Page 6 - Direct Taxes

Maximise tax benefit on interest income from savings accounts: Analysts

For non-senior citizens, the maximum benefit can go up to Rs 17,000 using Section 80TTA and Section 10(15)(i)

Net direct tax collections double to Rs 1.85 trn in FY22 so far

Advance tax collections for FY22 stand at Rs 28,780 cr, which shows a growth of approximately 146%, says govt

Best of BS Opinion: Rising inflation risk, Centre's GTR in 2020-21 & more

Here are the best of Business Standard's opinion pieces for Tuesday

Dangers of a wrong diagnosis

Indirect taxes are now higher than direct taxes. But cutting indirect tax rates to address this will amount to barking up the wrong tree

Top Headlines: Direct tax mop-up zooms 85%, ICICI Venture eyes start-ups

Business Standard brings to you top news headlines on Monday

Centre surpasses its revenue targets but higher food subsidy cancels gains

While govt made Rs 1.16 trn more revenue, it spent Rs 1.18 trn more on food subsidy too. But it can be said that the govt used the gains it made to settle FCI arrears once and for all

Net direct tax mop up exceeds revised estimates at Rs 9.45 trn in FY21

Direct tax collection target set in the revised estimates (RE) for 2020-21 was Rs 9.05 lakh crore.

Glitch-free faceless assessment addressed industry fears: P C Mody

Of the 57,985 cases picked for assessment during its pilot last year, orders have been passed in 46,822 cases

Big players stayed away from Vivad se Vishwas: CBDT chairman P C Mody

The scheme announced in the Budget last year allowed for the settlement of tax disputes due up to January 31, 2020.

Experts unsure if new AAR for direct taxes will resolve disputes faster

Experts also believe that at least pendency of cases would come down, though only time will tell about quality of orders

How will Budget 2021 impact senior citizens, NRIs and salaried people

In this Podcast, we discussed how the Budget will impact finances of senior citizens, non resident Indians, salaried people and the changes in taxation on Ulips and ease of ITR

Personal I-T revenue now equals all other direct taxes: That's a problem

Until the 1950s taxes on output contributed more to government revenue than those on incomes of people and businesses. But since then the balance has gradually been reversed

Direct tax compliance set to be made easier in upcoming Budget

Budget may resolve issues related to administration

Late income-tax returns surge slows direct tax mop-up contraction

Net collection stands at Rs 6.57 trn, compared with Rs 7.24 trn a year ago

India's tax pie gets altered because of Covid; share of direct taxes drops

India witnessed a sharp drop in direct tax collections resulting from a disproportionate impact of the Covid-19 carnage on incomes

Taxpayers' charter: Expect more fairness

The tax charter has been issued under the newly minted Section 119A of I-T Act. It is no longer an unenforceable administrative promise made by CBDT more as a public-relations exercise

Google tax contributes merely 1% of direct tax kitty in major cities

Bengaluru, Hyderabad top the collections, Mumbai and Delhi together mop up a mere Rs 87 crore

The scourge of tax arrears

Over four-fifths of the Centre's direct taxes are blocked in arrears. The goal now should be to reduce disputes, not increase them

Rights & responsibilities of citizens in new taxpayers' charter: Full text

PM Modi said the charter had been introduced with defined rights and responsibilities. Read the full text of the tax charter document here

Compute tax demand for all assessees by August 31, says CBDT chief

Many taxpayers are waiting to file applications under 'Vivad Se Vishwas' scheme, but they are also waiting for correct demand to be intimated to them, says P C Mody