Direct Taxes

Festival month saw 12% dip in direct tax revenue to Rs 88,293 cr

The government will exceed the Rs 22.07 lakh crore direct tax collection target set for the current fiscal, Central Board of Direct Taxes (CBDT) chairman Ravi Agarwal said on Monday. Agarwal also said that taxpayers who have not disclosed their foreign income or assets in their ITRs have time till December 31 to file their revised return for the 2023-24 fiscal. The tax department is in the process of sending SMS and emails to those assessees who have not disclosed high-value assets. Inaugurating the Taxpayers Lounge at the India International Trade Fair (IITF), Agarwal also said that more than 6,000 suggestions have come in for a review of the income tax law to make the language simple and easy to understand. "We are hopeful and we believe that we will exceed the budget target for tax collection. Collections from corporate and non-corporate taxes have risen," Agarwal told reporters here. As per the latest tax collection data released by the CBDT, between April 1 to November 10, net

One cannot escape anti-dumping duty by filing advance bill of entry if the anti-dumping notification is issued before grant of entry inward for the vessel

Direct tax collections have surged 182 per cent to over Rs 19.60 lakh crore in 2023-24 in the 10-year period of Prime Minister Narendra Modi-led government. The latest 'Time Series Data' released by the income tax department showed that the corporate tax collections more than doubled to over Rs 9.11 lakh crore in 10 years to 2023-24 fiscal. Personal income tax mop up grew close to four-fold to Rs 10.45 lakh crore during the period. In the first year of the Modi government in 2014-15, direct tax collection was about Rs 6.96 lakh crore. This included about Rs 4.29 lakh crore of corporate tax and Rs 2.66 lakh crore of personal income tax. The number of income tax returns filed (including revised returns) increased from over 4.04 crore in 2014-15 fiscal to over 8.61 crore in 2023-24. Direct tax-to-GDP ratio increased from 5.55 per cent in 2014-15 to 6.64 per cent in 2023-24. Tax buoyancy, which measures revenue mobilisation efficiency with respect to GDP growth, increased from 0.86 to

The Direct Tax Vivad Se Vishwas (DTVSV) Scheme, 2024, was announced in the Union Budget 2024-25 by the Union Finance Minister to resolve pending income tax disputes

The finance ministry on Tuesday said the Supreme Court has disposed of 573 direct tax cases after the monetary limits for filing appeals were revised in the Budget. The Union Budget 2024-25 provided for an enhanced monetary limit for filing appeals related to direct taxes, excise and service tax in the tax tribunals, high courts and the Supreme Court and the limits were increased to Rs 60 lakh, Rs 2 crore, and Rs 5 crore, respectively. "The Hon'ble Supreme Court today disposed of 573 direct tax cases where the tax effect is less than Rs 5 crore, in view of the revised monetary limit of filing of appeals," the finance ministry said. This significant milestone aligns with the government's efforts to reduce tax litigation and promote ease of doing business, it added. As a result of these revised limits, it is estimated that about 4,341 cases will be withdrawn from various judicial forums over the course of time. This includes ITAT: 717 cases, high courts: 2,781 cases and Supreme Court

The EBITDA of IPO-bound travel tech platform OYO is expected to cross Rs 2,000 crore in 2025-26 with the American budget hotel chain Motel 6 adding substantially to its topline, according to documents. The travel tech unicorn estimates that Motel 6 will add over Rs 630 crore to its EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) in the coming financial year, which will be the first full year of its integration. The travel tech major is expected to refile its initial public offering (IPO) papers with markets regulator Securities and Exchange Board of India (SEBI) after refinancing its existing USD 450 million Term Loan B (TLB) at a lower interest rate. OYO on Saturday announced it has agreed to acquire Motel 6 and Studio 6 brands from Blackstone Real Estate for USD 525 million in an all-cash transaction. Oravel Stays, the parent company of OYO stated that it will acquire G6 Hospitality, the leading economy lodging franchisor and parent company of Motel 6 an

