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« Direct Tax »
 CBDT issues final rules for taxing share buy back by companies
 CBDT issues final rules for taxing share-buyback
 The direct tax collections up to September, 2016 are at Rs. 3.27 lakh crore which is 8.95% more than the net collections for the corresponding period last year.
 IDS is tremendous success: CBDT chief Rani Singh Nair
 Submit monthly data of appeals disposed of: CBDT to officers
 Direct tax mop-up jumps 9 per cent in H1, indirect tax up 26 per cent
 Income tax department slams notice on five Mumbai-based exporters over offshore accounts
 Redress TDS mismatch grievance of taxpayers: CBDT
 Tax department changes rule for accommodating deductions for deferred spectrum payment
 Tax dept renotifies income computation, disclosure standards
 Sushil Chandra to be the next CBDT chief

Five smart things to know about direct taxes
February, 18th 2015

1. Direct taxes are paid by an individual or organisation to the government and cannot be passed on to another individual or entity.

2. The most common example of a direct tax is the income tax that individuals and corporates pay. Wealth tax is another direct tax that is levied by the government.

3. The rates of direct taxes are prescribed every year in the Finance Act, presented to the parliament with the Union Budget.

4. The Central Board of Direct Taxes, a part of the Ministry of Finance, is responsible for administration of the direct tax laws through the income tax department.

5. The Income Tax Act and the Wealth Tax Act prescribe the manner in which the tax will be levied, computed and collected, and the rights of the tax payers.

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