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direct taxes

What FM Nirmala Sitharaman said on taxes in her historic Budget speech

What FM Nirmala Sitharaman said on taxes in her historic Budget speech

Tue, Jul 23, 2024

Union Budget 2024: Finance Minister Sitharaman highlighted the success of GST in reducing the tax burden on the common man, lowering compliance costs for businesses, and increasing revenues for both central and state governments. To further these benefits, the government plans to simplify and rationalise the GST structure and expand its coverage to remaining sectors.

Direct tax collections exceed estimates in FY24; jump 18% to Rs 19.58 lakh crore

Direct tax collections exceed estimates in FY24; jump 18% to Rs 19.58 lakh crore

Sun, Apr 21, 2024

Net collections of income and corporate taxes, which make up for most of the direct taxes, in 2023-24 financial year exceeded the Budget estimates by Rs 1.35 lakh crore (7.40 per cent) and the revised estimates by Rs 13,000 crore.

Direct Tax collection jumps 35% YoY to 6.48 lakh crore in FY23 so far

Direct Tax collection jumps 35% YoY to 6.48 lakh crore in FY23 so far

Sat, Sep 10, 2022

Direct Tax collections continue to register steady growth as it surged over 35 per cent year-on-year to Rs 6.48 lakh crore provisionally, the Ministry of Finance said in its release on Friday.

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How to save taxes legally? Expert suggests these 8 smart ways

How to save taxes legally? Expert suggests these 8 smart ways

Fri, Dec 10, 2021

People try hard to save tax every time, but somehow, they have to pay exactly as they should. Tax may be a headache for everyone, but it is also essential to strengthen the country in many ways and for the smooth running of the country's functioning.

Tax trouble: 65 lakh people face government crackdown

Tax trouble: 65 lakh people face government crackdown

Mon, Apr 30, 2018

The department in its analysis has reportedly concluded that of the nearly 6.8 crore returns filed in 2017-18, nearly a fifth related to previous years as was the case earlier too. Officials reportedly said that the text messages and emails were targeted at close to 1.75 crore "potential assessees" of which 1.07 crore have voluntarily filed returns so far. Going by this measure too, the numbers add up, said the report.

CBDT asks field officers to step up collections to meet Rs 10.05 lakh crore target

CBDT asks field officers to step up collections to meet Rs 10.05 lakh crore target

Sun, Feb 25, 2018

In the April-January period, the government has collected Rs 6.95 lakh crore from direct taxes, which was 69.2 per cent of the revised estimate of Rs 10.05 lakh crore for full 2017-18 fiscal. In the last fiscal (2016-17), the government had collected Rs 8.49 lakh crore as direct taxes.

Niti Aayog suggests retaining tax exemption limit at Rs 2.5 lakh

Niti Aayog suggests retaining tax exemption limit at Rs 2.5 lakh

Fri, Aug 25, 2017

On direct taxes, the 211-page document said that the nominal tax exemption threshold should remain unchanged in a bid to include greater proportion of individuals in the tax net over time.

Mumbai's income tax zone misses revenue target of Rs 2.79 trillion in FY17

Mumbai's income tax zone misses revenue target of Rs 2.79 trillion in FY17

Mon, Apr 10, 2017

The Income Tax Department of Mumbai has missed the revenue mop-up target of Rs 2.79 trillion for the financial year 2016-17 on account of more refunds given to tax payers.

Direct tax collection records growth of nearly 11% in April-February; indirect tax collection up 22%

Direct tax collection records growth of nearly 11% in April-February; indirect tax collection up 22%

Fri, Mar 10, 2017

The Government of India's net refunds of direct tax collection from April to February 2016-17 has risen 10.7% to Rs 6.17 lakh crore as compared to same period last year.

Here are 20 key Budget 2017 terms that you need to know

Here are 20 key Budget 2017 terms that you need to know

Wed, Feb 01, 2017

Here are 20 key Budget 2017 Glossary terms that you need to know before you watch FM Arun Jaitley's Union Budget speech on Wednesday.

Cut indirect tax rates, not direct ones: Chidambaram

Cut indirect tax rates, not direct ones: Chidambaram

Sat, Jan 28, 2017

In view of the "sufferings" of the common people resulting from demonetisation, former Union Finance Minister P. Chidambaram on Saturday suggested that the Centre should cut indirect tax rates to mitigate the hardships people are facing now.

CBDT detects over 30 tax irregularity cases, seizes over Rs130 crore

CBDT detects over 30 tax irregularity cases, seizes over Rs130 crore

Tue, Dec 06, 2016

Detecting ‘serious’ irregularities while disclosing income, the Central Board of Direct Taxes (CBDT) on Tuesday said that over 30 such cases have been reported to the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED).

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