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 on the lower and the middle income group has gone down, while the compliance and the tax liability of people who are earning more than 50 lakhs has gone up. Data also showed that the personal income tax system has became more progressive over the last decade, with the middle income earners getting relief and the tax liability of those earning more than ₹50 lakh going up.

Tax Income Group 50 Lakh  liability  50  lakh  income  group  sharing  dominate  share  person  high  earning  data  shrinks  gone  tax  earners

History of this topic

Only 6.68 pc of population filed income tax return in 2023-24 fiscal | DEATILS
6 days, 6 hours ago

Only 6.68 pc of population filed income tax return in 2023-24 fiscal | DEATILS

India TV News  

Income tax returns: The country's population may be the largest in the world, but Indians are still lagging behind in filing income tax returns. The latest data shows that only 6.68 per cent of India's population filed income tax returns for the financial year 2023-24, Minister of State for Finance Pankaj Chaudhary said in a written reply to the Rajya …

How big corporates are choking middle class, hurting India growth story
6 days, 19 hours ago

How big corporates are choking middle class, hurting India growth story

India Today  

Industrialists and corporates played a big role in building the India Story and shaping its emerging economy. "India grew at 5.4% in the July-September quarter and the consumption component has been seeing lower growth in the last four-five quarters," political analyst and commentator Amitabh Tiwari tells India Today Digital. Salary hike: average wages across six sectors Sector 2019 2020 2021 …

Income tax: Refunds surge 46.31% to ₹3.08 lakh cr; 1.62 crore ITR filings processed in a day, says Finance Ministry
1 week, 4 days ago

Income tax: Refunds surge 46.31% to ₹3.08 lakh cr; 1.62 crore ITR filings processed in a day, says Finance Ministry

Live Mint  

The Ministry of Finance on Thursday, December 12, announced that the issuance of tax refunds had increased 46.31 per cent during the period of April 1 to November 27 in the financial year 2024-25, compared to the same period in 2023-24, reported the news agency ANI. At its peak, the income tax return portal handled over 900 filings in a …

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 …

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 …

Relief to middle class? Inflation offsets hike in tax exemption limit
1 month ago

Relief to middle class? Inflation offsets hike in tax exemption limit

New Indian Express  

NEW DELHI: The government recently claimed that Income tax burden on the common man has come down in the last 10 years, thanks to the Narendra Modi-led government’s various measures. It claimed that taxpayers in the Rs 2.5-7 lakh tax bracket who paid on an average Rs 25,000 in FY14 are now paying zero tax. Fast forward to FY 2024-25, …

State of income tax in India: Rich pay more, middle class less
1 month, 1 week ago

State of income tax in India: Rich pay more, middle class less

Firstpost  

Income tax liability on salaried individuals earning less than Rs 20 lakh a year, broadly described as middle class, has fell sharply during the 10 years of Prime Minister Narendra Modi-led government. Also, the income tax liability of those earning more than Rs 50 lakh has increased 3.2 times or 282 per cent, from Rs 2.52 lakh crore in 2014, …

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 …

Can you expect major income tax changes in Budget 2025? Check details
1 month, 1 week ago

Can you expect major income tax changes in Budget 2025? Check details

India Today  

The Union Budget 2025-26 is set to usher in a new era of tax simplification in India, with the Finance Ministry working on comprehensive reforms to streamline the income tax system. The proposed reforms focus on three key areas: simplifying tax structures, expanding the tax base, and balancing revenue generation with taxpayer relief. SIMPLER TAX FILING Building on the success …

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 …

Tamil Nadu’s own tax revenue grew 14% in H1, 2024-25: CAG
1 month, 2 weeks ago

Tamil Nadu’s own tax revenue grew 14% in H1, 2024-25: CAG

The Hindu  

Tamil Nadu’s Own Tax Revenue grew about 14% to ₹86,975.28 crore in the first half of fiscal 2024-25 from ₹76,257.13 crore in the first half of 2023-24, according to the provisional figures from the Comptroller and Auditor-General. Among the SOTR components, the State Goods and Services Tax collection grew 20.12% to ₹35,414.05 crore in the first half of 2024-25 from …

