Direct Tax

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

Govt to surpass Rs 22.07 trn direct tax collection target: CBDT chief

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

Centre expects to exceed gross direct tax collection target for FY25

Actual tax liability declined by 40% for those earning between Rs 10-20 lakh

Net direct tax collection rises 15.4% to Rs 12.1 trn in April-Nov

Direct taxes, which include corporate and personal tax, grew over 21 per cent to Rs 15 trillion on a gross basis

Direct tax-GDP ratio hits 24-year high of 6.64% in FY24, shows data

Direct tax mopup rises 18%, outpacing economic growth; buoyancy at 2.12

Steady growth: Net direct tax collection up 18.3% to Rs 11.3 trillion

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

Net direct tax collection grows 18% to Rs 11.25 trillion: Govt data

Net direct tax collection grew 18.3 per cent to about Rs 11.25 lakh crore as of October 10 this fiscal, government data showed on Friday. The mop-up includes personal income tax collection of Rs 5.98 lakh crore and corporate tax collection of Rs 4.94 lakh crore. Securities Transaction Tax (STT) stood at Rs 30,630 crore, while other taxes (including equalisation levy and gift tax) earned Rs 2,150 crore. The income tax department had collected Rs 9.51 lakh crore during the same period a year ago. Refunds worth Rs 2.31 lakh crore were issued between April 1 and October 10, a growth of 46 per cent. On a gross basis, direct tax collection grew 22.3 per cent to Rs 13.57 lakh crore. The collection includes PIT (personal income tax) of Rs 7.13 lakh crore and corporate tax of Rs 6.11 lakh crore. The government has budgeted to collect Rs 22.07 lakh crore in the current fiscal from direct taxes.

Finance ministry notifies direct tax Vivad Se Vishwas Scheme, 2024

Though the scheme's operational date has been announced, the final date for the scheme is yet to be determined

Net direct tax collection rises 16.12% to Rs 9.95 trillion till Sep 17

Net direct tax collection grew 16.12 per cent to over Rs 9.95 lakh crore so far this fiscal on higher advance tax mop up. Refunds worth over Rs 2.05 lakh crore were issued, a 56.49 per cent jump over the same period last fiscal. The net personal income tax (PIT) collection grew 19 per cent to Rs 5.15 lakh crore between April 1 and September 17. Corporate tax collection went up 10.55 per cent to over Rs 4.52 lakh crore. Revenues from Securities Transaction Tax (STT) stood at Rs 26,154 crore. After taking into account refunds, net collection from PIT and corporate taxes stood at Rs 9,95,766 crore so far this fiscal, a growth of 16.12 per cent over the year-ago period. Advance tax collection grew 22.61 per cent to Rs 4.36 lakh crore. The growth in PIT advance tax mop up was 39.22 per cent while for corporate tax, it was 18.17 per cent. Gross direct tax collection stood at Rs 12.01 lakh crore, a growth of 21.48 per cent so far this fiscal. The government has budgeted to collect Rs 2

Panel headed by V K Gupta to simplify decades-old direct tax laws

More than 90 sections seen redundant; panel in line with Budget promise of comprehensive review

Net direct tax collection rises 22.5% to Rs 6.93 trillion till Aug 11

Of the total direct tax mop-up, personal income tax (PIT) continues to outpace corporation income tax (CIT)

Union Budget 2024-25: Emphasis on bringing simplicity in direct tax system

Tax proposals aim to bring in uniformity, improve compliance and reduce litigation

Taxpayers can opt for 'Vivad se Vishwas' scheme from Dec 31: CBDT chairman

The 'Vivad se Vishwas' scheme announced in the Budget for settlement of pending direct tax appeals will be launched this year and its notification apart from relevant FAQs would be issued soon, CBDT chairman Ravi Agrawal said Wednesday. Speaking to PTI during a post-Budget interview, the head of the direct taxes administration in the country said that a "substantial" number of income tax appeals are logged at the appellate stage in different forums and it is expected that a "reasonable" number of taxpayers will avail the new scheme. The first 'Vivad se Vishwas' scheme for cases under the direct taxes or income tax category was brought out by the government in 2020 and, according to the CBDT chief, it was "quite successful" with about Rs 75,000 crore revenue being garnered and about a lakh taxpayers availing the scheme. "The first date is (going to be) 31st of December by when we the taxpayer is supposed to actually opt for the scheme (Vivad se Vishwas 2024). Very soon, we will notif

Union Budget 2024: FM's tax measures seek to widen net, cut litigation

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

IRS officer Ravi Agrawal appointed new CBDT chief, to succeed Nitin Gupta

Ravi Agrawal, a 1988-batch IRS officer, has been appointed as the new chairman of the Central Board of Direct Taxes (CBDT), the administrative body for the Income Tax Department. He takes over from Nitin Gupta, a 1986-batch Indian Revenue Service officer, whose extended tenure as the chairman ends on Sunday, June 30. Gupta was appointed as the CBDT chief in June, 2022. He was scheduled to retire in September last year but was given a nine-month extension till June. The new CBDT chief is currently working as member (administration) in the board. An order issued by the Appointments Committee of the Cabinet (ACC) said Agarwal will head the CBDT till June, 2025. Agrawal is scheduled to retire in September but his appointment order said he will continue on "reappointment on contract basis" till June 30 next year, in usual terms and conditions applicable to re-employed central government officers, in relaxation of the recruitment rules. A senior Union finance ministry officer told PTI

Net direct tax collections grew 9.8% to Rs 4.62 trillion till mid-June

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

Direct tax collection grows 20% to Rs 18.90 trillion till March 17

The net direct tax collection grew 19.88 per cent to over Rs 18.90 lakh crore till March 17, the income tax department said on Tuesday. 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), including Securities Transaction Tax (STT) at Rs 9,72,224 crore (net of refund). Refunds amounting to about Rs 3.37 lakh crore have also been issued in the current fiscal till March 17. On a gross basis, before adjusting refunds, the direct tax collection stood at Rs 22.27 lakh crore, an 18.74 per cent growth over the year-ago period. "The provisional figures of Direct Tax collections for the Financial Year 2023-24 (as of March 17, 2024) show that net collections are at Rs 18,90,259 crore, compared to Rs 15,76,776 crore in the corresponding period of the preceding Financial Year (FY 2022-23), representing an increase of 19.88 per cent," the Central Board of Direct Taxes (CBDT) said in

Budget 2024: Here's what FM Nirmala Sitharaman said about income tax

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

Direct tax to GDP ratio in FY24 likely to be the highest since FY01

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

Budget 2024: Govt may raise exemption in lower bracket under old I-T regime

The measures, along with announcements to improve the direct tax system, are those which the government feels will not hurt the fiscal deficit numbers now