Advance Tax

If the last day for payment of any instalments of advance tax is a day on which the receiving bank is closed, the assessee can make the payment on the next immediately following working day

Refunds amounting to Rs 53,322 crore have also been issued in FY25 till June 17, which is 34 per cent higher than refunds issued during the same period in the preceding financial year

Have you paid the fourth installment of advance tax? If not, do it now. Here's why

The income tax department on Sunday said it has started sending emails and SMSs to assessees whose taxes paid during the current fiscal are not commensurate with financial transactions. The department is undertaking an e-campaign, which aims to inform such persons/entities of significant financial transactions, through email (marked as Advance Tax e-Campaign-Significant Transactions for AY 2024-25) and SMS, urging them to compute their advance tax liability correctly and deposit the due advance tax on or before March 15. In a statement, the Central Board of Direct Taxes (CBDT) said the income tax department has received certain information on specific financial transactions undertaken by persons/entities during the Financial Year (FY) 2023-24. "On the basis of analysis of the taxes paid so far during the current financial year, the Department has identified such persons/entities where payment of taxes for FY 2023-24 (AY 2024-25) is not commensurate with the financial transactions ma

NRIs with income in India above Rs 10,000, post-TDS and tax treaty adjustments, must pay too

Improved profitability, compliance lead to jump in direct taxes

Some salaried individuals, NRIs, professionals and senior citizens have to pay this tax

Taxpayers have until June 15 to pay 15 per cent of their estimated tax liability

The idea is to both widen and deepen tax bases, according to two official in the know

Advance tax, GST payments leading to tight liquidity; RBI may do more repos

With this, tax collection is 95.2% of Rs 16.5 trillion RE

From linking PAN card and Aadhaar Card to submission of updated income tax return (ITR), failure to meet these deadlines may lead to financial losses

If you miss the date, penalty will be levied at a simple interest rate of one per cent per month or part of a month

Net direct tax collection has grown 19% to over Rs 11.35 trillion

The RBI's Monetary Policy Committee (MPC) is likely to lift the policy repo rate by 35-50 basis points (bps) on September 30, according to a Business Standard poll

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

Gross direct tax collections grew 30 per cent to Rs 8.36 lakh crore till September 17 of current fiscal year on increased advance tax mop-up, the finance ministry said on Sunday. The gross collection of direct taxes (before adjusting for refunds) for FY 2022-23 stands at Rs 8,36,225 crore compared to Rs 6,42,287 crore in the corresponding period of preceding financial year i.e. 2021-22, registering a growth of 30 per cent over collections of 2021-22, the ministry said in a statement. The cumulative advance tax collections for April-September stand at Rs 2,95,308 crore as on September 17, up 17 per cent over the year-ago period. Gross collection of Rs 8.36 lakh crore includes Corporate Income Tax at Rs 4.36 lakh crore and Personal Income Tax (PIT), including Securities Transaction Tax at Rs 3.98 lakh crore. After adjusting for refunds, net collections rose 23 per cent to Rs 7,00,669 crore, compared to Rs 5,68,147 crore in the corresponding period of 2021-22.

While NRIs are liable to pay advance tax, senior citizens with pension and interest income are exempted

Direct tax collection, net of refunds, stood at Rs 2.81 trn, according to initial estimates; advance tax collection for the period between April 1 and June 15 was Rs 42,679 cr

Gross mop-up touches record Rs 15.83 trn; exceeds Budget and revised estimates