Income Tax Filers Exceed 2.3 Lakh, with High Majority Being Businesspersons and Professionals
2 months ago

Income Tax Filers Exceed 2.3 Lakh, with High Majority Being Businesspersons and Professionals

Hindustan Times  

Number of taxpayers with over ₹1 crore of taxable income rose significantly in the assessment year 2023-24. The number of taxpayers with more than ₹1 crore of taxable income increased by more than five times, reaching nearly 2.3 lakh. This surge in income earners is attributed to the rise in the number of salaried individuals earning over ₹1 crore, with …

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’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 …

Budget 2024: Time to opt out of old tax regime? Explained
4 months, 4 weeks ago

Budget 2024: Time to opt out of old tax regime? Explained

Hindustan Times  

The message from Budget 2024 was loud and clear: say goodbye to the old income tax regime. Union finance minister Nirmala Sitharaman proposed three key changes in the new tax regime, while the old one was left untouched. If your deductions and exemptions exceed the break-even amount, go for the old tax regime, otherwise the new tax regime will be …

Middle class discontented, real estate sector applauds tax reforms
5 months ago

Middle class discontented, real estate sector applauds tax reforms

The Hindu  

Middle-class families in the city have voiced their dissatisfaction with the updated income tax slabs in Union Budget 2024-25, presented by Union Finance Minister Nirmala Sitharaman on July 23. Mohd Abdullah, an assistant manager at a private bank, remarked, “People earning ₹3 lakh to ₹7 lakh per year are usually recent college graduates, while those earning ₹7 lakh to ₹10 …

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%," …

Budget 2024: How the changes in new tax regime will benefit the salaried, explained
5 months ago

Budget 2024: How the changes in new tax regime will benefit the salaried, explained

Hindustan Times  

Salaried income taxpayers shifting to the new tax regime stand to save up to ₹17,500 in income tax, finance minister Nirmala Sitharaman announced in presenting the Union budget 2024. The finance minister announced increased standard deduction for those opting to file their tax returns under the new regime and also widened the tax slabs to give relief. Increase in the …

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: Income tax slabs changed, standard deduction increased. Read details
5 months ago

Budget 2024: Income tax slabs changed, standard deduction increased. Read details

Op India  

On Tuesday, Finance Minister Nirmala Sitharaman presented the Annual Financial Statement before the Lok Sabha. The Finance Minister has given relief to taxpayers who choose to opt for the New Tax regime as the tax slabs have been revised and the Standard deduction limit has been increased from Rs 50,000 to Rs 75,000. Personal Income Tax: The Union Finance Minister …

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 …

How middle class pays more taxes than corporates, and gets ignored too
5 months ago

How middle class pays more taxes than corporates, and gets ignored too

India Today  

Read Full Budget 2024 Coverage The middle class, the tax-paying population of India, stares at the face of the government every time the Budget day approaches. Revenue Receipts 2019-2020 2021-2022 2022-2023 2023-2024 2024-2025 Corporate Tax 556,876 712,037 825,834 922,675 1,042,830 Income Tax 492,654 696,243 833,260 1,022,325 1,156,000 Source: Government of India data The taxes were reduced to boost capital expenditure, …

New tax regime slabs revised, standard deduction hiked to Rs 75,000. Details here
5 months ago

New tax regime slabs revised, standard deduction hiked to Rs 75,000. Details here

India Today  

Finance Minister Nirmala Sitharaman revamped income tax slabs under the new regime in Union Budget 2024 in a bid to make it more attractive. The Finance Minister said that the tweaked tax slabs would save salaried individuals Rs 17,500 annually under the new regime. The updated tax slabs are as follows: income up to Rs 3 lakh will be taxed …

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 …

India's 2024 Budget: A push for tax reform
5 months ago

India's 2024 Budget: A push for tax reform

India Today  

The 2024 Budget, scheduled for July 23, may see tweaks to key tax policies to boost government revenue — bold steps to tackle tax evasion and improve tax compliance. 1980: For every Rs 100 collected, Rs 11 came from income tax, Rs 12 from corporate tax, Rs 1 from other direct taxes, and Rs 76 from other indirect taxes. 2000: …

