Govt. borrows 58% of target despite 74% more direct tax collections
3 years, 2 months ago

Govt. borrows 58% of target despite 74% more direct tax collections

The Hindu  

In spite of the Centre collecting a whopping 74% more direct taxes so far this fiscal on an annualised basis at ₹ 5.70 lakh crore, it has also borrowed a massive 58 % of the budgeted amount during the same period by selling ₹ 7.02 lakh crore worth of debt securities in the market. While at the weekly auction of government securities earlier in the day on Friday, it mopped up ₹ 31,000 crore in long-term and short-term debt at an average price of 6.15 %, later in the day, the revenue department said the net personal income tax and corporate tax collection jumped a full 74 % to ₹ 5.70 lakh crore so far this fiscal, driven mainly by advance tax and TDS payments. The mop-up of net direct tax between April 1 and September 22 was ₹ 5,70,568 crore, a 74.4 % growth over ₹ 3.27 lakh crore collected in the same period last fiscal, the Central Board of Direct Taxes said in a statement. The CBDT said gross direct tax collection so far this fiscal stands at over ₹ 6.45 lakh crore, a full 47 % more than the ₹ 4.39 lakh crore mopped up in the same period last year and 16.75 % more than the same period in FY20 when it was ₹ 5.53 lakh crore. Advance tax collection comprises corporation tax of ₹ 1.96 lakh crore and personal income tax of ₹ 56,389 crore.

Crore Direct Lakh Far Fiscal Tax Collections  target  borrows  lakh  fiscal  far  collection  total  crore  period  74  taxes  direct  58  despite  tax  collections  govt

History of this topic

Net direct tax receipts grows 16.45% to ₹15.82 lakh crore till mid-December
5 days, 13 hours ago

Net direct tax receipts grows 16.45% to ₹15.82 lakh crore till mid-December

Live Mint  

The Centre’s direct tax collection from corporations and individuals after adjusting for tax refunds has reached ₹15.8 trillion so far this year, jumping 16.45% over the previous year and outpacing the budget estimate. While non-corporate tax collection from individuals and other entities like partnerships and local authorities, after adjusting for refunds, recorded a 22% jump so far this year to …

Net direct tax collection crosses Rs 15.82 lakh crore mark, registers 16.45 per cent growth
6 days, 2 hours ago

Net direct tax collection crosses Rs 15.82 lakh crore mark, registers 16.45 per cent growth

India TV News  

The government has reported a significant rise in net direct tax collections, which have surged by 16.45 per cent to exceed Rs 15.82 lakh crore in the ongoing fiscal year. Advance tax collection during the period rose 21 per cent to Rs 7.56 lakh crore. The collection includes corporate tax of over Rs 7.42 lakh crore and non-corporate tax mop-up …

Tax action in the Union budget for 2025-26 could set the course for Viksit Bharat
3 weeks, 6 days ago

Tax action in the Union budget for 2025-26 could set the course for Viksit Bharat

Live Mint  

Balancing fiscal prudence with the need to provide a growth impetus has been a hallmark of our government over past Union budgets. Particularly praiseworthy is the government’s proposal to undertake a comprehensive review of the Income Tax Act of 1961 within the context of reviewing the entire direct and indirect taxation regime. On the indirect taxation side, the 2024-25 budget …

Surcharge revenue triples in two years to Rs 1.39 lakh crore
1 month ago

Surcharge revenue triples in two years to Rs 1.39 lakh crore

Deccan Chronicle  

Chennai: The surcharges levied by the government upon different taxes tripled in the past two years to a total of Rs 1.39 lakh crore in FY24 against Rs 40,758 crore in FY22. Of the surcharge revenue received in FY24, that from corporate tax accounted for Rs 59,000 crore and that from income taxes other than corporate tax stood at Rs …

Will exceed direct tax collection target for FY25: CBDT chief
1 month ago

Will exceed direct tax collection target for FY25: CBDT chief

Live Mint  

New Delhi: The government expects to exceed its ₹22 trillion direct tax collection target for this financial year, going by the current trend in tax receipts, Central Board of Direct Taxes chairperson Ravi Agarwal said on Monday. Nudging taxpayers Agarwal also said the government is nudging tax payers who have not disclosed their foreign assets, to update their tax returns. …

