Direct Taxes

Revised ITR won't save you: Foreign asset errors can trigger penalty, probe

The NUDGE scheme is not a free pass. Paying up may clear past tax arrears - but it does not erase exposure under other laws.

Net direct tax collection rises 7% to ₹12.92 trillion between April-Nov

India's refund issuances between April 1 and November 10 declined by 18 per cent, totalling ₹2.42 trillion, compared with the same period last year

CBDT extends return filing deadline for audit cases to December 10

Tax experts pointed out that the press release appears to have missed granting relief to taxpayers covered under transfer pricing (TP) provisions

Net direct tax haul jumps 6% to ₹11.89 trillion on personal tax filings

Higher personal income tax inflows and expanding non-corporate taxpayer base drive the rise in direct tax collections, reflecting robust domestic demand and compliance

Net direct tax mop-up rises 6% to ₹11.89 trn on higher corporate tax gains

Net direct tax collection grew 6.33 per cent so far this fiscal to over Rs 11.89 lakh crore due to higher corporate tax mop-up and slower refunds. Refund issuances dropped 16 per cent to Rs 2.03 lakh crore between April 1 and October 12. Between April 1 and October 12, net corporate tax collection stood at about Rs 5.02 lakh crore, up from Rs 4.92 lakh crore in the same period of 2024. Non-corporate tax, which includes individuals and HUFs, mop up so far this fiscal stood at about Rs 6.56 lakh crore, up from over Rs 5.94 lakh crore in the same period last year. Securities Transaction Tax (STT) collection stood at Rs 30,878 crore, up from Rs 30,630 crore in the year-ago period. Net direct tax collection, which includes personal income tax and corporate tax, recorded a 6.33 per cent growth year-on-year at over Rs 11.89 lakh crore till October 12 this fiscal. It was about Rs 11.18 lakh crore in the year-ago period. Gross direct tax collection, before adjusting refunds, stood at over

Net direct tax mop-up falls nearly 4% to ₹6.64 trn in FY26 on high refunds

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

India's net direct tax receipts down 1.3%, corporate taxes slip 3.7%

Tax experts broadly attributed the decrease in the net direct tax kitty to the spike in refunds but noted there were other factors at play as well

Net direct tax mopup dips 1.34% to ₹5.63 trillion on higher refunds

Net direct tax collection fell 1.34 per cent to about Rs 5.63 lakh crore till July 10 of the current financial year, mainly on account on higher refunds, according to government data released on Friday. Net corporate tax collection stood around Rs 2 lakh crore, while non-corporate tax (which includes individuals, HUFs and firms) was at Rs 3.45 lakh crore. Securities transaction tax mop-up was Rs 17,874 crore between April 1 and July 10. Total net collections stood at Rs 5.63 lakh crore, registering a decline of 1.34 per cent over Rs 5.70 lakh crore collected in the year-ago period. Net refunds issued so far this fiscal year jumped 38 per cent to Rs 1.02 lakh crore. Gross collections (before refunds) stood at Rs 6.65 lakh crore from April 1-July 10, posting a 3.17 per cent growth over Rs 6.44 lakh crore in the year-ago period. In the current fiscal year, the government has projected its direct tax collections at Rs 25.20 lakh crore, up 12.7 per cent year-on-year. The government aim

Centre extends CBDT chief Ravi Agrawal's tenure by 1 year till June 2026

Ravi Agrawal, a 1988-batch officer of the Indian Revenue Service, was initially appointed as CBDT Chairman

Net direct tax collection drops by 1.39% to Rs 4.58 trillion so far in FY26

Net corporate tax during the same period declined by 5.13 per cent to Rs 1.72 trillion

Govt approves ₹81,735 crore additional tax devolution to states

Finance ministry says additional tax devolution to help states accelerate capital spending, fund welfare and development, and support priority schemes ahead of regular release

Mind the tax gap: India's is smaller than peers', but comparisons mislead

Many of the studies in the latter approach combine data from all types of countries to obtain an estimate of potential revenue

Direct tax mop up for 2024-25 fiscal hits target; record refunds issued

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 ...

Will money in hand from tax breaks in FY26 make its way to realty buys?

Realty majors hopeful of mid-level housing revival; But experts say education, savings may take priority

Govt sets April 30 deadline for filing declarations under Vivad se Vishwas

The scheme offers taxpayers the opportunity to settle disputed tax demands by paying the full disputed amount while availing a waiver on interest and penalties

Li-ion batteries under safe harbour rules; threshold raised to Rs 300 cr

These changes for businesses engaged in international transactions will apply to assessment years 2025-26 and 2026-27

Over Rs 11.8 trn locked in direct tax litigation, FM informs Rajya Sabha

For indirect taxes, 82,011 cases are pending, with a locked revenue of Rs 5.76 trillion as of January 31, 2025

Net direct tax kitty swells 14.7% to Rs 17.78 trillion till Feb 10

Net direct tax collection grew 14.69 per cent to over Rs 17.78 lakh crore so far this fiscal, government data showed on Tuesday. As per the data released by the Central Board of Direct Taxes (CBDT), mop up from net non-corporate taxes, which include mainly personal income tax, grew 21 per cent year-on-year to about Rs 9.48 lakh crore. Net corporate tax collection rose more than 6 per cent to over Rs 7.78 lakh crore between April 1, 2024, and February 10, 2025. Net collections from securities transaction tax (STT) jumped 65 per cent to Rs 49,201 crore so far this fiscal. Refunds worth more than Rs 4.10 lakh crore were issued during the period, a 42.63 per cent increase against the year-ago period. Gross direct tax mop up till February 10 grew 19.06 per cent to more than Rs 21.88 lakh crore. In the revised estimates (RE) for the current fiscal, the government has pegged income tax collections at Rs 12.57 lakh crore, up from the budget estimate of Rs 11.87 lakh crore. The collectio

More disposable income in hands: TDS threshold for senior citizens doubled

Taxpayers can now file updated returns for four years instead of the previous two

Transformative direct tax reforms in Budget 2025 for middle class empowerment

The reforms are part of the Government's broader strategy to stimulate consumption, enhance ease of doing business and boosting economic growth