’Middle class bearing more weight than corporates’: Congress slams Centre over taxation policy ahead of Budget 2024
5 months, 1 week ago

’Middle class bearing more weight than corporates’: Congress slams Centre over taxation policy ahead of Budget 2024

Live Mint  

Congress leader Jairam Ramesh attacked the government on Sunday over the taxation in the country, saying that "the middle class continues to bear the weight of heavy taxation." In a post on X, Ramesh said, ".data has just been released that gross personal income tax collections amounted to ₹3.61 lakh crore during April 1-July 1 2024, while gross corporate 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 …

Budget 2024: Low-income individuals likely to get big tax relief, says report
6 months ago

Budget 2024: Low-income individuals likely to get big tax relief, says report

India Today  

The government is considering significant tax cuts for lower-income individuals in the upcoming Budget 2024, marking the first such relief in seven years, reported Bloomberg. Lower tax rates, new tax slabs Salaried taxpayers earning between Rs 5 lakh and Rs 15 lakh annually, currently taxed at rates ranging from 5% to 20% under the new income tax regime, could benefit …

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 …

ITR Return Filing: Should you file ITR if your income is less than ₹7 lakh?
6 months ago

ITR Return Filing: Should you file ITR if your income is less than ₹7 lakh?

Hindustan Times  

If your gross taxable income exceeds basic exemption limit, it is mandatory for you to file an income tax return. But this does not mean you have to pay income tax as there is a tax rebate under section 87A of the Income tax Act, 1961 owing to which you are eligible if your net taxable income does not exceed …

Budget 2024: Exemption limit under new tax regime may be hiked to Rs 5 lakh, says report
6 months ago

Budget 2024: Exemption limit under new tax regime may be hiked to Rs 5 lakh, says report

India Today  

The government plans to raise the income exempt from tax under the new regime from the current Rs 3 lakh to Rs 5 lakh in the forthcoming full budget, reported moneycontrol.com. Officials also said that the government is unlikely to accept a proposal from industry representatives to lower the top individual income tax rate from 30% to 25% in the …

Budget 2024: Which income categories can expect tax relief?
6 months ago

Budget 2024: Which income categories can expect tax relief?

India Today  

The government is considering a reduction in tax rates for specific categories of salaried individuals, aimed at boosting consumption, reported news agency Reuters. The reduction in tax rates could be part of the upcoming budget announcement in July by Finance Minister Nirmala Sitharaman, the report said, citing two government officials. Potential tax relief The anticipated tax relief could benefit individuals …

Amid debate about inheritance tax, rising share of personal income tax and indirect tax remains a concern
7 months, 3 weeks ago

Amid debate about inheritance tax, rising share of personal income tax and indirect tax remains a concern

The Hindu  

Over the last week, during the election campaign, the Congress’ manifesto and the party’s emphasis on social justice and welfare were suddenly thrust into the limelight. The data also show that revenues from personal income tax and securities transaction tax grew at almost double the pace compared to revenues from corporate taxes last year. Chart 1 | the chart shows …

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 …

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 …

New Tax regime rules to come into effect from today: Check deductions, rebates, changes in tax slab
8 months, 3 weeks ago

New Tax regime rules to come into effect from today: Check deductions, rebates, changes in tax slab

India TV News  

As the new financial year begins on April 1, there will be changes to India's income tax regulations. The Centre will implement the New Tax Regime as the default setting, which implies that unless individuals manually choose to abide by the old tax structure, taxes will be automatically assessed and applied according to this new system. The tax slabs will …

Top 1% Indians’ income share is higher now than under British-rule: Data
9 months ago

Top 1% Indians’ income share is higher now than under British-rule: Data

The Hindu  

March 23, 2024 08:28 am | Updated 05:23 pm IST In 2022, 22.6% of the national income went to the top 1% of Indians. Chart 2 | The chart shows the year-wise share of national income for the top 10%, the bottom 50% and the middle 40% of the population To start with, in the 1950s and 60s, the income …

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 …

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 …

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