India Expects to Surpass Rs 22 Lakh Cr Direct Tax Target
1 month ago

India Expects to Surpass Rs 22 Lakh Cr Direct Tax Target

Deccan Chronicle  

New Delhi: The government on Monday said that it would exceed the Rs 22 lakh crore direct tax collection target set for the current fiscal year. As per the latest data released by the tax department between April 1 and November 10, net direct tax collection has grown 15.41 per cent to Rs 12.11 lakh crore, including net corporate tax …

Income Tax Returns data shows that 5 times more people are earning over 50 lakhs per year since PM Modi came to power, pay over 75% of taxes
1 month, 1 week ago

Income Tax Returns data shows that 5 times more people are earning over 50 lakhs per year since PM Modi came to power, pay over 75% of taxes

Op India  

Over the course of last ten years, the number of income tax filers has increased by an astounding 120%, as per media reports. The data from income tax return filings shows that the number of people with yearly incomes over Rs 50 lakh surged five-fold from 1.85 lakh in 2013–14, to over 9.39 lakh in 2023–24. Furthermore, from Rs 2.52 …

Income tax share from below ₹10 lakh group shrinks over 10 years, high earners dominate
Trending News
1 month, 1 week ago

Income tax share from below ₹10 lakh group shrinks over 10 years, high earners dominate

Live Mint  

Data from the Income Tax Department reveals a shift in India’s tax landscape over the past decade, with the share of tax collected from individuals earning less than ₹10 lakh dropping from over 10% to 6.22%. Tax collection from this group has tripled, rising from ₹2.52 lakh crore in 2014 to ₹9.62 lakh crore in 2024, data showed. “Tax liability …

Foreign investors are buying these three mid cap stocks during a record selloff
1 month, 1 week ago

Foreign investors are buying these three mid cap stocks during a record selloff

Live Mint  

Foreign institutional investors have been on a selling spree when it comes to Indian stocks. Here’s the FII holding in the company since it was listed: View Full Image ASK Automotive's FII holding While the holding changed slightly between December 2023 and June 2024, it shot up 85% between the March and September quarters. Goldman Sachs India Equity Portfolio’s holding …

India is investing more in mutual fund SIPs, and paying more tax too
1 month, 1 week ago

India is investing more in mutual fund SIPs, and paying more tax too

Firstpost  

With individual wealth creation through investments aligning with strengthened government revenues, India appears resilient in the face of global uncertainties Investments in mutual funds,a s well as tax collection in India have gone up. New records for SIPs In October 2024, investments through monthly systematic investment plans into mutual funds surpassed Rs 25,000 crore for the first time and reached …

Centre’s net direct-tax revenue grows 15.4% to ₹12.1 trillion in April-Nov
1 month, 1 week ago

Centre’s net direct-tax revenue grows 15.4% to ₹12.1 trillion in April-Nov

Live Mint  

New Delhi: The union government’s direct-tax collection has grown by 15.41%, after tax refunds, to ₹12.1 trillion so far this financial year, the Central Board of Direct Taxes said on Monday. Securities transaction tax contributed ₹35,923 crore so far this financial year, 90% more than the ₹18,909 crore collected in the same period a year ago, CBDT data showed. So …

It is time India started indexing tax slabs and exemptions with inflation
Trending News
1 month, 1 week ago

It is time India started indexing tax slabs and exemptions with inflation

Live Mint  

NEW DELHI : One of the big stories of the Indian economy has been the sharp increase in personal income tax collections. As the government’s revenue from personal income tax rises, it will likely face greater scrutiny and higher taxpayer expectations regarding the tax system's efficiency, transparency, stability, and fairness. The old tax regime evolved over several decades, allowing individuals …

Chandigarh suffers ₹240 crore revenue loss in first half of fiscal year
1 month, 2 weeks ago

