Page 2 - Direct Tax

Record 81.8 mn ITRs filed till Dec 31, rises 9% in current assessment year

To encourage taxpayers to file their ITRs and forms early, over 1.03 billion outreaches were made through targeted e-mail, SMS and other creative campaigns

Direct taxes mop up after refunds in FY24 at Rs 13.7 trn till Dec 17

With a bit less than four and a half months still remaining for the financial year to end, the projection for direct tax mop-up would be easily exceeded

Govt to exceed Rs 18.23 trn full-year direct tax collection target: CBDT

The government will exceed the Rs 18.23 lakh crore direct tax collection target set for the current fiscal, CBDT Chairman Nitin Gupta said on Wednesday. "We will exceed the Budget target. The economy is doing well, and we will get a better picture of full-year tax collection once the third instalment of advance tax numbers come in by December 15," Gupta told reporters here. As per government data, the net direct tax collection between April 1 and November 9 this fiscal has swelled 22 per cent to Rs 10.60 lakh crore. "On a gross basis, the direct tax collection has been growing at 17-18 per cent, while on a net basis, we are growing at 22 per cent. We are also issuing refunds simultaneously. So, we have no doubt about tax collection exceeding estimates," Gupta said after inaugurating the taxpayers' lounge at the India International Trade Fair (IITF). Refunds totalling Rs 1.77 lakh crore have been issued between April 1 and November 9. The 2023-24 Budget has pegged direct tax collec

India's direct tax collection up 17.6% to Rs 12.3 trillion till Nov 9: CBDT

Currently, the tax collection stands at 58.15% of the total Budget Estimates for FY24

Net direct tax collection rises 23.5% to Rs 8.65 trn in April-Sept

The tax collection includes corporate tax of 4.16 trillion rupees and personal income tax of 4.47 trillion rupees, said the statement from Ministry of Finance

CBDT issues draft form for biz to report inventory valuation by accountants

The income tax department has come out with a draft form for various categories of businesses to report valuation of their inventories, including equity and debt securities, livestock or other raw material/by-products, by a cost accountant when asked by a tax officer. Beginning this fiscal, tax officers have been empowered to order for inventory valuation from a cost accountant at any stage of the proceedings pending before him/her. Such valuation can be sought if the tax officer has doubts regarding the correctness of the accounts, multiplicity of transactions in the accounts or specialised nature of business activity. The Central Board of Direct Taxes (CBDT) has now come out with a draft form 6C inviting stakeholder comments by August 31 on the proposed columns for reporting inventories valuation certified by a cost accountant. Nangia Andersen LLP Partner Vishwas Panjiar said in order to protect revenue's interest and to prevent deferral of taxes through undervaluation of inventor

Changing face of direct taxes: Transformation over a decade

A paradigm shift has been brought in the way the income tax department has been dealing with the taxpayers

Tax collection in India one of highest, reduce direct tax to 25%: Bhalla

While India is not the richest country in the world, the tax collection here is one of the highest and the income tax rate should be reduced to 25 per cent from around 40 per cent at present, eminent economist Surjit Bhalla said. While speaking to PTI, Bhalla said reduction in tax rate is required to accelerate the pace of economic growth. "We are a much more globalised economy in the world and the world is a lot more globalised. If you look at the overall tax rate structure in India, collection of taxes is one of the highest in the world and we are not the richest economy of the world," Bhalla said. He said that tax collection by state, Centre and local bodies is around 19 per cent of India's GDP. "We should move towards reducing it by 2 percentage points. As far as direct taxes are concerned, I think the overall tax rate should not be more than 25 per cent. Right now it is close to 40 with surcharges etc. 25 per cent, which is our corporate tax rate, that's what our income tax ra

Direct tax buoyancy again falls sub-2% in 2022-23

It should be noted that direct tax collection figures are still provisional and GDP figures are on the basis of second advance estimates for 2022-23. The actual figures may change the outcome slightly

Highest direct tax buoyancy in 15 years in FY22, shows CBDT data

Gross direct tax collection increased 173 per cent to over Rs 19.68 trillion in 10 years to 2022-23

Bengaluru in close race with Delhi in direct tax collection: I-T dept data

Mumbai's share in overall kitty remains highest, but down at about 30% now

Top Headlines: Net direct tax collection exceeds RE, chip shortage & more

Business Standard brings you the top headlines at this hour

Revenue boost: FY23 net direct tax collection exceeds Revised Estimate

Mop-up could help govt meet its fiscal deficit target

Govt may close FY23 with Rs 50,000 cr shortfall in direct tax mop up

Deficit in overall indirect tax receipts likely due to contraction in customs and excise collections

Direct tax collection hits 95.2% of Revised Estimates for FY23

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

Direct tax: Budget gives a blueprint for sustained high-growth trajectory

Presently, no TDS is required on interest payable in the case of listed dematerialised securities

Compute your income tax liability after Budget 2023 changes here

No tax will have to be paid for income up to Rs 3 lakh

Budget: Direct, indirect taxes cover 58 paise of every rupee in govt coffer

For every rupee in the government coffer, 58 paise will come from direct and indirect taxes, 34 paise from borrowings and other liabilities, 6 paise from non-tax revenue like disinvestment and 2 paise from non-debt capital receipts, according to the Budget documents for 2023-24. As per the Union Budget presented in Parliament by Finance Minister Nirmala Sitharaman on Wednesday, Goods and Services Tax (GST) will contribute 17 paise in every rupee of revenue, while corporation tax will account for 15 paise. The government is also looking to earn 7 paise out of every rupee from excise duty and 4 paise from customs duty. Income tax will yield 15 paise. The collection from 'borrowings and other liabilities' will be 34 paise, according to the Budget 2023-24. On the expenditure side, the biggest outlay is interest payments at 20 paise for every rupee, followed by the states' share of taxes and duties at 18 paise. Allocation for defence stands at 8 paise. Expenditure on central sector sc

Direct tax collection grows 24.58% to Rs 14.71 trillion till Jan 10

The country's gross direct tax collection rose 24.58% to Rs 14.71 trillion till January 10 this fiscal, buoyed by an upsurge in personal income tax mop-up, the government data showed

Tax collections up by 29.66%, to enable govt roll out tax reforms

With such a surge in tax collections, government would look to unleash reforms in the coming 2023-24 fiscal, especially as far as tax administration is concerned