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Income Tax Collection

FinMin asks ICAI to review new Income Tax Bill 2025, suggest improvements

Central Board of Direct Taxes expects the Institute of Chartered Accountants of India to go through the bill section-by-section, keeping in mind the needs of both businesses and individual taxpayers

Updated On: 14 Feb 2025 | 3:26 PM IST

New Income Tax Bill tabled in LS: Here's what's changing & what's not

If passed, the new Income Tax Bill, 2025 will replace the Income Tax Act of 1961 and come into effect on April 1, 2026

Updated On: 13 Feb 2025 | 2:16 PM IST

Net direct tax kitty swells 14.7% to Rs 17.78 trillion till Feb 10

Net direct tax collection grew 14.69 per cent to over Rs 17.78 lakh crore so far this fiscal, government data showed on Tuesday. As per the data released by the Central Board of Direct Taxes (CBDT), mop up from net non-corporate taxes, which include mainly personal income tax, grew 21 per cent year-on-year to about Rs 9.48 lakh crore. Net corporate tax collection rose more than 6 per cent to over Rs 7.78 lakh crore between April 1, 2024, and February 10, 2025. Net collections from securities transaction tax (STT) jumped 65 per cent to Rs 49,201 crore so far this fiscal. Refunds worth more than Rs 4.10 lakh crore were issued during the period, a 42.63 per cent increase against the year-ago period. Gross direct tax mop up till February 10 grew 19.06 per cent to more than Rs 21.88 lakh crore. In the revised estimates (RE) for the current fiscal, the government has pegged income tax collections at Rs 12.57 lakh crore, up from the budget estimate of Rs 11.87 lakh crore. The collectio

Updated On: 11 Feb 2025 | 8:14 PM IST

I-T return filings rise nearly 4% to 83.9 million in FY25: Govt data

To include more taxpayers within the income tax framework, the scope of Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) has been broadened, Chaudhary said

Updated On: 10 Feb 2025 | 8:56 PM IST

Union Budget 2025: 9 out of 10 taxpayers will now pay zero income tax

In her post Budget press conference, Nirmala Sitharaman said that an additional one crore taxpayers will pay no tax post her announcement. Here's how

Updated On: 02 Feb 2025 | 1:45 PM IST

'Bihar bias, ignored key sectors': P Chidambaram slams Union Budget 2025

Former Finance Minister P Chidambaram accused the government of favouring taxpayers and voters in Bihar in Union Budget 2025

Updated On: 02 Feb 2025 | 10:02 AM IST

I-T dept raids IIFL Finance, related entities over alleged tax evasion

In a stock exchange filing, IIFL Finance confirmed the ongoing tax searches and stated that it is fully cooperating with the authorities

Updated On: 29 Jan 2025 | 4:46 PM IST

Statsguru: India does not collect more taxes than its peers, data shows

India has lower govt revenues than peers

Updated On: 26 Jan 2025 | 10:40 PM IST

Net direct tax kitty swells 16% to Rs 16.9 trillion so far in FY25

The net direct tax collection grew 15.88 per cent to about Rs 16.90 lakh crore so far this fiscal, according to government data released on Monday. As per the data by the Central Board of Direct Taxes (CBDT), mop-up from net non-corporate taxes, which include mainly personal income tax, stood at over Rs 8.74 lakh crore. The net corporate tax collection between April 1, 2024, and January 12, 2025, was around Rs 7.68 lakh crore. Net collections from securities transaction tax (STT) stood at Rs 44,538 crore so far this fiscal. Refunds worth over Rs 3.74 lakh crore were issued during the period, a 42.49 per cent increase over the year-ago period. Gross direct tax mop up between April 1 and January 12 grew 20 per cent to over Rs 20.64 lakh crore. The government has budgeted to collect Rs 22.07 lakh crore in the current fiscal from direct taxes. This includes Corporate tax collection of Rs 10.20 lakh crore, personal income tax and other taxes of Rs 11.87 lakh crore.

Updated On: 13 Jan 2025 | 7:32 PM IST

Budget 2025: Govt may cut income tax rates to lift consumption, says report

The move could benefit tens of millions of taxpayers, especially city dwellers burdened by high living costs, if they opt for a 2020 tax system that strips exemptions like housing rentals

Updated On: 27 Dec 2024 | 12:41 AM IST

Net direct tax collection grew 16.45% to Rs 15.82 trn till Dec 17 of FY25

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

Updated On: 18 Dec 2024 | 11:45 PM IST

Only 6.68% of population filed income tax return in FY24: Govt tells House

Only 6.68 per cent of India's population filed income tax returns in 2023-24 fiscal, Parliament was informed on Tuesday. Minister of State for Finance Pankaj Chaudhary said there is an increase in filing ITR with over 8.09 crore income tax returns were filed in fiscal 2023-24, up from over 7.40 crore in 2022-23. In FY22, the number of ITRs filed was over 6.96 crore, up from over 6.72 crore in FY21 and over 6.48 crore in FY20. "In FY 2023-24, the percentage of population that files Income Tax Return is 6.68 per cent. (In FY 2023-24, the total number of persons filling income tax return is 8,09,03,315)," Chaudhary said in a written reply to the Rajya Sabha. He further said total number of individuals reporting zero taxable income in their ITRs is 4.90 crore in Assessment Year 2023-24, up from 4.64 lakh in 2022-23.