Chandigarh suffers ₹240 crore revenue loss in first half of fiscal year

Hindustan Times  

The UT administration has suffered a revenue loss of ₹240 crore in the first half of the 2024-25 fiscal, data from the Comptroller and Auditor General of India has revealed. The capital expenditure, which include funds designated for development projects and asset creation, have also been come down-- from ₹ 722 crore in 2023 to ₹ 655 crore in 2024. …

India's Tax Filers Surge Fivefold, With 52% of Salaried Individuals Reporting Income Over Rs 1 Crore
2 months ago

India's Tax Filers Surge Fivefold, With 52% of Salaried Individuals Reporting Income Over Rs 1 Crore

ABP News  

India's tax filers have seen a significant surge in recent years, with the number of individuals reporting taxable incomes exceeding Rs 1 crore surging fivefold in the assessment year 2023-24. This growth has been driven by both an increase in the total number of taxpayers and an increase in the number of individuals with taxable incomes exceeding Rs 1 crore.

Income Tax Department Sees Doubled Number of Income Taxpayers in 10 Years
2 months ago

Income Tax Department Sees Doubled Number of Income Taxpayers in 10 Years

New Indian Express  

The number of income taxpayers has doubled in the past 10 years, with direct tax collection tripling during the same period. Tax buoyancy has shown a sharp improvement, indicating that the growth in tax collection was more than double the nominal GDP growth rate. This is a positive sign for the Indian economy, as it suggests that the country is …

U.P. govt mops up over ₹98k cr tax revenue in six months
2 months, 2 weeks ago

U.P. govt mops up over ₹98k cr tax revenue in six months

Hindustan Times  

The Uttar Pradesh government has earned higher tax and non-tax revenue in the first six months of 2024-25 vis-a-vis the previous financial year, collecting tax revenue of ₹98,886.75 crore from April 1 to September 30, 2024. Other main tax revenue earners for the state government included excise with collections of ₹22,564.29 crore from this head. The state government’s non-tax revenue …

U.P govt’s revenue earnings up by ₹1725.83 crore in August
3 months, 2 weeks ago

U.P govt’s revenue earnings up by ₹1725.83 crore in August

Hindustan Times  

The Uttar Pradesh government on Thursday claimed an increase of ₹1725.83 crore in tax and non-tax revenue earnings in August 2024 with the total collections going up to ₹15,969.65 crore vis-a-vis ₹14,243,82 crore earned in the same month in 2023. The state government’s tax collections in the first five months of 2024-2025 are 76 per cent of the target going …

Net direct tax collection rises 22% so far this fiscal
4 months, 1 week ago

Net direct tax collection rises 22% so far this fiscal

Live Mint  

New Delhi: The central government’s direct tax collection has risen 22.48% so far this fiscal. Personal tax collection jumped 30% year-on-year to ₹4.47 trillion, while corporate taxes have risen 6% to ₹2.22 trillion. For FY25, the government targets a corporate tax mop-up of ₹10.2 trillion and personal income tax collection of ₹11.87 trillion. The total direct tax collection before adjusting …

Net direct tax collection grows 22 per cent to Rs 6.93 lakh crore for current fiscal: Govt data
4 months, 1 week ago

Net direct tax collection grows 22 per cent to Rs 6.93 lakh crore for current fiscal: Govt data

India TV News  

India's net direct tax collection surged by 22.48 per cent, reaching approximately Rs 6.93 lakh crore as of August 11 for the current fiscal year, according to government data released on Monday. The overall tax collection includes Rs 4.47 lakh crore from personal income tax, showcasing the strong contribution of individual taxpayers to the exchequer. Refunds worth Rs 1.20 lakh …

Tax defaults in India skyrocket by 1000% over last 10 years, litigations double: Report
4 months, 2 weeks ago

Tax defaults in India skyrocket by 1000% over last 10 years, litigations double: Report

Hindustan Times  

Tax defaults in India have skyrocketed by 1000% in the last ten years and litigation associated with it has also consequently risen, according to a Moneycontrol report, which cited data compiled from various Union Budgets. Tax defaults in India skyrocketed by 1000% in the last ten years and associated litigation has also consequently risen How much tax default did India …