Taxpayers with pending disputes or appeals, including writs and special leave petitions, filed by either the taxpayer or tax authorities as of July 22, 2024, can avail the scheme

Rampant cash transactions in business sectors like hotels, luxury brand sales, hospitals and IVF clinics need to be checked in a "non-intrusive" manner, the CBDT has asked the I-T department. The apex body for direct taxes administration in the country -- the Central Board of Direct Taxes -- has also asked the tax department to undertake "concerted efforts" to recover arrear demands which have been witnessing a "steep rise" since the last financial year. The CBDT recently issued an annual action plan dossier called the central action plan (CAP) 2024-25. Senior officials told PTI that transactions over Rs 2 lakh in cash were required to be reported through a statement of financial transaction (SFT) by financial institutions but that was not happening. "While examining such reports, it is noticed that the circumvention of these provisions is widely prevalent," the Board told the I-T department. "Further, although section 139A requires PAN (permanent account number) to be provided o

Bhalla, who was India's executive director at the International Monetary Fund, argued that the belief that only 1-2 per cent of the population pays taxes is unfounded

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

Direct tax is a type of tax that is paid by an individual directly to the government

Long term capital gains (LTCG) tax on the sale of these asset classes stocks, mutual funds, real estate etc. is levied when the holding period of the asset is over one year

Net direct tax collection grew 19.54 per cent to over Rs 5.74 lakh crore so far this fiscal on higher advance tax payment by corporates. The first instalment of advance tax, which was due on June 15, rose 27.34 per cent to Rs 1.48 lakh crore. This includes Corporation Income Tax (CIT) at Rs 1.14 lakh crore and Personal Income Tax (PIT) at Rs 34,470 crore. The net direct tax collection of Rs 5,74,357 crore (as of July 11, 2024) includes CIT at Rs 2,10,274 crore and PIT at Rs 3,46,036 crore, as per data released by Central Board of Direct Taxes (CBDT) on Saturday. Securities Transaction Tax (STT) contributed Rs 16,634 crore to the direct tax collection, it said. During the same period last year, net direct tax collection was Rs 4,80,458 crore. Refunds amounting to Rs 70,902 crore have also been issued in FY25 till July 11, which is 64.4 per cent higher than refunds issued during the same period in the previous year. For April-July 11, gross collection of direct taxes (before adjust

Bandhan Bank on Friday said it has launched a facility for online collection of direct taxes, enabling its customers and others to pay taxes seamlessly across India. As an RBI-appointed agency bank, it also accepts offline payments through its 1,700 branches, the lender said in a statement. The service is available through internet banking, payment gateway, cash, cheque, or demand draft, it said. Bandhan Bank's head of government business group, Debraj Saha, said, "The bank is proud to support the Central Board of Direct Taxes as an agency bank, aligning with the government's e-governance initiative." With over 6,300 banking outlets across 35 states and UTs, Bandhan Bank serves over 3.35 crore customers.

As G20 finance ministers prepare to consider a wealth tax on the super-rich next month, a survey has revealed that 68 per cent of people in these countries, including 74 per cent in India, support the idea to address global hunger, inequality and climate crisis. The survey by the Earth4All initiative and Global Commons Alliance covered 22,000 citizens in the world's largest economies. The proposal for a levy on the super-rich has been under discussion since at least 2013 with international support on the issue growing over the years. Brazil, the current president of the G20, aims to build consensus on the taxation of wealth and is likely to push for a joint declaration at a meeting of G20 finance ministers in July. Gabriel Zucman, a French economist and a key influencer behind Brazil's G20 proposal for progressive international taxation to promote tax justice, will release a report on Tuesday, outlining how "a global minimum tax on the ultra-rich" could work and how much it could .

On a gross basis, tax collection before refunds grew more than 22% year on year to Rs 5.16 trillion, the statement said

This week we write about how to file tax returns for investments or income in foreign countries

If you have significant deductible investments, the old regime could save you more money, but crunch the numbers

Malhotra speaks of the Paytm probe, goods and services tax on online gaming companies, and revenue projections