Updated On: 17 Dec 2024 | 4:35 PM IST

Corporation and personal income tax collections decline in October

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

Updated On: 03 Dec 2024 | 11:09 PM IST

Make tax collection less intrusive: Prez Murmu tells IRS trainees

President Droupadi Murmu on Monday said efforts should be made to make tax collection less intrusive and underlined the need for greater use of technology in the process. Addressing trainee officers of the Indian Revenue Service (Customs and Indirect Taxes), who called on her at the Rashtrapati Bhavan here, the President said the responsibility of bringing new ideas and solutions in the field of tax administration lies with the young officers. Taxation is not only a means of increasing the country's revenue but is also important for social, economic and political development. The tax paid by the citizens of the country is used for the development of the country and its people, Murmu said. She told the trainee officers that if they do their work with dedication and devotion, then they will be able to make a great contribution to the development of the country, according to a statement issued by the Rashtrapati Bhavan. "In this new and dynamic era, efforts should be made to make less

Updated On: 02 Dec 2024 | 3:59 PM IST

Holistic new tax code needed for Viksit Bharat, say experts ahead of Budget

There is a need for a holistic new Tax Code with a focus on lower rates, widening base, improved collections and compliance for a Vikshit Bharat, experts said ahead of Budget. A new philosophy of keeping it FLAT, with Fewer and lower tax rates, Litigation reduction, an All-inclusive wider tax base, and Tax collection without withholding it, is urgently needed to increase net tax revenues while energising the economy and realising the vision of a Vikshit Bharat by 2047, they said. Budget 2025-26 is expected to be tabled in Parliament on February 1. "It is certainly not a good situation that we have so many tax rates under GST. Ideally, GST should be one tax rate, but in our country, it is not possible to have one tax rate," former chairman Central Board of Indirect Taxes and Customs P C Jha said. Three tax slabs can be considered (5 per cent, 16 per cent and 28 per cent) and 12 per cent and 18 per cent can be merged into a single rate of 16 per cent, he said while participating in a

Updated On: 28 Nov 2024 | 4:01 PM IST

Top 10 countries with highest rates of personal income tax, details here

Globally, personal income tax rates differ significantly. High earners typically contribute a bigger percentage of their incomes to these nations' generally progressive tax systems

Updated On: 25 Nov 2024 | 3:17 PM IST

Choose correct ITR to report foreign assets, 200k return filed: CBDT

As many as two lakh Income Tax Returns (ITRs) containing details of foreign assets and income have been filed during the current assessment year till now, according to the tax department which urged Indian residents for tax purposes to ensure they file the right form and revise their returns if they submitted the wrong form. The shares obtained and income earned by resident tax Indians from their employers through employee stock options should also be disclosed to the Income-Tax Department by filling foreign assets and foreign source income schedule provided in the relevant ITR, a senior CBDT officer explained. The tax department and its administrative authority Central Board of Direct Taxes (CBDT) recently launched a campaign to ensure that the select category of taxpayers (Indian residents for tax purposes) report their foreign assets (FA) and foreign source income (FSI) during the 2024-25 assessment year by the deadline of December 31. The department conducted a 'Samvaad' online

Updated On: 24 Nov 2024 | 5:03 PM IST

74% top corporate taxpayers favour real-time compliance monitoring: Report

Deloitte's Income Tax Digitalisation in India survey found a strong push for the use of real-time data, e-wallets, APIs, and emerging technologies like AI and blockchain in the I-T department

Updated On: 19 Nov 2024 | 5:28 PM IST

Failure to disclose foreign assets to incur Rs 10 lakh fine: I-T dept

The Income-Tax Department on Sunday cautioned taxpayers that failure to disclose assets held abroad or income earned in foreign shores in the ITR can attract a penalty of Rs 10 lakh under the anti-black money law. The department issued a public advisory as part a compliance-cum-awareness campaign launched recently by it on Saturday to ensure that such information is reported by the assessee in their Income Tax Return (ITR) for assessment year (AY) 2024-25. The advisory specified that foreign asset, for a tax resident of India in the previous year, includes bank accounts, cash value insurance contract or annuity contract, financial interest in any entity or business, immovable property, custodial account, equity and debt interest, trusts in which a person is a trustee, beneficiary of settlor, accounts with singing authority, any capital asset etc., held abroad. The department said taxpayers figuring under this criteria "must mandatorily" fill the foreign asset (FA) or foreign source

Updated On: 17 Nov 2024 | 10:51 AM IST

IMF flags Pak's tax shortfall among major concerns in $7 bn loan package

The IMF has flagged Pakistan's tax shortfall and a delay in materialising foreign loans, among other issues, as challenges in implementing the USD 7 billion loan package. At the end of the International Monetary Fund (IMF) mission, which for five days held in-depth meetings with Pakistan officials about the implementation of conditions linked with the loan, the global lender also expressed concerns about Punjab's new agriculture income tax law which is still not fully aligned with the federal legislation and deviated from the National Fiscal Pact, The Express Tribune reported. A source said the IMF mission flagged two major concerns on Friday: the Federal Board of Revenue (FBR) 's underperformance and a delay in finalising the loans to fill the USD 2.5 billion gap. The global lender again asked Pakistan to contact Riyadh to secure oil on deferred payments and request Beijing to reschedule debt. In addition, the IMF had concerns about the delay in the privatisation of the power ...

Updated On: 16 Nov 2024 | 10:35 PM IST