Union Budget 2024 reforms of the new tax regime may reduce tax burden and allow option to choose again
4 months, 4 weeks ago

Union Budget 2024 reforms of the new tax regime may reduce tax burden and allow option to choose again

Hindustan Times  

Finance Minister Nirmala Sitharaman presented the Union Budget 2024 in the parliament on July 23, proposing new changes in the income tax slabs of the new tax regime. Nirmala Sitharaman pictured at the Lok Sabha on July 23, with the Union Budget What are the latest income tax slabs in the new tax regime? Up to ₹3 lakh: NIL ₹3-7 …

Income tax benefits, capital gains tax hike, cheaper phones | Key Budget takeaways
5 months ago

Income tax benefits, capital gains tax hike, cheaper phones | Key Budget takeaways

Hindustan Times  

Finance minister Nirmala Sitharaman on Tuesday proposed the much-awaited change in the income tax slabs as she tabled the first Union Budget of the new Narendra Modi government. "Under the new tax regime, tax rate structure to be revised as follows - ₹0- ₹3 lakh -Nil; ₹3-7 lakh -5%; ₹7-10 lakh-10%; ₹10-12 lakh-15%; ₹12-15 lakh- 20% and above ₹15 lakh-30%," …

Old vs proposed income tax slabs under new regime. What has changed?
5 months ago

Old vs proposed income tax slabs under new regime. What has changed?

Hindustan Times  

Union finance minister Nirmala Sitharaman on Tuesday proposed a new tax structure under the new regime. Budget 2024: Mobile phones, chargers to get cheaper; Nirmala Sitharaman proposes cut in customs duty The new tax slabs under the new income tax regime will be effective from April 1, 2024.. Proposed Tax Structure: Income up to ₹ 3,00,000: Nil 3,00,000: Nil ₹ …

Budget 2024 Highlights on income tax: FM Sitharaman revises personal income tax slabs; taxation rates remain unchanged
5 months ago

Budget 2024 Highlights on income tax: FM Sitharaman revises personal income tax slabs; taxation rates remain unchanged

The Hindu  

Finance Minister Nirmala Sitharaman in her seventh Budget speech on July 23 revised the tax slabs under the new regime. Whilst the rate of taxation remains unchanged, the size of each of the slabs, excluding the initial zero to ₹3 lakh, remains unchanged. Budget 2024-25: Taxes Earlier, the Finance Minister further placed increasing the standard deduction for salaried employees from …

Punjab sees 15% jump in tax revenue despite sluggish GST
5 months ago

Punjab sees 15% jump in tax revenue despite sluggish GST

Hindustan Times  

Chandigarh : The Punjab government registered an increase of 15% year-on-year in its tax revenue in the first quarter of the financial year 2024-25. The Punjab government registered an increase of 15% year-on-year in its tax revenue in the first quarter of the financial year 2024-25 The impressive increase came on the back of improved state excise, sales tax and …

Budget 2024: Will Nirmala Sitharaman bring cheer to middle-class with income tax changes?
5 months ago

Budget 2024: Will Nirmala Sitharaman bring cheer to middle-class with income tax changes?

Hindustan Times  

The Union Budget 2024 could provide Income Tax relief for low earners looms large amid rising prices in the country. Experts believe that a reduction in Income Tax could address economic challenges in the country as Finance Minister Nirmala Sitharaman is set to present the Union Budget for the fiscal year 2024-25 on July 23. This change would boost consumption, …

Budget 2024: Taxpayers, you can expect these 6 income tax benefits on July 23
5 months ago

Budget 2024: Taxpayers, you can expect these 6 income tax benefits on July 23

Hindustan Times  

Finance minister Nirmala Sitharaman is set to present the Union Budget on July 23. Taxpayers are expecting a potential hike in standard deduction, relief in income tax rates and an increase in Section 80C exemptions in the Budget. Experts believe that adjustments to income tax slab rates could be seen in the Budget as the Finance Minister might announce tax …

Corporate tax cut enriched billionaires by Rs 2 lakh crore; middle-class hit by heavy taxes: Congress
5 months, 1 week ago

Corporate tax cut enriched billionaires by Rs 2 lakh crore; middle-class hit by heavy taxes: Congress

