Govt has collected Rs 7.52 trillion direct tax in Apr-Jan: Anurag Thakur

The government has collected over Rs 7.52 lakh crore as direct taxes till January 31 of the current fiscal, Parliament was informed on Tuesday.

The Revised Estimate (RE) has pegged the target for collection of direct taxes for the current fiscal, which ends on March 31, at Rs 11.70 lakh crore.

“The total amount collected under direct tax collection, as on 31st January, 2020 is Rs 7,52,472 crore,” Minister of State for Finance Anurag Thakur said in a written reply in the Rajya Sabha. Direct Tax includes corporate and income tax.

He said the last advance tax instalment is due in March 2020, and hence it is little premature to predict the final collection of direct taxes for the current year at this stage.

In a separate reply, Thakur said RE for current fiscal has projected revenue receipts at Rs 18.50 lakh crore, lower than Rs 19.62 lakh crore projected in the Budget.

“Lower estimated RE 2019-20 in respect of corporation tax, taxes on income, customs duty , excise duty annd Goods and Services Tax have resulted in the revenue receipts being lower than the

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SC sets aside NCLAT order on Dhanuka’s resolution plan for Orchid Pharma

The of India has set aside a National Company Law Appellate Tribunal’s (NCLAT) order rejecting the resolution plan of Gurgaon-based Dhanuka Laboratories for the debt-ridden Chennai-based The latest order, in an appeal filed by State Bank of India (SBI), is a green signal to Dhanuka Laboratories’ resolution plan, which was approved by the National Company Law Tribunal (NCLT) in June 2019, legal sources said.

The NCLAT, in November, 2019, had set aside the NCLT’s order, which approved the resolution plan of Dhanuka, observing that the resolution plan is less than the liquidation value, which is against the provisions of the Insolvency and Bankruptcy Code. Besides, it is against the principle of maximisation of assets of the corporate debtor, the Appellate Tribunal said in a petition filed by Accord Life Spec Pvt Ltd, an unsuccessful bidder for

The division bench consisting of Justice Rohinton Fali Nariman and Justice S Ravindra Bhat, in the latest order observed that the NCLAT’s judgement has to be set aside in view of a recent Judgement where it was categorically held that no provision in the Insolvency and

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How you can reap the financial rewards from tax relief on your patents

SMEs are potentially missing out on a golden opportunity to financially benefit from their intellectual property. Leyton UK MD William Garvey explains.

Spending on R&D in the UK lags behind the rest of Europe. The most recent ONS figures revealed the UK had invested 1.69% on R&D as a proportion of GDP, falling well below the European Union (EU-28) provisional estimate of 2.07%.

The Government is keen to change this and has an ambitious target of 2.4% of spending by 2027. To encourage innovation it has set up tax relief schemes to boost investment. The R&D credit scheme has been around since 2000 and has achieved increasing awareness among SMEs. However there is far less awareness for another scheme, ‘the patent box’, with SMEs potentially missing out on a golden opportunity to benefit from their IP.

The Patent Box regime is an incentive aimed at attracting R&D investment leading to the creation and active management of patentable intellectual property (IP). Patent Box is in addition to the Research and Development (R&D) tax credit scheme and can be claimed simultaneously. The tax benefits are clear. It effectively allows qualifying companies to apply a 10% rate of corporation tax to all profits

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