Direct Tax

The Centre has budgeted Rs 25.2 trillion in direct tax collections for FY26. In the previous year, net direct taxes rose 13.6 per cent to Rs 22.26 trillion, surpassing the Budget estimate

Chamber urges fiscal clarity for global data players, IBC loan waiver relief, and revival of the 15 per cent corporate tax rate to attract new investments

Net direct tax collection dipped 3.95 per cent to Rs 6.64 lakh crore so far this fiscal, mainly on account on higher refunds, according to government data released on Tuesday. Direct tax includes taxes on income paid by companies, individuals, and by professionals, and other entities. Net corporate tax collection stood at about Rs 2.29 lakh crore, while non-corporate tax (which includes individuals, Hindu Undivided Families (HUFs) and firms) was at Rs 4.12 lakh crore. Securities Transaction Tax (STT) mop-up was Rs 22,362 crore between April 1-August 11. Total net collections stood at about Rs 6.64 lakh crore, a 3.95 per cent fall over Rs 6.91 lakh crore collected in the same period last fiscal (2024-25). Refunds issued so far this fiscal jumped 10 per cent to Rs 1.35 lakh crore. Gross collections (before refunds) stood at Rs 7.99 lakh crore between April 1-August 11, a 1.87 per cent dip over Rs 8.14 lakh crore in the year-ago period. In the current fiscal (2025-26), the governmen

Total direct and indirect tax arrears stood at over Rs 54.53 lakh crore as of June 30, Parliament was informed on Tuesday. In a written reply to a question in the Rajya Sabha, Minister of State for Finance Pankaj Chaudhary said, "The total amount of tax arrears pending as on June 2025, under indirect taxes is over Rs 7.01 lakh crore and under direct taxes is over Rs 47.52 lakh crore." Cumulatively, direct and indirect tax arrears stood at Rs 54.53 lakh crore as of June 30. Of the total indirect tax arrears, over Rs 2.66 lakh crore pertain to those where pending taxes in individual cases is above Rs 10 crore as of June 2025. In case of direct taxes, tax arrears above Rs 10 crore as on June 2025 totalled about Rs 35.48 lakh crore. Further, of the Rs 7.01 lakh crore pending tax arrears under indirect tax, over Rs 3.71 lakh crore is pending due to litigation at various stages. Similarly, for direct taxes out of total Rs 47.52 lakh crore arrears due, an amount of over Rs 31.26 lakh cr

The provisional net direct tax collection for the 2024-25 financial year has met the set target, growing 13.57 per cent to over Rs 22.26 lakh crore with the income tax department issuing the highest-ever amount of refunds ever delivered, official data showed Friday. The government set a target of Rs 22,07,000 crore for the direct tax administration as per the budget receipt of July 2024 and revised it to Rs 22,37,000 crore during the budget presented this February. Direct taxes include revenue collected by the Union government under the corporate taxes and non-corporate taxes category (earlier personal income tax). The non-corporate taxes category includes taxes paid by individuals, firms, Hindu Undivided Families (HUFs), local authorities, artificial juridical persons etc. According to official data, the provisional gross (before adjusting for refunds) direct tax collection for the 2024-25 fiscal that ended March 31 stood at Rs 27.02 lakh crore, a growth of 15.59 per cent, when ...

The trend for corporate tax collections has been declining relative to overall tax collections. The share hit a high of 67 per cent in FY11 and dropped to 46.5 per cent as of FY24

For tax purposes, business trusts such as REITs, InvITs, and certain AIFs get pass-through status and are not taxed on the income earned by them

Agrawal discussed a range of topics, including framing of tax proposals, and why he feels most taxpayers would opt for the new tax regime

Gross direct collections during the period grew 20.3 per cent to Rs 19.2 trillion, with refunds increasing 42.5 per cent to Rs 3.4 trillion

The government will exceed the Rs 22.07 lakh crore direct tax collection target set for the current fiscal, Central Board of Direct Taxes (CBDT) chairman Ravi Agarwal said on Monday. Agarwal also said that taxpayers who have not disclosed their foreign income or assets in their ITRs have time till December 31 to file their revised return for the 2023-24 fiscal. The tax department is in the process of sending SMS and emails to those assessees who have not disclosed high-value assets. Inaugurating the Taxpayers Lounge at the India International Trade Fair (IITF), Agarwal also said that more than 6,000 suggestions have come in for a review of the income tax law to make the language simple and easy to understand. "We are hopeful and we believe that we will exceed the budget target for tax collection. Collections from corporate and non-corporate taxes have risen," Agarwal told reporters here. As per the latest tax collection data released by the CBDT, between April 1 to November 10, net

Actual tax liability declined by 40% for those earning between Rs 10-20 lakh

Direct taxes, which include corporate and personal tax, grew over 21 per cent to Rs 15 trillion on a gross basis

Direct tax mopup rises 18%, outpacing economic growth; buoyancy at 2.12

Of the tax mop-up, personal income-tax (PIT) outpaced corporation tax. PIT stood at Rs 5.98 trillion (net) compared to Rs 4.88 trillion in the same period a year ago

Net direct tax collection grew 18.3 per cent to about Rs 11.25 lakh crore as of October 10 this fiscal, government data showed on Friday. The mop-up includes personal income tax collection of Rs 5.98 lakh crore and corporate tax collection of Rs 4.94 lakh crore. Securities Transaction Tax (STT) stood at Rs 30,630 crore, while other taxes (including equalisation levy and gift tax) earned Rs 2,150 crore. The income tax department had collected Rs 9.51 lakh crore during the same period a year ago. Refunds worth Rs 2.31 lakh crore were issued between April 1 and October 10, a growth of 46 per cent. On a gross basis, direct tax collection grew 22.3 per cent to Rs 13.57 lakh crore. The collection includes PIT (personal income tax) of Rs 7.13 lakh crore and corporate tax of Rs 6.11 lakh crore. The government has budgeted to collect Rs 22.07 lakh crore in the current fiscal from direct taxes.

Though the scheme's operational date has been announced, the final date for the scheme is yet to be determined

Net direct tax collection grew 16.12 per cent to over Rs 9.95 lakh crore so far this fiscal on higher advance tax mop up. Refunds worth over Rs 2.05 lakh crore were issued, a 56.49 per cent jump over the same period last fiscal. The net personal income tax (PIT) collection grew 19 per cent to Rs 5.15 lakh crore between April 1 and September 17. Corporate tax collection went up 10.55 per cent to over Rs 4.52 lakh crore. Revenues from Securities Transaction Tax (STT) stood at Rs 26,154 crore. After taking into account refunds, net collection from PIT and corporate taxes stood at Rs 9,95,766 crore so far this fiscal, a growth of 16.12 per cent over the year-ago period. Advance tax collection grew 22.61 per cent to Rs 4.36 lakh crore. The growth in PIT advance tax mop up was 39.22 per cent while for corporate tax, it was 18.17 per cent. Gross direct tax collection stood at Rs 12.01 lakh crore, a growth of 21.48 per cent so far this fiscal. The government has budgeted to collect Rs 2

More than 90 sections seen redundant; panel in line with Budget promise of comprehensive review

Of the total direct tax mop-up, personal income tax (PIT) continues to outpace corporation income tax (CIT)

Tax proposals aim to bring in uniformity, improve compliance and reduce litigation