New Indian Express  

NEW DELHI: With the personal income tax collections exceeding the corporate tax collections, the Congress alleged on Sunday that the corporate tax cut has put over Rs 2 lakh crore in the "pockets of billionaires," while the middle class continues to bear the weight of heavy taxation. The opposition party's attack on the government came a day after data released …

Direct tax mop-up rises 20% to ₹5.74 lakh cr on higher corporate advance tax
5 months, 1 week ago

Direct tax mop-up rises 20% to ₹5.74 lakh cr on higher corporate advance tax

The Hindu  

Net direct tax collection grew 19.54% to over ₹5.74 lakh crore so far this fiscal on higher advance tax payment by corporates. The net direct tax collection of ₹5,74,357 crore includes CIT at ₹2,10,274 crore and PIT at ₹3,46,036 crore, as per data released by Central Board of Direct Taxes on July 13. During the same period last year, net …

Direct tax collections for FY 2024-25 surge by over 20%
6 months ago

Direct tax collections for FY 2024-25 surge by over 20%

Hindustan Times  

The Ministry of Finance has announced a robust growth in India's direct tax collections for the financial year 2024-25, with net collections increasing by 20.99 per cent and gross collections growing by 22.19 per cent. As per the provisional figures up to June 17, 2024, the net direct tax collections for FY 2024-25 have reached ₹4,62,664 crore. The net collections …

Centre releases ₹1.39 lakh crore to states in June
6 months, 1 week ago

Centre releases ₹1.39 lakh crore to states in June

Live Mint  

The Central government has devolved ₹1.39 lakh crore to states as devolution of its tax revenue in June, finance ministry stated on Monday. Centre devolves 41% of its tax revenue to state governments as part of the formula set by the Finance Commission. The Commission also examines the development needs of states and trends like tax buoyancy and major obligations …

Direct Tax Collections Grow 18 Per Cent To Rs 19.58 Lakh Crore In FY24, Beat Revised Estimates
8 months ago

Direct Tax Collections Grow 18 Per Cent To Rs 19.58 Lakh Crore In FY24, Beat Revised Estimates

ABP News  

The direct tax collections for the 2023-24 fiscal year increased almost 18 per cent against the funds collected in the previous fiscal year, official data from the Ministry of Finance revealed on Sunday. ➡️Net Direct Tax collections for FY2023-24 exceed the Budget Estimates by ₹ 1.35 lakh crore i.e by 7.40% & Revised Estimates by 0.67% ➡️Gross Direct Tax collections …

MCD logs dip in property tax collection, taxpayers in FY24
8 months, 3 weeks ago

MCD logs dip in property tax collection, taxpayers in FY24

Hindustan Times  

The Municipal Corporation of Delhi has registered a dip in property tax revenue collection as well as the number of taxpayers in 2023-24 even as the other sectors, including parking, The property tax department tentatively collected around ₹2,137 crore till March 31 with 1,258,000 tax payers filing returns, according to one of the officials cited above. “Last year, MCD offered …

A reform window: On the GST trajectory
8 months, 3 weeks ago

A reform window: On the GST trajectory

The Hindu  

The financial year 2023-24 appears to have ended on a high on the revenue front. Net direct tax collections rose 19.9% by mid-March to hit 97% of revised Budget targets, while the Goods and Services Tax has yielded a robust ₹20.18 lakh crore. Gross GST revenues in March, for transactions undertaken in February, crossed ₹1.78 lakh crore, the second highest …

Siricilla again tops in property tax collections among ULBs in 2023-24
8 months, 3 weeks ago

Siricilla again tops in property tax collections among ULBs in 2023-24

The Hindu  

Siricilla has once again topped the list of property tax collection for the financial year of 2023-24 among the 140 Urban Local Bodies in Telangana by achieving 99.52% collection or ₹5.58 crore from the total demand of ₹5.61 crore by March 31 midnight. Municipal Administration and Urban Development officials informed on Tuesday that Yellandu in Bhadradri-Kothagudem district secured the second …

