Articles for Personal Income Tax

The rationale for the tax proposals
5 months ago

The rationale for the tax proposals

The Hindu  

The 2024-25 Budget is not just an account of receipts and expenditures for the financial year; it also sets the stage for several years in terms of expectations. Budget 2024 |Middle class discontented, real estate sector applauds tax reforms Regarding the general proposals, two sets pique interest — first, those relating to capital markets and second, those relating to the …

Finance India Tax Budget Capital Markets Income Capital
Union Budget 2024: Read Finance Minister Nirmala Sitharaman's full speech
5 months ago

Union Budget 2024: Read Finance Minister Nirmala Sitharaman's full speech

India Today  

Union Finance Minister Nirmala Sitharaman presented the first budget of the Narendra Modi government’s third term on Tuesday in Parliament. Budget Priorities Productivity and resilience in Agriculture Employment & Skilling Inclusive Human Resource Development and Social Justice Manufacturing & Services Urban Development Energy Security Infrastructure Innovation, Research & Development and Next Generation Reforms Subsequent budgets will build on these, and …

Finance India Social Justice Nuclear Energy Bihar Tax Budget
’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 Congress Manmohan Singh Private Investment Personal Income Tax Taxation Policy Total Tax Collection
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 …

India Personal Corporate Data Taxes Congress Income Tax
Australia's tax system is worse than it was 15 years ago, and young people are paying the price, Ken Henry says
10 months, 1 week ago

Australia's tax system is worse than it was 15 years ago, and young people are paying the price, Ken Henry says

ABC  

Australia's tax system is in a worse position than it was 15 years ago and young people are paying the price, former Treasury secretary Ken Henry has warned. He said many of the cost-of-living pressures people are feeling today are the consequence of a lack of genuine tax reform over the last 15 years, so handing back some revenue from …

Tax Taxes Treasury Review Henry Cent Need
Mississippi Republican governor again calls for phasing out personal income tax in his budget plan
10 months, 3 weeks ago

Mississippi Republican governor again calls for phasing out personal income tax in his budget plan

Associated Press  

Tate Reeves is renewing his call for legislators to phase out the state’s personal income tax over several years, and he is asking them to spend more money on economic development, highways and the judiciary. “Rather, it requires that our government lives within its means.” The expansion of Capitol Police is mandated in a law enacted last year over objections …

Tax Budget Reeves Jackson Mississippi Capitol Police State Money
Tax kitty up 20.7%, crosses 75% of Budget target
1 year ago

Tax kitty up 20.7%, crosses 75% of Budget target

The Hindu  

India’s net direct tax collections had grown 20.7% by December 17 to cross ₹13.70 lakh crore, the Finance Ministry said on Monday, indicating that 75.15% of the year’s direct tax target has been met. “The net direct tax collection of ₹13,70,388 crore includes Corporation Tax at ₹6,94,798 crore and Personal Income Tax including Securities Transaction Tax at ₹6,72,962 crore,” the …

Crore Personal Income Tax Tax Kitty
每日一词∣个人所得税专项附加扣除 special additional deductions in personal income tax
1 year, 3 months ago

每日一词∣个人所得税专项附加扣除 special additional deductions in personal income tax

China Daily  

为进一步减轻家庭生育养育和赡养老人负担，国务院日前印发《关于提高个人所得税有关专项附加扣除标准的通知》。根据通知，3岁以下婴幼儿照护专项附加扣除标准，由每个婴幼儿每月1000元提高到2000元。 The State Council decided to raise some thresholds for additional deductions in personal income tax in order to alleviate the financial burden of childbearing, child-rearing, education and caring for the elderly, according to a circular released on Aug 31.The threshold for special additional deductions in personal income tax for taking care of children under age 3 will be raised …

Tax Income Personal Income Tax
Net direct tax collection rises 16.8%, reaches closer to Budget target for 2022-23
1 year, 9 months ago

Net direct tax collection rises 16.8%, reaches closer to Budget target for 2022-23

The Hindu  

India’s net direct tax kitty had risen 16.8% to touch ₹13.73 lakh crore by Friday, reflecting a slight dip in growth over the past month but reaching within striking distance of the Budget target for this year, with three weeks still to go. The uptick in net Personal Income Tax collections continued to outstrip Corporate Income Tax flows, rising 20.73% …

Tax Budget Refunds Income Crore Direct Lakh
India's net direct tax collections up 17% to Rs 13.73 lakh crore till March 10
1 year, 9 months ago

India's net direct tax collections up 17% to Rs 13.73 lakh crore till March 10

India Today  

The net direct tax collection for the fiscal year 2022-23 has so far grown by 17 per cent to reach Rs 13.73 lakh crore, which is 83 per cent of the revised target for the full financial year. The gross collections are 22.58 per cent higher than the gross collections for the corresponding period of last year, the Central Board …

Tax Direct Cent Collections Direct Tax Collection Personal Income Tax
Japan’s Defense Spending Conundrum
1 year, 10 months ago

Japan’s Defense Spending Conundrum

The Diplomat  

Facing “the most severe and complex security environment since World War II,” the Japanese government is determined to raise defense spending to 2 percent of GDP by 2027. On December 8, Kishida announced that Japan would need 1 trillion yen more in annual tax revenue by fiscal year 2027 to fund the defense spending increase of 17 trillion yen over …

Defense Japan Tax Taxes Reconstruction Pay Corporate Taxes
How Union Budget 2023-24 captures the true essence of Amrit Kaal
1 year, 10 months ago

