« Top Headlines » Open DEMAT Account in 24 hrs  BackBack Income Tax Act amendment on cards on tax treatment of MSME dues  ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing. Check details here  Income tax slabs FY 2024-25: Experts share these 8 benefits for taxpayers in new income tax regime  How To File ITR Online - Step by Step Guide to Efile Income Tax Return, FY 2023-24 (AY 2024-25)  Old or new tax regime for TDS on salary? This post-election 2024 event will impact your tax planning  What Are 5 Heads Of Income Tax?  Income Tax Dept releases interim action plan for FY25 on tax collection, refund approvals   Income Tax Return: 5 lesser-known tax-saving tips from Section 80  Income Tax Return: 5 lesser-known tax-saving tips from Section 80  Why you need not rush to file your ITR immediately  Income tax returns: ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing «  CBDT norms to address taxpayers` grievances... Govt may bring excise duty, service tax closer... » Budget may seek fresh excise, service tax rates October, 27th 2006 The forthcoming budget could seek some tweaking of the excise and service tax rates as part of efforts to converge the rates at a later stage. At present, the average excise rate stands at 16 per cent, while it is 12 per cent for service tax. While finance ministry officials admit that a complete convergence of the two rates is not possible in the immediate future, there is merit in moving towards a common rate since at present a company can avail a 16 per cent cenvat on a service which attracts 12 per cent tax. Officials said a single rate would also be essential to ease the transition to a general goods and service tax. They pointed out that though the service tax base had been widened, the new services were not generating greater revenue. “The increased service tax collection is mainly on account of a wider base and not because of higher collection from new taxes,” an official said. The government has collected Rs 12,412 crore by way of service tax in the April-August period, which is around 65 per cent more than the collection of Rs 7,527 crore in the same period last year. Another proposal which the ministry is working on relates to introduction of mandatory electronic filing of tax returns for individuals.