Page 2 - Latest Updates on Direct Tax
Budget 2024: Govt may raise exemption in lower bracket under old I-T regime
The measures, along with announcements to improve the direct tax system, are those which the government feels will not hurt the fiscal deficit numbers now
 "Budget 2024: Govt may raise exemption in lower bracket under old I-T regime")
Record 81.8 mn ITRs filed till Dec 31, rises 9% in current assessment year
To encourage taxpayers to file their ITRs and forms early, over 1.03 billion outreaches were made through targeted e-mail, SMS and other creative campaigns
 "Record 81.8 mn ITRs filed till Dec 31, rises 9% in current assessment year")
Direct taxes mop up after refunds in FY24 at Rs 13.7 trn till Dec 17
It was backed by a 20% increase in advance tax revenues
 "Direct taxes mop up after refunds in FY24 at Rs 13.7 trn till Dec 17")
Govt to exceed Rs 18.23 trn full-year direct tax collection target: CBDT
As per government data, the net direct tax collection between April 1 and November 9 this fiscal has swelled 22 per cent to Rs 10.60 trillion
 "Govt to exceed Rs 18.23 trn full-year direct tax collection target: CBDT")
India's direct tax collection up 17.6% to Rs 12.3 trillion till Nov 9: CBDT
Currently, the tax collection stands at 58.15% of the total Budget Estimates for FY24
 "India's direct tax collection up 17.6% to Rs 12.3 trillion till Nov 9: CBDT")
Net direct tax collection rises 23.5% to Rs 8.65 trn in April-Sept
The tax collection includes corporate tax of 4.16 trillion rupees and personal income tax of 4.47 trillion rupees, said the statement from Ministry of Finance
 "Net direct tax collection rises 23.5% to Rs 8.65 trn in April-Sept")
CBDT issues draft form for biz to report inventory valuation by accountants
Beginning this fiscal, tax officers have been empowered to order for inventory valuation from a cost accountant at any stage of the proceedings pending before him/her
 "CBDT issues draft form for biz to report inventory valuation by accountants")
Changing face of direct taxes: Transformation over a decade
A paradigm shift has been brought in the way the income tax department has been dealing with the taxpayers
 "Changing face of direct taxes: Transformation over a decade")
Tax collection in India one of highest, reduce direct tax to 25%: Bhalla
While India is not the richest country in the world, the tax collection is one of the highest and the income tax rate should be reduced from around 40 per cent at present, economist Surjit Bhalla said
 "Tax collection in India one of highest, reduce direct tax to 25%: Bhalla")
Direct tax buoyancy again falls sub-2% in 2022-23
It should be noted that direct tax collection figures are still provisional and GDP figures are on the basis of second advance estimates for 2022-23. The actual figures may change the outcome slightly
 "Direct tax buoyancy again falls sub-2% in 2022-23")
Highest direct tax buoyancy in 15 years in FY22, shows CBDT data
Gross direct tax collection increased 173 per cent to over Rs 19.68 trillion in 10 years to 2022-23
 "Highest direct tax buoyancy in 15 years in FY22, shows CBDT data")
Bengaluru in close race with Delhi in direct tax collection: I-T dept data
Mumbai's share in overall kitty remains highest, but down at about 30% now
Top Headlines: Net direct tax collection exceeds RE, chip shortage & more
Business Standard brings you the top headlines at this hour
Revenue boost: FY23 net direct tax collection exceeds Revised Estimate
Mop-up could help govt meet its fiscal deficit target
Govt may close FY23 with Rs 50,000 cr shortfall in direct tax mop up
The dividend from public sector enterprises gave some breather: It stood at Rs 58,988 crore, compared to the revised target of Rs 43,000 crore
 "Govt may close FY23 with Rs 50,000 cr shortfall in direct tax mop up")
Direct tax collection hits 95.2% of Revised Estimates for FY23
Net collection rises 15.3% to Rs 15.72 trn as of March 16
Direct tax: Budget gives a blueprint for sustained high-growth trajectory
Presently, no TDS is required on interest payable in the case of listed dematerialised securities
 "Direct tax: Budget gives a blueprint for sustained high-growth trajectory")
Budget 2023: Many hits, few misses as Centre sticks to fiscal consolidation
The target of 5.9% is also likely to be met next year, finally bringing it down to below 4.5% of GDP in the financial year 2025-26
 "Budget 2023: Many hits, few misses as Centre sticks to fiscal consolidation")
Old income tax regime vs new income tax regime: Which one is better?
New income tax regime: The taxpayers can avail of several deductions under the old income tax regime using section 80C etc. But under the new tax regime, no such deductions are allowed
 "Old income tax regime vs new income tax regime: Which one is better?")
Compute your income tax liability after Budget 2023 changes here
No tax will have to be paid for income up to Rs 3 lakh
