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Page 6 - Income Tax Collection

58.3 mn income tax returns filed till July 31, record 7.24 mn on last day

Over the last two financial years, the govt had extended the deadline for filing ITRs to ease compliance for taxpayers battling pandemic. But this year the deadline was not extended by even by a day

58.3 mn income tax returns filed till July 31, record 7.24 mn on last day
Updated On : 01 Aug 2022 | 8:36 PM IST

When every Indian pays tax, I-T officers may not be needed: Minister

The number of taxpayers in the country has increased in the last eight years, says Jitendra Singh

When every Indian pays tax, I-T officers may not be needed: Minister
Updated On : 08 Jun 2022 | 11:18 PM IST

Govt leans heavily on nominal revenue growth to beat fiscal blues

If the burden does hit Rs 2.5 trillion, that would mean extra spending of around Rs 35,000 crore

Govt leans heavily on nominal revenue growth to beat fiscal blues
Updated On : 03 Jun 2022 | 1:50 AM IST

India's tax collections soar to record high of Rs 27.07 trillion in FY22

Direct taxes, which comprise income tax paid by individuals and corporate tax, came in at Rs 14.10 lakh crore -- Rs 3.02 lakh crore higher than the budget estimate

India's tax collections soar to record high of Rs 27.07 trillion in FY22
Updated On : 08 Apr 2022 | 4:10 PM IST

I-T Dept reforms, stronger economy led to record tax collections: CBDT

Reforms undertaken within the Income Tax department and the "strengthening" of the economy are among the major factors that led to the highest-ever direct tax collections, CBDT Chairman said.

I-T Dept reforms, stronger economy led to record tax collections: CBDT
Updated On : 19 Mar 2022 | 2:10 PM IST

I-T dept has made highest tax collection in its history: CBDT Chairman

The net collection numbers as on today is Rs 13.63 trn which is against Rs 11.18 trn of 2018-19, Rs 10.28 trn of 2019-20 and Rs 9.24 trn of 2020-21, he said

I-T dept has made highest tax collection in its history: CBDT Chairman
Updated On : 17 Mar 2022 | 10:50 PM IST

Income tax refunds of over Rs 1.83 trn issued so far this fiscal: CBDT

Refunds worth over Rs 1.86 trillion have been issued to more than 2.14 crore taxpayers during the current financial year, the Income Tax department said on Thursday.

Income tax refunds of over Rs 1.83 trn issued so far this fiscal: CBDT
Updated On : 10 Mar 2022 | 7:46 PM IST

Income tax refunds of over Rs 1.83 trn issued so far this fiscal: I-T Dept

"CBDT issues refunds of over Rs 1,83,579 crore to more than 2.09 crore taxpayers from 1st Apr, 2021 to 28th Feb, 2022," the I-T department tweeted

Income tax refunds of over Rs 1.83 trn issued so far this fiscal: I-T Dept
Updated On : 02 Mar 2022 | 5:59 PM IST

Of 62.6 mn income tax returns filed for FY21, 45 mn processed, says CBDT

More than 5.41 crore income tax returns (ITRs) filed have been verified and 1.58 crore refunds amounting to Rs 31,857 crore for AY 2021-22 (2020-21 fiscal) have been issued

Of 62.6 mn income tax returns filed for FY21, 45 mn processed, says CBDT
Updated On : 17 Feb 2022 | 12:16 AM IST

Taxing income doesn't give cryptos legitimacy: FM Sitharaman

'I am not going to legalise it or ban it at this stage. Banning or not banning will come subsequently, when consultations give me input,' says FM in Parliament

Taxing income doesn't give cryptos legitimacy: FM Sitharaman
Updated On : 11 Feb 2022 | 2:04 PM IST

Taxpayers can update ITRs only once in an assessment year: Official

To correct any discrepancy or omissions, the Budget 2022-23 has permitted taxpayers to update their ITRs within two years of filing, subject to payment of taxes

Taxpayers can update ITRs only once in an assessment year: Official
Updated On : 09 Feb 2022 | 5:59 PM IST

Most people feel I-T exemption limit could be raised from Rs 2.5 lakh: KPMG

As many as 64% of the respondents said they expect the basic I-T exemption limit to be raised from Rs 2.5 lakh a year, according to a pre-budget survey by KPMG in India

Most people feel I-T exemption limit could be raised from Rs 2.5 lakh: KPMG
Updated On : 21 Jan 2022 | 7:09 PM IST

Income tax refunds of over Rs 1.44 trillion issued so far this fiscal

Income tax refunds of over Rs 1.44 lakh crore have been issued to 1.38 crore taxpayers so far this fiscal, the I-T department said

Income tax refunds of over Rs 1.44 trillion issued so far this fiscal
Updated On : 22 Dec 2021 | 7:14 PM IST

Income tax portal: Finmin officials hold review meeting with Infosys chief

Revenue Secretary Tarun Bajaj along with senior finance ministry officials held a meeting with Infosys Managing Director Salil Parekh to review the performance of the new income tax portal.

Income tax portal: Finmin officials hold review meeting with Infosys chief
Updated On : 16 Dec 2021 | 9:29 PM IST

Madras High Court quashes part of CBIC circular on fish meal

This circular had clarified an earlier circular, issued a few days ahead of the roll out of GST from July 1, 2017

Madras High Court quashes part of CBIC circular on fish meal
Updated On : 28 Nov 2021 | 7:40 PM IST

India's income divide narrows, wealth divide persists: Survey data

The top 10 per cent among the country's households own more than 50 per cent of the assets.

India's income divide narrows, wealth divide persists: Survey data
Updated On : 24 Sep 2021 | 10:29 PM IST

A look into the reasons for the strong personal income tax collection in Q1

In a quarter affected by the second wave, India saw record personal income tax collection at nearly twice that collected in Q1FY21, and 26% more than Q1FY20

A look into the reasons for the strong personal income tax collection in Q1
Updated On : 18 Aug 2021 | 10:55 PM IST

Andhra Pradesh tax collection targets enhanced for additional revenue

Faced with a severe resource crunch, the Andhra Pradesh government has revised the tax collection targets to mop up an additional Rs 1,700 crore during the current financial year

Andhra Pradesh tax collection targets enhanced for additional revenue
Updated On : 11 Aug 2021 | 9:29 PM IST

Sitharaman as FM: Some positive surprises, a few works in progress

Tax, revenue and macroeconomic trends are encouraging, but more needs to be done on privatisation, clean-up of banking mess, anti-protectionism, and de-politicisation of govt bodies, writes T N Ninan

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Updated On : 30 Jul 2021 | 10:29 PM IST

GST: A turning point?

The recent upsurge in revenues offers the prospect of the country breaking out of the long-stagnant tax-to-GDP ratio

GST: A turning point?
Updated On : 21 Jun 2021 | 10:30 PM IST