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What is Direct Tax
The Budget estimate of the government's income tax revenue for the year 2020-21 was Rs 6,25,000 crore. The revised estimates of income tax for the 2019-20 Budget came at Rs 5,47,000 crore, while the actuals for the 2018-19 Budget stood at Rs 4,61,487 crore.
The Budget estimate of the government's corporation tax revenue for the year 2020-21 was Rs 6,81,000 crore. The revised estimates of corporation tax for the 2019-20 Budget came at Rs 6,10,500 crore, while the actuals for the 2018-19 Budget stood at Rs 6,63,571 crore.
Read provisions relating to direct taxes
Provisions relating to direct taxes in Budget 2020-2021
Latest Updates on Direct Tax
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
Agarwal also said that taxpayers who have not disclosed their foreign income or assets in their ITRs have time till December 31
Actual tax liability declined by 40% for those earning between Rs 10-20 lakh
Direct taxes, which include corporate and personal tax, grew over 21 per cent to Rs 15 trillion on a gross basis
Direct tax mopup rises 18%, outpacing economic growth; buoyancy at 2.12
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
Refunds worth Rs 2.31 trillion were issued between April 1 and October 10, a growth of 46 per cent
Though the scheme's operational date has been announced, the final date for the scheme is yet to be determined
Refunds worth over Rs 2.05 trillion were issued, a 56.49 per cent jump over the same period last fiscal
More than 90 sections seen redundant; panel in line with Budget promise of comprehensive review
At Rs 4.47 trn, personal income-tax mopup outpaced corporation tax
Tax proposals aim to bring in uniformity, improve compliance and reduce litigation
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
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
Ravi Agrawal was given an extended tenure to clock an year so as to provide continuity to the CBDT in framing direct tax policies
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
At Rs 18.9 trillion, collection accounted for over 97 per cent of the revised estimates at Rs 19.45 trillion
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)
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
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