Page 5 - Income Tax Collection

Income tax collection in West Bengal rises 2.4% at Rs 56,422 cr in FY23

Income tax collection in West Bengal increased 2.4 per cent at Rs 56,422 crore during financial year 2022-23 over previous fiscal, an official of the department said on Thursday. The target collection for the current fiscal 2023-24 stands at Rs 64,700 crore, principal chief commissioner of Income Tax for West Bengal and Sikkim, Smita Srivastava said. She said that tax collection from West Bengal has increased as overall industrial scenario has improved in the state. Residents of Sikkim are exempted from paying income tax, but not for those who have gone there from other places. Srivastava said that steel and cement sectors have not fared well. According to her, compliance has improved while TDS collection during the last fiscal has improved. The other aspect which contributed to the rise in collection is formalisation of the large informal sector. Srivastava launched a book 'Income Tax Pleading and Practice' written jointly by Narayan Jain and Dilip Loyalka.

No proposal before govt on capital gains tax, says Income Tax dept

A media report earlier in the day said India is preparing an overhaul of its direct tax law, including changes in capital gains taxes

I-T Dept sends 8,000 notices to taxpayers who claimed exemption for charity

The people who have been served notices include salaried employees, self-employed individuals, and companies

I-T finds bogus expenditure of Rs 1,000 cr during raids in Karnataka

The Income Tax Department on Tuesday said that they recently carried out a search and seizure operation at 16 different locations in a case involving some Cooperative Banks in Karnataka

Government to fall short on tax collection target of Rs 30.43 trn in FY23

The government may not achieve a revised tax collection target of Rs 30.43 lakh crore for the current financial year, a top official said. Revised estimate was raised steeply by over 10 per cent from the budget estimate in the FY24 Budget presented last month, the official said. The revised estimates (RE) for the current fiscal pegged gross tax revenues at Rs 30.43 lakh crore, higher than the budget estimates of Rs 27.57 lakh crore. On the direct tax side, the official said, "The RE was quite steep. we are expecting a shortfall. The net collections could be between Rs 15-15.5 lakh crore." In the current fiscal (2022-23), the revenues from direct tax (which includes income and corporate taxes) are projected to grow by over 17 per cent at Rs 16.50 lakh crore compared to 2021-22 fiscal when the collection was Rs 14.20 lakh crore. In the current fiscal, the revenue from corporate tax is expected to come in at Rs 8.35 lakh crore. This is projected to rise by 10.4 per cent to over Rs 9.

New tax regime to benefit maximum number of taxpayers: CBDT Chairman

The new income tax regime for filing returns has been "sweetened" in the Budget 2023-24 and it will be beneficial for maximum number of taxpayers as they can enjoy a "reduced" tax rate, CBDT Chairman Nitin Gupta said. Speaking to PTI during a post-Budget interview, Gupta said the intent of the government while announcing the new slabs and rates under the new tax regime is to gradually "do away with deductions and exemptions" so that the "long-standing demand of reduction of taxes for individual taxpayers and entities can be met." Finance Minister Nirmala Sitharaman, while presenting the Budget 2023-24 in the Parliament on Wednesday, said the government has made the new income tax regime more attractive for taxpayers and has thus brought about 'substantial changes' in its structure for the benefit of the middle class. "This new regime for individuals was laid down two years ago (Budget of 2020-21) but probably the benefits were not percolating and now the government has re-tweaked th

Buoyant tax collections cushion govt on fiscal front; ITR reforms likely

Riding on the back of a 26 per cent surge in tax collections, the government is set to unveil the next set of reforms in tax administration by pruning the number of forms available for filing Income Tax Return (ITR) to improve taxpayers' experience and reduce the time taken to file returns. Both direct and indirect tax collections have been buoyant in 2022 in clear indication of revival of the economy after the pandemic and also as a result of government efforts to plug tax leakages. Going forward, as it seeks to tighten the noose around evaders, the government may also look at stricter tax deduction norms for e-commerce and online service providers, besides online gaming. Taxation of the digital economy, ensuring developing countries get their fair share of taxes and global coordination for taxation of cryptocurrencies would be one of the priority areas as India is all set to host the leaders of G-20 countries next year. Rationalisation of long-term capital gains tax structure is

CBDT to hold high-level meeting to review revenue collection of FY23

Move seen as part of department's revenue maximisation exercise

Here is why the Centre should hand over a lower share of taxes to states

The Centre should share only 25 per cent of tax revenues with states, and the states should be allowed to impose their own income tax

Advance tax mop-up grew 13% in April-Dec period to Rs 5.21 trillion

Net direct tax collection has grown 19% to over Rs 11.35 trillion

Centre confident of meeting fiscal deficit target for FY23: Report

Centre expects the gross tax revenue to be "at least" Rs 3-3.5 trillion above the FY23 target of Rs 27.6 trillion

Decriminalise GST law, cut personal income tax rates in Budget: CII to govt

Industry body CII has pitched for a reduction in personal income tax rates, decriminalisation of the goods and services tax and a relook at the capital gains tax rates as part of its agenda presented to the government for the forthcoming Budget. Arguing that the GST law already contains adequate penal provisions for deterrence against evasion of taxes, CII has suggested decriminalisation of GST law. Also, the applicability of prosecution provisions should not be based on the absolute amount of tax evasion but should be based on real intent to evade the taxes and a certain percentage of the tax payable, it stated. "A fresh look is needed at the capital gains tax with respect to its rates and holding period to remove complexities and inconsistencies. Moreover, the Government should contemplate a reduction in the rates of personal income tax in its next push for reform as this would increase disposable incomes and revive the demand cycle," CII President Sanjiv Bajaj said. Tax certaint

Common ITR form for all proposed by govt, here's what you need to know

It is expected that the proposed ITR form will be applicable from FY 2022-23 onwards

Presumptive tax scheme can reduce compliance burden, return filing

Simplifies ITR filing, but can be taxing if actual income is below 8% of turnover

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

Top Headlines: 35-50 bps rate hike by MPC; advance tax mop-up rises 17%

The RBI's Monetary Policy Committee (MPC) is likely to lift the policy repo rate by 35-50 basis points (bps) on September 30, according to a Business Standard poll

GST collections above Rs 1.4 trillion for sixth consecutive month

Mop-up increases 28% YoY in August to Rs 1.43 trillion; most big states see double-digit growth in collections

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

CII urges Centre to reduce personal income tax to spur economic activities

The Confederation of Indian Industry president Sanjiv Bajaj on Wednesday asked the Central government to contemplate reducing the personal income tax rates to spur economic activities. The business tycoon also said the country's underlying growth drivers are strong and the economy would grow in the range of 7.4 per cent to 8.2 per cent in the next fiscal. "Putting more money in the pockets of the consumers is of vital importance to revive consumption demand in the economy. The government should contemplate a reduction in the rates of personal income tax in its next push for reform as this would increase disposable incomes and revive the demand cycle," Bajaj, who is chief managing director of Bajaj Finserv, said in a press conference. He was speaking to reporters as part of the CII's theme 2022-23 "Beyond India @75: Growth competitiveness, sustainability and internationalisation". The CII is also organising 'Sankalp Se Siddhi' in the city, in which Union Home Minister Amit Shah wil

7.24 million income tax returns filed in one day, a record: CBDT

On July 31, 7.24 million ITRs had been filed, shattering all previous single-day records (the maximum being 4.9 million in 2019)