Page 2 - Latest Updates on Direct Tax
Taxpayers can opt for 'Vivad se Vishwas' scheme from Dec 31: CBDT chairman
First 'Vivad se Vishwas' scheme for cases under the direct taxes or income tax category was brought out by government in 2020 and, according to the CBDT chief, it was quite successful
 "Taxpayers can opt for 'Vivad se Vishwas' scheme from Dec 31: CBDT chairman")
Union Budget 2024: FM's tax measures seek to widen net, cut litigation
The proposed amendments to the angel tax regime will be made effective from April 1, 2025, and will be applicable from assessment year 2025-26
 "Union Budget 2024: FM's tax measures seek to widen net, cut litigation")
IRS officer Ravi Agrawal appointed new CBDT chief, to succeed Nitin Gupta
Ravi Agrawal was given an extended tenure to clock an year so as to provide continuity to the CBDT in framing direct tax policies
 "IRS officer Ravi Agrawal appointed new CBDT chief, to succeed Nitin Gupta")
Net direct tax collections grew 9.8% to Rs 4.62 trillion till mid-June
Of the total tax collected until June 16, corporation tax accounted for Rs 1.81 trillion, while personal income tax (I-T) stood at Rs 2.69 trillion
 "Net direct tax collections grew 9.8% to Rs 4.62 trillion till mid-June")
Net direct tax collections rise 20% at Rs 18.9 trillion till March 17
At Rs 18.9 trillion, collection accounted for over 97 per cent of the revised estimates at Rs 19.45 trillion
 "Net direct tax collections rise 20% at Rs 18.9 trillion till March 17")
Direct tax collection grows 20% to Rs 18.90 trillion till March 17
The net direct tax collection of Rs 18,90,259 crore(as of March 17) includes Corporation Tax (CIT) at Rs 9,14,469 crore (net of refund) and Personal Income Tax (PIT)
 "Direct tax collection grows 20% to Rs 18.90 trillion till March 17")
Budget 2024: Here's what FM Nirmala Sitharaman said about income tax
Interim Budget: FM Sitharaman said that the average processing time of returns has been reduced from 93 days in the year 2013-14 to 10 days this year
 "Budget 2024: Here's what FM Nirmala Sitharaman said about income tax")
Direct tax to GDP ratio in FY24 likely to be the highest since FY01
Tax buoyancy measures change in tax growth as a result of GDP expansion. Buoyancy at more than one means the GDP growth rate has led to a higher increase in tax receipts
 "Direct tax to GDP ratio in FY24 likely to be the highest since FY01")
Budget 2024: Govt may raise exemption in lower bracket under old I-T regime
The measures, along with announcements to improve the direct tax system, are those which the government feels will not hurt the fiscal deficit numbers now
 "Budget 2024: Govt may raise exemption in lower bracket under old I-T regime")
Record 81.8 mn ITRs filed till Dec 31, rises 9% in current assessment year
To encourage taxpayers to file their ITRs and forms early, over 1.03 billion outreaches were made through targeted e-mail, SMS and other creative campaigns
 "Record 81.8 mn ITRs filed till Dec 31, rises 9% in current assessment year")
Direct taxes mop up after refunds in FY24 at Rs 13.7 trn till Dec 17
It was backed by a 20% increase in advance tax revenues
 "Direct taxes mop up after refunds in FY24 at Rs 13.7 trn till Dec 17")
Govt to exceed Rs 18.23 trn full-year direct tax collection target: CBDT
As per government data, the net direct tax collection between April 1 and November 9 this fiscal has swelled 22 per cent to Rs 10.60 trillion
 "Govt to exceed Rs 18.23 trn full-year direct tax collection target: CBDT")
India's direct tax collection up 17.6% to Rs 12.3 trillion till Nov 9: CBDT
Currently, the tax collection stands at 58.15% of the total Budget Estimates for FY24
 "India's direct tax collection up 17.6% to Rs 12.3 trillion till Nov 9: CBDT")
Net direct tax collection rises 23.5% to Rs 8.65 trn in April-Sept
The tax collection includes corporate tax of 4.16 trillion rupees and personal income tax of 4.47 trillion rupees, said the statement from Ministry of Finance
 "Net direct tax collection rises 23.5% to Rs 8.65 trn in April-Sept")
CBDT issues draft form for biz to report inventory valuation by accountants
Beginning this fiscal, tax officers have been empowered to order for inventory valuation from a cost accountant at any stage of the proceedings pending before him/her
 "CBDT issues draft form for biz to report inventory valuation by accountants")
Changing face of direct taxes: Transformation over a decade
A paradigm shift has been brought in the way the income tax department has been dealing with the taxpayers
 "Changing face of direct taxes: Transformation over a decade")
Tax collection in India one of highest, reduce direct tax to 25%: Bhalla
While India is not the richest country in the world, the tax collection is one of the highest and the income tax rate should be reduced from around 40 per cent at present, economist Surjit Bhalla said
 "Tax collection in India one of highest, reduce direct tax to 25%: Bhalla")
Direct tax buoyancy again falls sub-2% in 2022-23
It should be noted that direct tax collection figures are still provisional and GDP figures are on the basis of second advance estimates for 2022-23. The actual figures may change the outcome slightly
 "Direct tax buoyancy again falls sub-2% in 2022-23")
Highest direct tax buoyancy in 15 years in FY22, shows CBDT data
Gross direct tax collection increased 173 per cent to over Rs 19.68 trillion in 10 years to 2022-23
 "Highest direct tax buoyancy in 15 years in FY22, shows CBDT data")
Bengaluru in close race with Delhi in direct tax collection: I-T dept data
Mumbai's share in overall kitty remains highest, but down at about 30% now
