CBDT Press Release on Tax collections during first quarter

PRESS RELEASE
Net direct tax collections during first quarters of the present fiscal (up to June 2010)
stood at Rs.68,675 crore, up from Rs.59,465 crore in the same period last fiscal, registering a
growth of 15.49 percent. Growth in Corporate Taxes was 21.65 percent (Rs.43,439 crore as
against Rs.35,709 crore), while Personal Income Tax (including STT, and residual FBT and
BCTT) grew at 1.24 percent (Rs.24,075 crore as against Rs.23,780 crore).
Corporate advance tax for the first quarter, at Rs.26,876 crore in FY 2010-11 against
Rs.20,456 crore in FY 2009-10, grew at 31.4 percent, fastest since 2005. The corresponding
growth in corporate advance tax stood at –3.4%, 25.1%, 30% and 26.9% for FY 2008-09, 2007-
08, 2006-07 and 2005-06, respectively.
Securities Transaction Tax, however, recorded a negative growth at 25.21 percent during
the first quarter (Rs.1,094 crore in FY 2010-11 as against Rs1,462 crore in FY 2009-10).

Source* Income Tax Department

Revised Agreement between Republic of India and the Republic of Finland with respect to taxes on DTAA.

The revised Agreement and the Protocol between the Republic of India and the Republic of Finland for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income (DTAA) was signed by the Chairman, CBDT on behalf of Government of India and the Ambassador of Finland on behalf of Government of Finland on 15th January, 2010 and has come into force on 19th April, 2010.

Source* Income Tax Department

New Facility added for Registered E-filers

New facility added in "My Account" for registered e-filers at www.incometaxindiaefiling.gov.in to view the Tax Credit Statement (Form 26AS) to verify if the tax payments made by you or TDS deducted from salary or interest etc. are correctly reported to the Department.

Source* Income Tax Department

Order of Jurisdiction of Commissioner(s) of Income Tax.

The Chief Commissioner of Income Tax, Chandigarh have issued Order of Jurisdiction for Commissioner(s) of Income Tax and Ranges of North West Region.
Source* Income Tax Dept

Draft Citizen's Charter 2010

The process of drafting a new Vision document - Vision 2020 is nearing completion. An important component of the Vision 2020 document is the Citizen's Charter 2010. As a part of Vision 2020, the Citizen's Charter 2007 was revisited by a Working Group constituted by the CBDT.

source* - http://www.incometaxindia.gov.in

CBDT released revised discussion paper on the Draft Direct Taxes Code

The draft DTC along with the Discussion Paper was released in August, 2009 for public comments. The response from various stakeholders has been overwhelming and a number of valuable inputs have been received. CBDT has released the revised Discussion Paper on the draft Direct Taxes Code (DTC), which is being placed in the public domain to seek responses on the modified proposals. The major issues which have been addressed relate to Minimum Alternate Tax (MAT) on gross assets, tax treatment of savings - Exempt Exempt Tax (EET) vis-a-vis Exempt Exempt Exempt (EEE) basis, status of Double Tax Avoidance Agreements vis-a-vis the domestic law, the administration of the General Anti-avoidance Rule (GAAR), taxation of income from house property on a presumptive basis, tax treatment of capital gains and tax treatment of non-profit organizations, etc. The response on the revised Discussion Paper may be submitted electronically on the website 'http://finmin.nic.in' or may be sent to e-mail address 'directtaxescode-rev@nic.in' on or before 30th June, 2010.

source* http://www.incometaxindia.gov.in