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Direct Tax

Direct tax mop-up rises 20% to Rs 5.74 lakh crore on higher corporate advance tax

Direct tax mop-up rises 20% to Rs 5.74 lakh crore on higher corporate advance tax

Sat, Jul 13, 2024

The net direct tax collection of Rs 5,74,357 crore (as of July 11, 2024) includes CIT at Rs 2,10,274 crore and PIT at Rs 3,46,036 crore, as per data released by Central Board of Direct Taxes (CBDT) on Saturday.

Gross direct tax collections grow 22% in first 11 weeks of FY25; refunds up 34%

Gross direct tax collections grow 22% in first 11 weeks of FY25; refunds up 34%

Tue, Jun 18, 2024

The government's direct tax collections so far this financial year (April 1 to June 17) stood Rs 4,62,664 crore, up 21 per cent on a year-on-year basis, official data showed on Tuesday.

Net direct tax collection grows almost 20% to Rs 18.90 lakh crore till March 17 in FY 2023-24

Net direct tax collection grows almost 20% to Rs 18.90 lakh crore till March 17 in FY 2023-24

Tue, Mar 19, 2024

Furthermore, the ministry stated that there is an 18.74 per cent increase in the gross collection of direct taxes (before adjusting for refunds) for FY 2023–24, which stood at Rs 22,27,067 crore compared to Rs 18,75,535 crore in the corresponding period for the previous fiscal.

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Five direct tax benefits that Modi 2.0 Government may announce in Budget 2019

Five direct tax benefits that Modi 2.0 Government may announce in Budget 2019

Wed, Jun 26, 2019

Modi 2.0 Government may take some bold steps in regard to the Income Tax limit, standard deduction under section 80(C), an exemption in housing loan interest rate etc.

Income Tax Return (ITR) filing: Benefit from these 10 allowances - From uniforms, children's education to conveyance, check them all

Income Tax Return (ITR) filing: Benefit from these 10 allowances - From uniforms, children's education to conveyance, check them all

Tue, Jun 11, 2019

Income Tax Return (ITR) filing: Under Section 10, you can claim refunds on tax payment via tax filing.

Direct taxes heading for at least Rs 70,000 crore shortfall; Centre mulls measure to match up to target

Direct taxes heading for at least Rs 70,000 crore shortfall; Centre mulls measure to match up to target

Thu, Mar 28, 2019

The direct tax target was revised to Rs 12 lakh crore from Rs 11.5 lakh crore earlier, buoyed by last year`s direct tax success which had surpassed the target.

Net direct tax collection figure crosses Rs 10 lakh cr mark; entire advance tax data yet to come

Net direct tax collection figure crosses Rs 10 lakh cr mark; entire advance tax data yet to come

Tue, Mar 19, 2019

The net direct tax collection figure has crossed the Rs 10 lakh crore mark as on March 16, helped by the fourth and final installment of tax payment, sources said.

Facing tax revenue shortfall, Govt pushes IOC, ONGC to pay 2nd interim dividend

Wed, Mar 13, 2019

Sources said ONGC has told the government that it will need a SEBI approval if it has to pay a second interim dividend within a month. Also, it does not have surplus cash after payment of interim dividend and share buyback.

FinMin stares at direct tax revenue shortfall by Rs 70,000 cr to Rs 1 lakh crore

FinMin stares at direct tax revenue shortfall by Rs 70,000 cr to Rs 1 lakh crore

Thu, Mar 07, 2019

The government had met close to two-third of its revenue collection target from direct taxes, garnering Rs 7.88 lakh crore from April 2018 to January 2019. In FY18, direct tax collection was Rs 10.02 lakh crore, which exceeded the then revised budgeted target of Rs 9.8 lakh crore. The income tax e-returns filed for the April-February period has grown nearly 30 per cent compared with the corresponding period in FY18.

Budget In A Minute: Anil Singhvi explains what is 'Direct Tax'

Budget In A Minute: Anil Singhvi explains what is 'Direct Tax'

Mon, Jan 28, 2019

In this special segment of Zee Business, Anil Singhvi talks about ''Direct Tax''. Watch the video to know more.

