« Top Headlines » Open DEMAT Account in 24 hrs  Income Tax Return Filing: 10 Mistakes To Avoid When Filing ITR For AY 2024-25  Old vs New Tax Regime: Who should move to the New Tax Regime from the old one?  Income Tax Calculator FY 2023-24: How To Know Your Tax Liability Online On IT Dept's Portal?  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 «  Revamped tax administration has upped collection: FM... I-T deptt moves SC on Ericsson`s tax liability... » More deals likely under I-T lens December, 08th 2007 Number of high-value transactions that should be reported may increase   In a pointer to possible direct tax reforms in Budget 2008-09, advisor to the finance minister, Parthasarathi Shome, said the government might increase the number of high-value transactions that should be mandatorily reported and realign the income-tax structure.   Though Shome did not give details, he said the government was likely to increase the number of transactions that require reporting from seven (see box) to tighten scrutiny and check evasion.   He pointed out that Brazil covered 40 items under its annual information report (AIR) system and so it was possible for India to do more as well.   With the current reporting system capturing saving-and investment-related transactions, government sources say consumption expenses like on branded jewellery, high-end home gadgets, cars and foreign travel may be added to the list.   With proper billing of high-value consumption items, it is possible to capture such data, the source said.   Shome added the direct tax structure was also expected to come under scrutiny now that Indias voluntary compliance levels matched global standards.   The direct tax collections have been growing at over 40 per cent for the last two years while the number of assesses filing returns increased from 23.42 million in 2003-04 to 27.54 million in 2006-07.   The total number of assesses increased from 30.17 million to 31.92 million during the period.   We cant have a marginal rate of income-tax which is too high. The new income-tax code, which is likely to be floated shortly for consultation and discussion, will simplify income-tax laws and the overall structure, Shome said.   Income slabs and tax rates may also be realigned as Finance Minister P Chidambaram has already said that if compliance improves, he may take a re-look at the whole tax structure. It is not known if such a move will be part of the coming Budget or the new income-tax code.