Anuradha Shukla

The Central Board of Direct Taxes (CBDT) has collected ₹35,500 crore in outstanding taxes between April and September of this fiscal year. This sum includes ₹23,000 crore in corporate tax and ₹12,500 crore in personal income tax.

Reform of dispute resolution mechanisms, simplification of litigation management, overhaul of rules dealing with transfer pricing and tax deduction at source are some of the top focus areas in the simplification exercise, the official said, adding that wider consultation is needed with the law ministry on provisions of the Benami and Black Money Acts. "Some provisions require a deeper examination. Also, there are areas where there are conflicting views within subcommittees," the official said.

The income tax department has sent notices to Paisabazaar, a subsidiary of PB Fintech, under the Prohibition of Benami Property Transactions Act, 1988, and section 142(1) of the Income Tax Act, 1961. This is part of a broader investigation into tax evasion by insurance companies and intermediaries, with an estimated evasion of Rs 30,000 crore.

The income tax department has sent notices to Paisabazaar, a subsidiary of PB Fintech, under the Prohibition of Benami Property Transactions Act, 1988, and section 142(1) of the Income Tax Act, 1961. This is part of a broader investigation into tax evasion by insurance companies and intermediaries, with an estimated evasion of Rs 30,000 crore.

A Group of Ministers (GoM) may seek a three-month extension to conclude discussions on the future of the GST compensation cess beyond March 31, 2026. The GoM, which includes members from ten states, has various unresolved issues including the handling of surplus cess.

The Centre anticipates saving ₹30,000 crore in centrally sponsored schemes this fiscal year due to delayed state spending and improved monitoring. These savings may be allocated to other expenditures. Key flagship schemes under scrutiny include Ayushman Bharat and MGNREGS. Efforts to rationalise scheme numbers and funding shares between the Centre and states are ongoing.

The Indian income tax department has recovered ₹37,000 crore over the last 20 months from individuals who failed to file returns despite having taxable income. Analysis of high-value transactions, like property and luxury purchases, revealed discrepancies. A stricter tax collection system aided in tracking these transactions, leading to recoveries, including ₹1,320 crore from those engaged in high-value deals.

Advance tax collections for Q3 surged 16.8% to ₹3.14 lakh crore, signaling a potential economic rebound after a recent slowdown. Total collections for the fiscal year reached ₹7.5 lakh crore, a 20.19% increase. Economists suggest this growth indicates a recovery from the 5.4% GDP growth in the previous quarter.

GST authorities have issued show cause notices to several property developers, questioning roughly ₹3,500 crore in input tax credit claims following a Supreme Court ruling. Developers are contesting the notices, arguing that officials are misinterpreting the ruling and unfairly denying legitimate credits. The court's decision allows ITC claims for rental properties under specific conditions, leading to disputes over eligibility.

Japanese tech giant NTT Data is boosting its presence in India. The company is focusing on the expanding cloud and data centre market. India is a key part of NTT Data's Asia-Pacific strategy. The firm's Indian workforce already exceeds 40,000. NTT Data plans to hire more people in the future. It is collaborating with Indian institutions like IITs.