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« Indirect Tax »
 Government waives service tax charged while making payments through credit card, debit card, charge card or any other payment card; waiver limited to payments up to Rs. 2,000 in a single transaction
 Clarification Regarding Filing of Offline Challans with IEPF Authority under Companies Act
 Cash deposits in Jan Dhan accounts drop after govt warning: income tax dept
 Indirect tax receipts to see small, brief hit’
 There is no tax on interest income of up to Rs3 lakh a year for senior citizens
 Chidambaram favours change in direct tax rates
  Further rationalization of revised simplified procedure for fixation of brand rates
 Kerala to accept demonetised banknotes for payment of state tax till Nov 24
 Centre-state gridlock over GST jurisdiction remains, could threaten tax rollout
 India to levy tax on investments from Cyprus from April 2017
 Why tax radar may detect your cash deposits after Nov 8

Dependance on indirect tax collection disturbing
March, 05th 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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