Page 2 - Direct Tax

Taxpayers can opt for 'Vivad se Vishwas' scheme from Dec 31: CBDT chairman

The 'Vivad se Vishwas' scheme announced in the Budget for settlement of pending direct tax appeals will be launched this year and its notification apart from relevant FAQs would be issued soon, CBDT chairman Ravi Agrawal said Wednesday. Speaking to PTI during a post-Budget interview, the head of the direct taxes administration in the country said that a "substantial" number of income tax appeals are logged at the appellate stage in different forums and it is expected that a "reasonable" number of taxpayers will avail the new scheme. The first 'Vivad se Vishwas' scheme for cases under the direct taxes or income tax category was brought out by the government in 2020 and, according to the CBDT chief, it was "quite successful" with about Rs 75,000 crore revenue being garnered and about a lakh taxpayers availing the scheme. "The first date is (going to be) 31st of December by when we the taxpayer is supposed to actually opt for the scheme (Vivad se Vishwas 2024). Very soon, we will notif

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

IRS officer Ravi Agrawal appointed new CBDT chief, to succeed Nitin Gupta

Ravi Agrawal, a 1988-batch IRS officer, has been appointed as the new chairman of the Central Board of Direct Taxes (CBDT), the administrative body for the Income Tax Department. He takes over from Nitin Gupta, a 1986-batch Indian Revenue Service officer, whose extended tenure as the chairman ends on Sunday, June 30. Gupta was appointed as the CBDT chief in June, 2022. He was scheduled to retire in September last year but was given a nine-month extension till June. The new CBDT chief is currently working as member (administration) in the board. An order issued by the Appointments Committee of the Cabinet (ACC) said Agarwal will head the CBDT till June, 2025. Agrawal is scheduled to retire in September but his appointment order said he will continue on "reappointment on contract basis" till June 30 next year, in usual terms and conditions applicable to re-employed central government officers, in relaxation of the recruitment rules. A senior Union finance ministry officer told PTI

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

Direct tax collection grows 20% to Rs 18.90 trillion till March 17

The net direct tax collection grew 19.88 per cent to over Rs 18.90 lakh crore till March 17, the income tax department said on Tuesday. 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), including Securities Transaction Tax (STT) at Rs 9,72,224 crore (net of refund). Refunds amounting to about Rs 3.37 lakh crore have also been issued in the current fiscal till March 17. On a gross basis, before adjusting refunds, the direct tax collection stood at Rs 22.27 lakh crore, an 18.74 per cent growth over the year-ago period. "The provisional figures of Direct Tax collections for the Financial Year 2023-24 (as of March 17, 2024) show that net collections are at Rs 18,90,259 crore, compared to Rs 15,76,776 crore in the corresponding period of the preceding Financial Year (FY 2022-23), representing an increase of 19.88 per cent," the Central Board of Direct Taxes (CBDT) said in

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

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

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

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

Direct taxes mop up after refunds in FY24 at Rs 13.7 trn till Dec 17

With a bit less than four and a half months still remaining for the financial year to end, the projection for direct tax mop-up would be easily exceeded

Govt to exceed Rs 18.23 trn full-year direct tax collection target: CBDT

The government will exceed the Rs 18.23 lakh crore direct tax collection target set for the current fiscal, CBDT Chairman Nitin Gupta said on Wednesday. "We will exceed the Budget target. The economy is doing well, and we will get a better picture of full-year tax collection once the third instalment of advance tax numbers come in by December 15," Gupta told reporters here. 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 lakh crore. "On a gross basis, the direct tax collection has been growing at 17-18 per cent, while on a net basis, we are growing at 22 per cent. We are also issuing refunds simultaneously. So, we have no doubt about tax collection exceeding estimates," Gupta said after inaugurating the taxpayers' lounge at the India International Trade Fair (IITF). Refunds totalling Rs 1.77 lakh crore have been issued between April 1 and November 9. The 2023-24 Budget has pegged direct tax collec

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

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

CBDT issues draft form for biz to report inventory valuation by accountants

The income tax department has come out with a draft form for various categories of businesses to report valuation of their inventories, including equity and debt securities, livestock or other raw material/by-products, by a cost accountant when asked by a tax officer. 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. Such valuation can be sought if the tax officer has doubts regarding the correctness of the accounts, multiplicity of transactions in the accounts or specialised nature of business activity. The Central Board of Direct Taxes (CBDT) has now come out with a draft form 6C inviting stakeholder comments by August 31 on the proposed columns for reporting inventories valuation certified by a cost accountant. Nangia Andersen LLP Partner Vishwas Panjiar said in order to protect revenue's interest and to prevent deferral of taxes through undervaluation of inventor

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

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 here is one of the highest and the income tax rate should be reduced to 25 per cent from around 40 per cent at present, eminent economist Surjit Bhalla said. While speaking to PTI, Bhalla said reduction in tax rate is required to accelerate the pace of economic growth. "We are a much more globalised economy in the world and the world is a lot more globalised. If you look at the overall tax rate structure in India, collection of taxes is one of the highest in the world and we are not the richest economy of the world," Bhalla said. He said that tax collection by state, Centre and local bodies is around 19 per cent of India's GDP. "We should move towards reducing it by 2 percentage points. As far as direct taxes are concerned, I think the overall tax rate should not be more than 25 per cent. Right now it is close to 40 with surcharges etc. 25 per cent, which is our corporate tax rate, that's what our income tax ra

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

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

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

Top Headlines: Net direct tax collection exceeds RE, chip shortage & more

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