The government has also prohibited banks and payment system providers from imposing any charge on transactions through electronic modes of payments

Pandey says it's not fair to say that GST is responsible for the current economic slowdown; contraction in imports and the failure of some sectors to perform well led to a drop in GST collection, he adds

The government introduced faceless income tax assessment and scrutiny to reduce the scope for corruption and potential overreach by tax officials

The OECD Secretariat's proposal is designed to grant new taxing rights to the countries where users of highly digitalised business models are located. This is to address the old criticism against Internet giants that they cut their corporate tax bills by booking profits in low-tax countries regardless of the location of the end customer.

According to the income tax department, this new initiative of faceless assessment is expected to increase ease of compliance for taxpayers as the cost and anxiety of taxpayers are likely to be greatly reduced

To start with, the I-T department has picked up over 58,000 cases for the faceless e-Assessment scheme and the e-notices have been served before September 30, 2019, for cases of the Assessment Year 2018-19

The setting up of national e-assessment centre is a step for better taxpayer service, reduction of taxpayer grievances in line with the prime minister's vision of \"Digital India\" and promotion of ease of doing business, the finance ministry said

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GST mop-up slips to 19-month low of Rs 91,916 crore in SeptemberGST collection slipped to Rs 91,916 crore in September, the lowest in 19 months. It is also a substantial decline from the GST revenue of Rs 98,202 crore reported in August 2019. Of the total GST collection, CGST was Rs 16,630 crore and SGST was Rs 22,598 crore. IGST during the month was Rs 45,069 crore, including Rs 22,097 crore collected on imports. Cess collected during September was Rs 7,620 crore.Mahindra to lead...

CBDT-member Akhilesh Ranjan-led panel has recommended introducing a 10 per cent tax rate slab for annual income between Rs 2.5 lakh and Rs 10 lakh followed by a 20 per cent slab for the Rs 10-20 lakh income bracket and a 30 per cent, or higher, slab for higher income levels.

The DIN system, which becomes operative from 1 October 2019, will apply to all kind of communications from the income tax department, whether it is related to assessment, appeals, investigation, penalty, and rectification among other things

This is the seventh time the Centre has extended the deadline for individuals to link their PAN with Aadhaar; it is now mandatory to link the two unique IDs for income tax purposes

The Central Board of Direct Taxes (CBDT) of Ministry of Finance has made it mandatory to link 12-digit Aadhaar number with the 10-digit PAN card in order to file income tax returns.

The CBDT officials who were made to compulsorily retire on Friday were in the ranks of principal commissioner, commissioner, joint commissioner, additional commissioner and others.