Page 3 - Direct Tax

Gross direct tax collections up by 30% at Rs 10.93 trn in current fiscal

The Central government has set a target of Rs 14,20,000 crore for collection of direct taxes as per budget estimates for 2022-23

On track to meet FY23 fiscal deficit target, inflation within RBI band: FM

'We'll bring inflation down further for the sake of common people', said FM Nirmala Sitharaman

Direct tax mop-up to exceed budget target by 25-30 pc: CBDT chief

The direct tax collection in the current fiscal is likely to exceed the budget target of Rs 14.20 lakh crore by about 30 per cent, a senior official said on Tuesday. Central Board of Direct Taxes (CBDT) Chairman Nitin Gupta also said that the Budget for next fiscal could bring about some tweaks in the TDS provision for online gaming to check tax evasion. "Currently there is a provision for deduction of TDS on online gaming. There is existing provision, if it needs to be modified or retained in the same way that needs to be seen," he said. Currently, a 10 per cent Tax Deduction at Source (TDS) is levied on income from online gaming. Gupta further said that given the current buoyancy in collections, the Budget target for the next fiscal (2023-24) is also likely to be higher. "For current year we believe we would be exceeding the Budget estimate by sizeable margin, it could be 25-30 per cent higher than what has been given to us. Next year, given the buoyancy of tax collection, we wo

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Direct Tax collections rise 31% YoY at Rs 10.54 trillion till November 10

Refunds amounting to Rs 1.83 trillion were issued during 1st April, 2022 to 10th November, 2022

Centre may introduce changes to capital gains tax rules, says report

A task force had recommended changes in indexation benefit rules for the capital gains tax in 2019, and it is expected to be the main basis of the review

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

Advance tax mop-up grew 17% between Apr and Sep to Rs 2.95 trillion

Net direct tax collections (net of refunds) for the current financial year have grown at 23 per cent to over Rs 7 trillion between April 1 and September 17

Direct tax mop-up jumps 35.5% to Rs 6.48 trillion in FY23: Govt

The ministry said refunds amounting to Rs 1.19 trillion have been issued till September 8 this fiscal year, 65.3 per cent higher than the refunds issued for the same period in FY22.

Direct tax collections may exceed budget targets, CBDT chief says

Gupta added that if the trend continues, direct tax collections for FY23 could exceed the budget target of Rs 14.20 trillion

Direct tax collection grows 40% driven by personal income tax from Apr-Jul

Personal income tax collection posted a growth of 52% YoY at Rs 2.67 trillion, while corporation tax collection stood at Rs 45,000 crore

Centre advances devolution as states hunt for funds, transfers Rs 1.16 trn

Money will help carry out their capital expenditure and welfare spending plans

India at 75: Prudent public finance policy still remains a challenge

Among other things, making the direct tax regime less confusing and bringing in expenditure reform are crucial challenges for the central government

At Rs 3.39 trillion, direct tax collection sees a 45% surge: CBDT

Advance tax by companies and individuals rises 33%

At Rs 42,679 crore, advance tax collection up 48% in April-June quarter

Direct tax collection, net of refunds, stood at Rs 2.81 trn, according to initial estimates; advance tax collection for the period between April 1 and June 15 was Rs 42,679 cr

Centre moots ruling authority to fix direct tax liability, settle disputes

Revenue dept to take up measures to boost tax-to-GDP ratio to 15-20%

Net direct tax collection reaches highest figure of Rs 14.09 trn in FY22

The net direct tax collection has increased by 49.02 per cent during financial year 2021-22

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 collection soars 48% in FY22, advance tax payment up 41%

Almost 53% of all direct tax collection was from corporate tax, while 47% came from personal income tax, including securities transaction tax on shares

Direct Taxes: FM Sitharaman chooses quiet consolidation in Budget

The yardsticks of stability, predictability, rationalisation and simplification define the tax proposals