Page 3 - Latest Updates on Direct Tax
Budget: Direct, indirect taxes cover 58 paise of every rupee in govt coffer
The government will spend 8 paise out of every rupee on 'other expenditures'
 "Budget: Direct, indirect taxes cover 58 paise of every rupee in govt coffer")
Direct tax collection grows 24.58% to Rs 14.71 trillion till Jan 10
The country's gross direct tax collection rose 24.58% to Rs 14.71 trillion till January 10 this fiscal, buoyed by an upsurge in personal income tax mop-up, the government data showed
 "Direct tax collection grows 24.58% to Rs 14.71 trillion till Jan 10")
Tax collections up by 29.66%, to enable govt roll out tax reforms
With such a surge in tax collections, government would look to unleash reforms in the coming 2023-24 fiscal, especially as far as tax administration is concerned
 "Tax collections up by 29.66%, to enable govt roll out tax reforms")
Gross direct tax collections up by 30% at Rs 10.93 trn in current fiscal
The Central government has set a target of Rs 14,20,000 crore for collection of direct taxes as per budget estimates for 2022-23
 "Gross direct tax collections up by 30% at Rs 10.93 trn in current fiscal")
On track to meet FY23 fiscal deficit target, inflation within RBI band: FM
'We'll bring inflation down further for the sake of common people', said FM Nirmala Sitharaman
 "On track to meet FY23 fiscal deficit target, inflation within RBI band: FM")
Direct tax mop-up to exceed budget target by 25-30 pc: CBDT chief
The direct tax collection in the current fiscal is likely to exceed the budget target of Rs 14.20 trillion by about 30 per cent, a senior official said
Top headlines: FY24 direct tax target, PM visits Bali, COP27 meet, and more
Business Standard brings you the top headlines this hour
Direct Tax collections rise 31% YoY at Rs 10.54 trillion till November 10
Refunds amounting to Rs 1.83 trillion were issued during 1st April, 2022 to 10th November, 2022
Centre may introduce changes to capital gains tax rules, says report
A task force had recommended changes in indexation benefit rules for the capital gains tax in 2019, and it is expected to be the main basis of the review
 "Centre may introduce changes to capital gains tax rules, says report")
Direct tax mop-up rises 24% YoY to Rs 8.98 trillion in FY23 so far
Refunds amounting to Rs 1.53 lakh crore have been issued between April 1-october 8, an increase of 81 per cent over the corresponding period last year
Advance tax mop-up grew 17% between Apr and Sep to Rs 2.95 trillion
Net direct tax collections (net of refunds) for the current financial year have grown at 23 per cent to over Rs 7 trillion between April 1 and September 17
 "Advance tax mop-up grew 17% between Apr and Sep to Rs 2.95 trillion")
Direct tax mop-up jumps 35.5% to Rs 6.48 trillion in FY23: Govt
The ministry said refunds amounting to Rs 1.19 trillion have been issued till September 8 this fiscal year, 65.3 per cent higher than the refunds issued for the same period in FY22.
Direct tax collections may exceed budget targets, CBDT chief says
Gupta added that if the trend continues, direct tax collections for FY23 could exceed the budget target of Rs 14.20 trillion
 "Direct tax collections may exceed budget targets, CBDT chief says")
Direct tax collection grows 40% driven by personal income tax from Apr-Jul
Personal income tax collection posted a growth of 52% YoY at Rs 2.67 trillion, while corporation tax collection stood at Rs 45,000 crore
 "Direct tax collection grows 40% driven by personal income tax from Apr-Jul")
Centre advances devolution as states hunt for funds, transfers Rs 1.16 trn
Money will help carry out their capital expenditure and welfare spending plans
 "Centre advances devolution as states hunt for funds, transfers Rs 1.16 trn")
India at 75: Prudent public finance policy still remains a challenge
Among other things, making the direct tax regime less confusing and bringing in expenditure reform are crucial challenges for the central government
 "India at 75: Prudent public finance policy still remains a challenge")
At Rs 3.39 trillion, direct tax collection sees a 45% surge: CBDT
Advance tax by companies and individuals rises 33%
At Rs 42,679 crore, advance tax collection up 48% in April-June quarter
Direct tax collection, net of refunds, stood at Rs 2.81 trillion, initial estimates show
Centre moots ruling authority to fix direct tax liability, settle disputes
Revenue dept to take up measures to boost tax-to-GDP ratio to 15-20%
 "Centre moots ruling authority to fix direct tax liability, settle disputes")
Net direct tax collection reaches highest figure of Rs 14.09 trn in FY22
The net direct tax collection has increased by 49.02 per cent during financial year 2021-22
 "Net direct tax collection reaches highest figure of Rs 14.09 trn in FY22")
