Page 2 - Direct Tax Collection

Top Headlines: Run-up to Budget 2023-24, India Inc's Q2 earnings, and more

The July-September quarter (second quarter, or Q2) of 2022-23 (FY23) could mark the end of the period of an unprecedented rise in India Inc's earnings in the aftermath of the pandemic

Direct tax mop-up rises 24% YoY to Rs 8.98 trillion in FY23 so far

Refunds amounting to Rs 1.53 lakh crore have been issued between April 1-october 8, an increase of 81 per cent over the corresponding period last year

Direct tax collection jumps 24% to Rs 9 trn in FY23 so far, says I-T dept

Gross collection of tax on corporate and individual earnings jumped nearly 24 per cent so far in the current fiscal year that started on April 1, the tax department said on Sunday. The gross collection of taxes on corporate earnings rose 16.74 per cent during April 1 to October 8, while personal income tax collection jumped 32.30 per cent, the tax department said in a statement. Direct tax collection came at Rs 8.98 lakh crore between April 1 to October 8, 2022, 23.8 per cent higher than the gross collection in the corresponding period a year ago. Tax on corporate and individual income makes up for direct taxes. After adjusting refunds, direct tax collection stood at Rs 7.45 lakh crore, 16.3 per cent higher than the net collection for the corresponding period a year ago, the statement said. "This collection is 52.46 per cent of the total Budget Estimates of Direct Taxes for FY 2022-23," it added. Tax collection is an indicator of economic activity in any country. But in India, th

Aug tax collections decline 7.7%; personal income tax mop-up drops 37%

Direct taxes fall 42% to Rs 34,972 crore, from Rs 60,363 crore in August last year

Direct tax kitty up 30% in FY23 at Rs 8.36 trn on higher advance tax mop-up

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.

Top Headlines: Tax collections may exceed target, forecast cuts, & more

Business Standard brings you the top headlines at this hour

Net direct tax collection rises 50% to record Rs 13.81 trillion in FY22

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

Direct tax mop-up beats the revised estimates at Rs 13.6 trillion

Up more than Rs 1 trn over RE for FY22, to help govt rein in fiscal deficit at 6.9%

Direct tax collections expected to breach Rs 12.5-trn target: CBDT chairman

Direct tax collections are expected to breach the revised target of Rs 12.50 lakh crore and set an all-time high and "historic" record by the end of this financial year in March

Net direct tax collection jumps 60.8% to Rs 9.5 trillion in FY22 so far

Improvement in mop-up bodes well for achieving govt's fiscal deficit target at 6.8% of FY22 GDP

Advance tax collection up 52% in September quarter, shows CBDT data

Current mop-up 14.6% higher than the 2019-20 level of Rs 2.21 trillion

Direct tax mop-up crosses half of Budget Estimates at halfway point

Collection 28% higher over the same period in 2019-20, brightening economic recovery prospects

Formal sector, administration raises tax kitty 29% in Apr-July from FY20

Year-on-year, the collections grew by 83%. This growth was misleading since it comes on a 30% drop in tax mop-up a year earlier

Securities tax mop-up at 70% of Budget target amid market rally

The STT is a direct tax payable on the value of taxable securities transactions done through a stock exchange

Liquidity in the banking system rises as govt steps up spending

Net daily liquidity absorbed from banks on July 9 was Rs 4.6 trillion, data released on Monday showed

Direct tax mop-up zooms 85% in spite of economic disruption due to Covid-19

Trend in contrast to moderation in GST collections last month

Bengaluru lone bright spot in direct tax mop-up with 7.3% growth

Hyderabad reported a 4 per cent decline with a collection of Rs 55,000 crore in FY21 against Rs 57,000 crore a year earlier.

Direct tax mop-up betters estimate for the first time in four years

With the payments of the last instalment on Monday, advance tax collection for FY21 was around 7 per cent higher than last year's

Direct tax collection inches closer to revised Budget target for 2020-21

The direct tax collection target for FY21 saw a significant fall from Rs 13.19 trillion estimated earlier in view of the economic impact of the pandemic

21.5% growth in direct tax revenue for FY22 a realistic goal: CBDT chairman

In a Q&A, P C Mody says while income tax slabs have been left untouched, more money is being put in the hands of taxpayers with faster refunds. Tax administration reforms will boost tax compliance