Govt’s FY24 tax collection target broadly met on back of robust economic activity: Report
8 months, 3 weeks ago

Govt’s FY24 tax collection target broadly met on back of robust economic activity: Report

Live Mint  

The central government’s tax collection target of over ₹34.37 lakh crore for fiscal year 2023-24 has been broadly met on the back of robust economic activity and improved compliance, according to a report by PTI. The net direct tax collection grew 19.88 per cent to over ₹18.90 lakh crore till March 17 on higher advance tax mop-up. Advance tax collections …

Real estate boom: Revenue from stamp duty and registration crosses ₹50,400 crore
8 months, 3 weeks ago

Real estate boom: Revenue from stamp duty and registration crosses ₹50,400 crore

Hindustan Times  

Mumbai: The revenue collection from the stamp duty registration in the financial year 2023-24 has crossed ₹50,400 crore, with a whopping 13% rise over last year’s collection, thanks to the continued buoyancy in the real estate sector and government drive to recover dues. Sonawane said that the whopping collection was due to rigorous recovery rather than the boost in the …

Fiscal deficit for Apr-Feb hits 86.5% of FY24 target
8 months, 3 weeks ago

Fiscal deficit for Apr-Feb hits 86.5% of FY24 target

New Indian Express  

NEW DELHI: India’s fiscal deficit for April to February of FY24 reached Rs 15.01 lakh crore, representing nearly 86.5% of the target set for the full financial year, according to the government data. During the corresponding period in the previous year, the fiscal deficit was recorded at Rs 14.53 lakh crore. As of February 2024, the Government of India has …

India's Net Direct Tax Collections Rise 20 Per Cent to Rs 18.9 Lakh Crore
9 months ago

India's Net Direct Tax Collections Rise 20 Per Cent to Rs 18.9 Lakh Crore

ABP News  

The direct tax collection of the Centre after adjusting for refunds has grown 19.88 per cent annually to Rs 18.9 lakh crore in FY2023-24, compared to the corresponding period of the preceding Financial Year, where collections amounted to Rs 15.7 lakh crore. This substantial rise in net collections primarily comprises Corporation Tax at Rs 9.1 lakh crore and Personal Income …

India’s direct tax collections grow 20 per cent for financial year 2023-24
9 months ago

India’s direct tax collections grow 20 per cent for financial year 2023-24

India TV News  

Business news: The net direct tax collection grew 19.88 per cent to over Rs 18.90 lakh crore till March 17 on higher advance tax mop-up. The Central Board of Direct Taxes said net direct tax collection of Rs 18,90,259 crore includes Corporation Tax at Rs 9,14,469 crore and Personal Income Tax, including Securities Transaction Tax at Rs 9,72,224 crore. Advance …

FY24 net direct tax revenue rises 20% to Rs 18.9 lakh crore
9 months ago

FY24 net direct tax revenue rises 20% to Rs 18.9 lakh crore

New Indian Express  

NEW DELHI: Net direct tax collections were at Rs 18,90,259 crore for the financial year 2023-24, compared to Rs 15,76,776 crore in the corresponding period of FY23, representing an increase of 19.88%, according to the provisional figures released by the Central Board of Direct Taxes on Tuesday. The net collection includes corporation tax at Rs 9,14,469 crore and personal income …

Direct tax kitty crosses 97% of 2023-24 target
9 months ago

Direct tax kitty crosses 97% of 2023-24 target

The Hindu  

Growth in India’s net direct tax collections slowed a bit over the past month but with a kitty of more than ₹18.9 lakh crore, more than 97% of the revised target for 2023-24 had been met by March 17, as per provisional figures released by the Finance Ministry on Tuesday. Personal Income Taxes, including the Securities Transaction Tax, continued to …

India’s direct tax collection jumps 20% to ₹18.9 trillion
9 months ago

India’s direct tax collection jumps 20% to ₹18.9 trillion

Live Mint  

New Delhi: The Centre’s direct tax collection after adjusting for refunds has grown 19.88% annually to ₹18.9 trillion, the Central Board of Direct Taxes said in a statement on Tuesday quoting provisional figures for up to Sunday. That was on account of a sharp upward revision of ₹ 1.21 trillion in personal income tax collection for this year as the …

