 "What is Direct Tax")
Direct Tax
What is Direct Tax
Read More
Latest Updates on Direct Tax
Net direct tax collection grew 16.45% to Rs 15.82 trn till Dec 17 of FY25
Gross direct collections during the period grew 20.3 per cent to Rs 19.2 trillion, with refunds increasing 42.5 per cent to Rs 3.4 trillion
 "Net direct tax collection grew 16.45% to Rs 15.82 trn till Dec 17 of FY25")
Govt to surpass Rs 22.07 trn direct tax collection target: CBDT chief
Agarwal also said that taxpayers who have not disclosed their foreign income or assets in their ITRs have time till December 31
 "Govt to surpass Rs 22.07 trn direct tax collection target: CBDT chief")
Centre expects to exceed gross direct tax collection target for FY25
Actual tax liability declined by 40% for those earning between Rs 10-20 lakh
 "Centre expects to exceed gross direct tax collection target for FY25")
Net direct tax collection rises 15.4% to Rs 12.1 trn in April-Nov
Direct taxes, which include corporate and personal tax, grew over 21 per cent to Rs 15 trillion on a gross basis
 "Net direct tax collection rises 15.4% to Rs 12.1 trn in April-Nov")
Direct tax-GDP ratio hits 24-year high of 6.64% in FY24, shows data
Direct tax mopup rises 18%, outpacing economic growth; buoyancy at 2.12
 "Direct tax-GDP ratio hits 24-year high of 6.64% in FY24, shows data")
Steady growth: Net direct tax collection up 18.3% to Rs 11.3 trillion
Of the tax mop-up, personal income-tax (PIT) outpaced corporation tax. PIT stood at Rs 5.98 trillion (net) compared to Rs 4.88 trillion in the same period a year ago
 "Steady growth: Net direct tax collection up 18.3% to Rs 11.3 trillion")
Net direct tax collection grows 18% to Rs 11.25 trillion: Govt data
Refunds worth Rs 2.31 trillion were issued between April 1 and October 10, a growth of 46 per cent
 "Net direct tax collection grows 18% to Rs 11.25 trillion: Govt data")
Finance ministry notifies direct tax Vivad Se Vishwas Scheme, 2024
Though the scheme's operational date has been announced, the final date for the scheme is yet to be determined
 "Finance ministry notifies direct tax Vivad Se Vishwas Scheme, 2024")
Net direct tax collection rises 16.12% to Rs 9.95 trillion till Sep 17
Refunds worth over Rs 2.05 trillion were issued, a 56.49 per cent jump over the same period last fiscal
Panel headed by V K Gupta to simplify decades-old direct tax laws
More than 90 sections seen redundant; panel in line with Budget promise of comprehensive review
Net direct tax collection rises 22.5% to Rs 6.93 trillion till Aug 11
At Rs 4.47 trn, personal income-tax mopup outpaced corporation tax
 "Net direct tax collection rises 22.5% to Rs 6.93 trillion till Aug 11")
Union Budget 2024-25: Emphasis on bringing simplicity in direct tax system
Tax proposals aim to bring in uniformity, improve compliance and reduce litigation
 "Union Budget 2024-25: Emphasis on bringing simplicity in direct tax system")
Taxpayers can opt for 'Vivad se Vishwas' scheme from Dec 31: CBDT chairman
First 'Vivad se Vishwas' scheme for cases under the direct taxes or income tax category was brought out by government in 2020 and, according to the CBDT chief, it was quite successful
 "Taxpayers can opt for 'Vivad se Vishwas' scheme from Dec 31: CBDT chairman")
Union Budget 2024: FM's tax measures seek to widen net, cut litigation
The proposed amendments to the angel tax regime will be made effective from April 1, 2025, and will be applicable from assessment year 2025-26
 "Union Budget 2024: FM's tax measures seek to widen net, cut litigation")
IRS officer Ravi Agrawal appointed new CBDT chief, to succeed Nitin Gupta
Ravi Agrawal was given an extended tenure to clock an year so as to provide continuity to the CBDT in framing direct tax policies
 "IRS officer Ravi Agrawal appointed new CBDT chief, to succeed Nitin Gupta")
Net direct tax collections grew 9.8% to Rs 4.62 trillion till mid-June
Of the total tax collected until June 16, corporation tax accounted for Rs 1.81 trillion, while personal income tax (I-T) stood at Rs 2.69 trillion
Net direct tax collections rise 20% at Rs 18.9 trillion till March 17
At Rs 18.9 trillion, collection accounted for over 97 per cent of the revised estimates at Rs 19.45 trillion
 "Net direct tax collections rise 20% at Rs 18.9 trillion till March 17")
Direct tax collection grows 20% to Rs 18.90 trillion till March 17
The net direct tax collection of Rs 18,90,259 crore(as of March 17) includes Corporation Tax (CIT) at Rs 9,14,469 crore (net of refund) and Personal Income Tax (PIT)
 "Direct tax collection grows 20% to Rs 18.90 trillion till March 17")
Budget 2024: Here's what FM Nirmala Sitharaman said about income tax
Interim Budget: FM Sitharaman said that the average processing time of returns has been reduced from 93 days in the year 2013-14 to 10 days this year
 "Budget 2024: Here's what FM Nirmala Sitharaman said about income tax")
Direct tax to GDP ratio in FY24 likely to be the highest since FY01
Tax buoyancy measures change in tax growth as a result of GDP expansion. Buoyancy at more than one means the GDP growth rate has led to a higher increase in tax receipts
 "Direct tax to GDP ratio in FY24 likely to be the highest since FY01")
