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  4. Direct Tax

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  • Direct tax collection increase by more than 17%

    Direct tax collection increases by more than 17% in FY23, exceeding revised projections by 0.7%

    Business | April 04, 2023 13:34 IST

    The Income Tax Administration revealed on Monday that direct tax collection for FY23 exceeded the revised projection by more than half a percentage point, despite a 37% increase in refunds.

  • Union Budget 2023, budget 2023, income tax, direct tax, indirect tax

    Union Budget 2023: Understanding the differences between direct and indirect taxes

    Budget | January 24, 2023 12:32 IST

    India’s tax regime mainly categorizes tax into types – Direct Tax and Indirect Tax. The difference between the two is based on the point of incidence.

  • Net direct tax mop up, Rs 1.85 lakh crore collections, Net direct tax collections

    Net Direct Tax collections for 2021-22 grow by almost 100%

    Business | June 16, 2021 17:54 IST

    ​The net direct tax collection has doubled to over Rs 1.85 lakh crore so far this fiscal, mainly driven by personal income tax and advance tax mop up, the I-T department said on Wednesday.

  • Now, pre-filed ITR forms with capital gains, dividend, other details

    Now, pre-filed ITR forms with capital gains, dividend, other details

    March 18, 2021 10:58 IST

    Transaction details of individual tax filers with respect of capital gains, dividend income, and interest income will soon become a standard of the pre-filled Income Tax return (ITR) form as the government looks to make tax compliance convenient for taxpayers.

  • 'Confident to achieve direct tax collection target': CBDT Chairman

    News | February 02, 2021 11:20 IST

    Speaking on today's Union Budget 2021-2022, presented by Finance Minister Nirmala Sitharaman, in the Parliament, Central Board of Direct Taxes (CBDT) Chairman, PC Mody said, "The revised estimate for direct tax collection this year is Rs 9.05 lakh crores, out of which we have collected Rs 6.63 lakh crores.

  • Nirmala Sitharaman

    Govt's endeavour has been to further simplify Direct Tax laws: Sitharaman

    Business | July 24, 2020 21:23 IST

    Appreciating its continuous efforts towards making the tax administration taxpayer-friendly, transparent and geared towards facilitating voluntary compliance, she said there has been a paradigm shift in its role in recent years, from being just a revenue collecting organisation to becoming a more citizen-centric establishment.

  • Parliament passes Direct Tax Vivad Se Vishwas Bill

    Parliament passes Direct Tax Vivad Se Vishwas Bill

    Business | March 13, 2020 18:15 IST

    The parliament on Friday passed Direct Tax Vivad Se Vishwas Bill, 2020 with an aim to settle pending direct tax disputes in the country.

  • Over 4.78 lakh income tax appeals pending at end of March 2019

    Over 4.78 lakh income tax appeals pending at end of March 2019

    Business | March 02, 2020 17:43 IST

    The number of income tax appeals pending at various judicial fora stood at 4,78,801 at the end of the financial year 2018-19, the Lok Sabha was informed on Monday. 

  • Direct tax collection up 5% till November: Sitharaman

    Direct tax collection up 5 per cent till November: Sitharaman

    Business | December 03, 2019 7:19 IST

    Sitharaman clarified that the objective to reduce corporate tax is only to attract investment, stimulate growth and also to create job opportunities.

  • income tax rate cut

    Modi govt likely to bring ordinance to cut tax rates for individuals

    India | September 24, 2019 21:38 IST

    Tax bonanza for individuals could be on cards as the Modi government is planning to slash existing tax rates for individual taxpayers in an effort to boost demand. The news comes after task force on direct taxes recommended revising income tax slabs.

  • Latest Business News income tax slabs, According to the report, the submission was made on August 19

    Massive cuts in personal income tax soon? Task force recommends

    Business | September 23, 2019 19:21 IST

    According to the report, the submission was made on August 19, 2019. The task force said income tax rates could be cut for individuals in order to boost consumption.

  • Image for representation

    Most taxpayers don't expect direct tax changes in budget: Survey

    India | July 02, 2019 22:29 IST

    Around 53 percent of the taxpayers interviewed in the KPMG's pre-budget survey felt that there will not be any major announcement on direct taxes. Around 27 percent said that there will be major changes, while 20 percent were not sure of any eventuality, the report showed.

  • Image for representation

    Panel on direct tax laws to look into cross-verification of financial transactions, data sharing

    India | June 26, 2019 21:46 IST

    The Finance ministry has broadened the terms of reference (ToR) of the task force, headed by CBDT member Akhilesh Ranjan, to also include faceless and anonymized verification/ scrutiny/ assessment and reduction of compliance burden by simplification of procedures.

  • Form 16 revised

    Form 16 revised, employers required to give specific details now

    June 05, 2019 14:36 IST

    Form 16 revised: The Income Tax department has notified changes in Form 16 that requires more details from employers about deductions under tax saving schemes. Aim is to felicitate stricter scrutiny of claims made by assessees to check tax avoidance or evasion.

  • Representative Image

    CBDT directs taxman to maximise collection efforts as growth rate not satisfactory

    Business | January 06, 2019 18:01 IST

    With growth in direct tax collections sluggish, the CBDT has directed income tax department officials to "maximise" their efforts and conduct targeted surveys and file court cases against those who wilfully evade taxes.

  • Direct tax-GDP ratio of 5.98 per cent during FY18 best in

    Direct tax-GDP ratio of 5.98 per cent during FY18 best in 10 years: Finance Ministry

    Business | January 02, 2019 18:52 IST

    In its 2018 review said, the ministry said: "There is a constant growth in direct tax-GDP ratio over last three years and the ratio of 5.98 per cent in Fiscal Year 2017-18 is the best DT-GDP ratio in last 10 years".

  • Direct tax collections

    Direct tax collections surge 15.7 per cent to Rs 6.75 lakh cr in April-November

    Business | December 10, 2018 13:02 IST

    Gross collections in corporate income tax (CIT) and personal income tax (PIT) grew 17.7 per cent and 18.3 per cent, respectively. 

  • At Rs 9.95 lakh crore, direct tax collection exceeds target

    At Rs 9.95 lakh crore, direct tax collection exceeds target in 2017-18

    Business | April 02, 2018 18:36 IST

    Direct tax collection in the fiscal year just ended has exceeded the targets with a record 6.84 crore income tax returns being filed, officials said today.

  • Direct tax mop up rises 19.5% to Rs 7.44 lakh cr in

    Direct tax mop up rises 19.5% to Rs 7.44 lakh cr in April-February period of current fiscal

    Business | March 08, 2018 18:20 IST

    The net direct tax collection represents 74.3 per cent of the Rs 10.05 lakh crore as per the revised estimates given in Union Budget 2018-19, presented in Parliament last month.

  • Direct tax mop up soars 18% to Rs 6.56 lakh crore during

    Direct tax mop up soars 18% to Rs 6.56 lakh crore during April-December

    Business | January 09, 2018 18:26 IST

    As much as Rs 3.18 lakh crore has been received as advance tax up to December, 2017-18, reflecting a growth of 12.7 per cent over the year ago period.

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