U.P. govt collected ₹2,813 cr more revenue in Feb this year
9 months, 2 weeks ago

U.P. govt collected ₹2,813 cr more revenue in Feb this year

Hindustan Times  

The Uttar Pradesh government on Monday claimed an increase of ₹2,813.88 crore in its revenue collections in February 2024. Minister for finance Suresh Khanna, briefing media persons, said the state government collected a revenue of ₹17,742.67 crore, 77.5 percent of the target of ₹22,888.79 crore in February 2024. government collected a tax revenue of ₹ 1,73,381.51 crore till February 29. …

Fiscal deficit at Jan-end touches 63.6 pc of full year target, says govt data
9 months, 3 weeks ago

Fiscal deficit at Jan-end touches 63.6 pc of full year target, says govt data

Hindustan Times  

The government's fiscal deficit at ₹11 lakh crore at January end touched 63.6 per cent of the revised annual target, according to the official data released on Thursday. The government's total receipts stood at ₹ 22.52 lakh crore as of January 2024 In the corresponding period last year, the fiscal deficit or gap between the expenditure and revenue was 67.8 …

Small tax demands up to ₹1 lakh waived, bringing relief for income tax payers
10 months ago

Small tax demands up to ₹1 lakh waived, bringing relief for income tax payers

Live Mint  

The government has recently announced a scheme to waive off small outstanding income tax demands, setting a ceiling of ₹1 lakh per taxpayer. The scheme aims to provide relief to taxpayers burdened with old outstanding tax demands. Criteria for waiver Finance Minister Nirmala Sitharaman had announced during the interim budget that small outstanding direct tax demands of ₹25,000 or less …

India’s net direct tax collection rises 20.25% YoY to ₹15.60 lakh crore
10 months, 1 week ago

India’s net direct tax collection rises 20.25% YoY to ₹15.60 lakh crore

Live Mint  

Central Board of Direct Taxes, on Sunday, released a new report revealing that the country’s net direct tax collections have increased by 20.25 % to ₹15.60 lakh crore higher than the net collections for the corresponding period of last year. The gross direct tax collection soared to ₹18.38 lakh crore as of 10 February which is 17.30% higher than the …

Net direct tax collection stands at Rs 15.60 lakh crore Y-o-Y growth of 20%
10 months, 1 week ago

Net direct tax collection stands at Rs 15.60 lakh crore Y-o-Y growth of 20%

India TV News  

New Delhi: Net direct tax collection in the current fiscal year has witnessed a growth of 20 per cent year-on-year to Rs 15.60 lakh crore. Direct tax collections up to 10th February 2024 show that gross collections are at Rs 18.38 lakh crore, which is 17.30 per cent higher than the gross collections for the corresponding period of last year," …

Uttar Pradesh Finance Minister Suresh Kumar Khanna presents ₹7.36 lakh crore budget for FY-25 in State Assembly
10 months, 2 weeks ago

Uttar Pradesh Finance Minister Suresh Kumar Khanna presents ₹7.36 lakh crore budget for FY-25 in State Assembly

The Hindu  

Uttar Pradesh Finance Minister Suresh Kumar Khanna on February 5 presented the budget for financial year 2024-25 in the State Assembly with an outlay of ₹7.36 lakh crore, higher from current fiscal's budget of ₹6.90 lakh crore. The total outlay of ₹7,36,437.71 crore for the next fiscal includes new schemes worth ₹24,863.57 crore, the State Finance Minister said while presenting …

56 lakh updated ITRs filed, Rs 4,600 crore taxes collected in two years: CBDT
10 months, 3 weeks ago

56 lakh updated ITRs filed, Rs 4,600 crore taxes collected in two years: CBDT

India TV News  

The income tax department has collected around Rs 4,600 crore in taxes from 56 lakh updated income tax returns filed by taxpayers in the past two years, according to Nitin Gupta, the Chief of the Central Board of Direct Taxes. The CBDT has set up a demand management centre in Mysuru, Karnataka, to focus on large disputed tax demands exceeding …

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