Income Tax return joy? Budget 2019 may hike exemption slab from Rs 2.5 lakh to Rs 5 lakh

Income Tax return joy? Budget 2019 may hike exemption slab from Rs 2.5 lakh to Rs 5 lakh

Tue, Jan 15, 2019

The new Direct Tax Code will try to bring more assessees into the tax net, make the system more equitable for different classes of taxpayers, make businesses more competitive by lowering the corporate tax rate and phase out the remaining tax exemptions that lead to litigation. It will also redefine key concepts such as income and scope of taxation

Income tax return filing skyrockets, rises 50% so far this year

Income tax return filing skyrockets, rises 50% so far this year

Tue, Dec 04, 2018

Demonetisation has been very good for increasing the tax base of the country. This year, we have already got around 6.08 crore income tax returns, which is 50 per cent higher than last year by this particular date, he said.

Income tax: CEA Arvind Subramanian reveals when direct tax reforms report is expected

Income tax: CEA Arvind Subramanian reveals when direct tax reforms report is expected

Tue, Mar 27, 2018

Chief Economic Adviser Arvind Subramanian said that one of the India's biggest challenges is how to get more and more people pay income taxes. "I think that is very critical and we are really falling short on that. Any direct tax system must encourage voluntary compliance to get more and more taxpayers in and this is something we should be focusing on," he said.

Know how Budget announcements affect your finances

Know how Budget announcements affect your finances

Thu, Feb 01, 2018

Jaitley re-introduces standard deduction for salaried class upto Rs. 40,000 in lieu of transport, medical allowance. Standard deduction to cost Rs 8000 crore to government.

What taxpayers expect from Budget 2018 on personal taxation

What taxpayers expect from Budget 2018 on personal taxation

Wed, Jan 24, 2018

Since this year's Budget is the last full one for the government ahead of the general elections in 2019, experts believe a favourable revisioning in income tax slabs, relaxation in Section 80C limit and a push in medical insurance for senior citizens and others is required.

Direct tax collections rise 18.2% in April-December 2017: FinMin

Direct tax collections rise 18.2% in April-December 2017: FinMin

Tue, Jan 09, 2018

An amount of Rs 3.18 lakh crore has been received as Advance Tax up to December, 2017 reflecting a growth of 12.7% over the Advance Tax payments of the corresponding period of last year, said the Finance Ministry statement.

Direct Tax Collections touch nearly 45% of FY18 Budget Estimates

Direct Tax Collections touch nearly 45% of FY18 Budget Estimates

Tue, Nov 07, 2017

In the Union Budget 2017, the government has fixed direct collections target at Rs 9.8 lakh crore. So far, the govt has received Rs 4.39 lakh crore between April - October 2017.

Can't let shadow economy to be larger than real economy, says FM Arun Jaitley

Can't let shadow economy to be larger than real economy, says FM Arun Jaitley

Sat, Oct 28, 2017

Terming tax-paying as a "patriotic duty", Finance Minister Arun Jaitley today said given our aspiration to be a dominant player on the world stage, we cannot afford to be a place where the shadow economy is bigger than the real economy.

Direct Tax collections' reach 39.4% of FY18 Budget Estimates

Direct Tax collections' reach 39.4% of FY18 Budget Estimates

Wed, Oct 11, 2017

In the Union Budget 2017, the government has fixed direct collections target at Rs 9.8 lakh crore. So far, the govt has received Rs 3.86 lakh crore between April - September 2017.

Difference between Tax Planning, Tax Avoidance & Tax Evasion!

Difference between Tax Planning, Tax Avoidance & Tax Evasion!

Tue, Sep 19, 2017

Tax planning is an art to reduce your tax outgo by making sure that all the applicable provisions of our income tax act as designed to reduce your tax liability has been availed of.

Indirect tax collection grows 17% in January 2017, Hasmukh Adhia says

Indirect tax collection grows 17% in January 2017, Hasmukh Adhia says

Fri, Feb 10, 2017

India's revenue secretary Hasmukh Adhhia in New Delhi on Friday said that tax collections (direct and indirect) continue to show consistent trend of healthy growth.

India's IT, Auto, Pharma sectors may face brunt of Trump's border tax

India's IT, Auto, Pharma sectors may face brunt of Trump's border tax

Mon, Jan 30, 2017

If Border Tax Adjustment (BTA) brought into effect, there are some Indian sectors like IT services, Textiles, Healthcare and Auto that will be impacted as they might face higher competition from domestic US companies and see rise in cost of their products.

Budget to make sweeping recast of direct taxes: SBI Research

Budget to make sweeping recast of direct taxes: SBI Research

Mon, Jan 23, 2017

Following the demonetisation move, the recast in direct tax moves is expected to give a boost the economy.

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