ranchers’ pay and, in the past over four years, chan...

Income Tax return processing time to reduce from 63 days to just 1 day Under the new system, Infosys will handle end-to-end solution – from e-filing to return assessment to refund processing l The Union Cabinet on Wednesday affirmed a coordinated pay assess e-recording and centralised processing centre (CPC) gateway, which will decrease the arrival preparing time from 63 days to only one day. The new entry is likewise expected to process the discounts inside one day of documenting of assessment forms, in tremendous help for citizens. In any case, one should trust that year and a half will see its dispatch. “Prior, citizens would confront inconveniences in view of deferral in discount preparing and the CBDT used to spend a ton of cash each year as enthusiasm on pending discounts, which will be history now,” Union pastor Piyush Goyal told columnists after the Cabinet meeting here. A month ago, Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra had said an...