How Union Budget 2023-24 captures the true essence of Amrit Kaal

Firstpost  

PM Modi questioned the obsolete way of running an economy, ushered in a digital revolution in India and has showcased to the world that India from being among the “fragile five”, is today the world’s fifth largest economy in terms of nominal GDP “The first lesson of economics is scarcity. India’s rising global profile is due to several accomplishments under …

India Economy Infrastructure Life Tax Budget States
Budget 2023-24 decoded for UPSC aspirants
1 year, 10 months ago

Budget 2023-24 decoded for UPSC aspirants

Firstpost  

India’s rising global profile is due to several accomplishments like unique ‘World Class Digital Public Infrastructure’ namely, Aadhaar, Co-Win and UPI; the COVID-19 vaccination drive in unparalleled scale and speed; proactive roles in frontier areas such as achieving climate-related goals, mission Union Budget 2023-24 Analysis: Union Finance Minister Nirmala Sitharaman presented the Union Budget 2023-24. Resilience amidst multiple crises India’s …

India Tax Budget Farmers Economic Income Green
What Budget document tells us about new Income Tax slab
1 year, 10 months ago

What Budget document tells us about new Income Tax slab

Hindustan Times  

Finance minister Nirmala Sitharaman on Wednesday made as many as five announcements related to personal income tax, as she presented Union Budget for the financial year 2023-24. Changes have been made only to the new tax regime, while the old one has been left untouched One of the announcements made by Sitharaman on personal income tax – there was none …

Budget Income Tax Regime Sitharaman Slab Personal Income Tax Personal Income
Union Budget 2023: Read Nirmala Sitharaman's full speech here
1 year, 10 months ago

Union Budget 2023: Read Nirmala Sitharaman's full speech here

Hindustan Times  

Union finance minister Nirmala Sitharaman presented the Union Budget 2023-24 in the Parliament on Wednesday. I propose to provide enhanced limits of ` 3 crore and ` 75 lakh respectively, to the tax payers whose cash receipts are no more than 5 per cent. It is proposed to make amendments relating to exemption provided to charitable trusts and institution to …

India Infrastructure Development Financial Life Tax Urban Infrastructure
Budget 2023: 5 major announcements on personal income tax
1 year, 10 months ago

Budget 2023: 5 major announcements on personal income tax

Hindustan Times  

In a huge relief to middle- and salaried-class people, Union finance minister Nirmala Sitharaman on Wednesday announced five major changes in personal income tax. Presenting the Union Budget for FY 2023-24, Sitharaman said that the proposals regarding personal income tax will primarily benefit the country's “hard-working middle class”. 2) In 2020, Sitharaman had introduced a new personal tax regime with …

Personal Tax Income Lakh Regime Sitharaman Proposed
Direct tax collection jumps 24 pc in first half of FY23
2 years, 2 months ago

Direct tax collection jumps 24 pc in first half of FY23

India TV News  

Highlights The gross collection of taxes on corporate earnings rose 16.74 per cent during April 1 to October 8 Personal income tax collection jumped 32.30 per cent Direct tax collection came at Rs 8.98 lakh crore between April 1 to October 8, 2022 Gross collection of tax on corporate and individual earnings jumped nearly 24 per cent so far in …

India Growth Corporate Income Tax Direct Taxes Period Direct
Advance Tax Collections Jump 33% YoY to Rs 1,01,017 Crore In June Quarter
2 years, 6 months ago

Advance Tax Collections Jump 33% YoY to Rs 1,01,017 Crore In June Quarter

News 18  

Net direct tax collections during the current fiscal till June 16 jumped 45 per cent year-on-year to Rs 3,39,225 crore, compared with Rs 2,33,651 crore in the corresponding period last year. Advance tax collections during April 1-June 16 stood at Rs 1,01,017 crore, against Rs 75,783 crore in the year-ago period, a growth of over 33 per cent, according to …

Tax Period Crore Cent Net Corporation Tax Pit
Budget 2022: Why didn't government change personal income tax rates? FM Sitharaman answers
2 years, 10 months ago

Budget 2022: Why didn't government change personal income tax rates? FM Sitharaman answers

India TV News  

Highlights Sitharaman did not raise the standard deduction Concessional rate of 15 per cent has been extended by one year for newly incorporated units The basic personal tax exemption limit in the personal income tax was last revised in 2014 There was no change in the personal income tax slabs in the Union Budget 2022-23 unveiled on Tuesday by Finance …

Budget Income Rate Sitharaman Nirmala Sitharaman Personal Income Tax Personal Tax
Budget 2022: Replacing Income Tax with Expenditure Tax is the Blockbuster Reform India Needs
2 years, 11 months ago

Budget 2022: Replacing Income Tax with Expenditure Tax is the Blockbuster Reform India Needs

News 18  

Every stimulus package to boost the economy has its own burdening impact on the country’s fiscal position. If personal income tax is done away with, about 6.32 crore people will have the freedom from the burden of submitting annual Income Tax Returns. The various organisations complying with TDS will also be free from the burden of collecting, remitting and submitting …

India Personal Tax Money Income Tax Black Money Pay
Direct tax collection exceeds FY-21 estimate by 4.42% at ₹9.45 lakh crore
3 years, 8 months ago

Direct tax collection exceeds FY-21 estimate by 4.42% at ₹9.45 lakh crore

Hindustan Times  

Rajeev Jayaswal The net direct tax collections of ₹ 9.45 lakh crore include corporation tax at ₹ 4.57 lakh crore and ₹ 4.88 lakh crore personal income tax. [email protected] New DelhiThe Union government’s net direct tax collections for the year 2020-21 surpassed the revised estimate by 4.42% at ₹9.45 lakh crore, the finance ministry said on Friday, disclosing figures that …

Personal Tax Corporate Tax Income Crore Direct Lakh