Page 4 - Latest Updates on Direct Tax
Direct tax mop-up beats the revised estimates at Rs 13.6 trillion
Up more than Rs 1 trn over RE for FY22, to help govt rein in fiscal deficit at 6.9%
 "Direct tax mop-up beats the revised estimates at Rs 13.6 trillion")
Direct tax collection soars 48% in FY22, advance tax payment up 41%
Almost 53% of all direct tax collection was from corporate tax, while 47% came from personal income tax, including securities transaction tax on shares
 "Direct tax collection soars 48% in FY22, advance tax payment up 41%")
Direct Taxes: FM Sitharaman chooses quiet consolidation in Budget
The yardsticks of stability, predictability, rationalisation and simplification define the tax proposals
 "Direct Taxes: FM Sitharaman chooses quiet consolidation in Budget")
What are the new and old income tax regimes?
n the Union Budget 2020, Finance Minister Nirmala Sitharaman had introduced a new tax regime. Our next report presents the difference in tax rates between the new regime and the old regime
 "What are the new and old income tax regimes?")
Union Budget 2022-23: Phasing out of some tax exemptions likely
FinMin also exploring the option of rationalising capital gains tax rates
 "Union Budget 2022-23: Phasing out of some tax exemptions likely")
Budget 2022: Tax rebates in Budget for realty vital for salaried class
Currently, one-third of India's population reside in cities and it is estimated to go up to 50% by 2030
 "Budget 2022: Tax rebates in Budget for realty vital for salaried class")
Top headlines: Govt withdraws spending curbs; direct tax mop-up grows 74%
Business Standard brings you the top headlines on Friday
 "Top headlines: Govt withdraws spending curbs; direct tax mop-up grows 74%")
BS Number Wise: Tax mop up shines through fragile recovery
Direct-tax-to-GDP ratio in the first quarter of 2021-22 increased to 5.14 per cent, compared with 3.29 per cent over the last two years
 "BS Number Wise: Tax mop up shines through fragile recovery")
Advance tax collection surges 146% despite Covid-19-led economic disruption
Net direct tax mop-up zooms 100% till June 15
 "Advance tax collection surges 146% despite Covid-19-led economic disruption")
Budget 2021: PF interest, Ulip gains now taxable beyond a certain limit
Reduction of time span for reopening assessments will reduce fear of the taxman
 "Budget 2021: PF interest, Ulip gains now taxable beyond a certain limit")
Spend, earn, tax: Finances of Union Budget 2021 explained in nine charts
Taxes on individual incomes will now bring more revenue to the government than taxes on corporate profits
 "Spend, earn, tax: Finances of Union Budget 2021 explained in nine charts")
For direct taxes, Budget 2021 has largely maintained status quo
To further support the start-up ecosystem, the tax holiday has been extended by one year by including start-ups incorporated till March 31, 2022 to be eligible for the tax holiday
 "For direct taxes, Budget 2021 has largely maintained status quo")
Budget 2021 LIVE: Budget is a shot in the arm for Indian economy, says S&P
Budget 2021 LIVE: Finance minister Nirmala Sitharaman in her Union Budget 2021 speech announced a slew of taxation reforms but left personal income tax slab unchanged. Track Budget 2021 highlights
 "Budget 2021 LIVE: Budget is a shot in the arm for Indian economy, says S&P")
Direct tax compliance set to be made easier in upcoming Budget
Budget may resolve issues related to administration
 "Direct tax compliance set to be made easier in upcoming Budget")
FM Nirmala Sitharaman told to extend ITRs, tax audit and AGM time frame
The Direct Taxes Professionals Association (DTPA) has urged Finance Minister Nirmala Sitharaman for extension of date of furnishing of tax audit report under section 44AB to February 28
 "FM Nirmala Sitharaman told to extend ITRs, tax audit and AGM time frame")
Govt collects Rs 72K-cr under Vivad Se Vishwas direct tax resolution scheme
A total of 45,855 declarations have been filed under Form 1 as on November 17 and declarations amount to Rs 31,734 crore
 "Govt collects Rs 72K-cr under Vivad Se Vishwas direct tax resolution scheme")
Direct tax practitioners seek extension of Sebi settlement scheme till Mar
Direct tax practitioners have urged SEBI to extend the last date of availing the Settlement Scheme 2020 from October 31 to March 31 in the wake of the COVID-19 pandemic induced disruptions
 "Direct tax practitioners seek extension of Sebi settlement scheme till Mar")
Net direct tax collections decline 31% in April-August FY21
The net direct tax collection in April-Augustwas 31.1 per cent lower on year-on-yearbasis at over Rs 1.92 trill, according to data provided by Minister of State for Finance Anurag Thakur in Lok Sabha
 "Net direct tax collections decline 31% in April-August FY21")
Economic contraction easing? Direct tax mop-up down, but not like earlier
At 23 per cent, decline in collection was slightly better than 30 per cent seen a fortnight ago, provisional data show
 "Economic contraction easing? Direct tax mop-up down, but not like earlier")
Many landmark decisions by Modi govt to honour honest taxpayers: Amit Shah
Amit Shah said the Narendra Modi government has taken several key decisions to empower and honour honest taxpayers and launch of 'Transparent Taxation-Honoring the Honest' is a gift to the taxpayers
 "Many landmark decisions by Modi govt to honour honest taxpayers: Amit Shah")
