Page 6 - Income Tax Collection

No changes in tax regime: Palkhiwala would have been pleased

His constant lament was that he longed for a budget, which would make zero changes in the Income Tax Act

FM Sitharaman's Interim Budget is high on confidence, not on populism

FM overperforms on deficit, stays away from sops, pushes feel-good factor by ending old tax disputes, lists out decade of development

Interim Budget withdraws certain small, disputed direct tax demands

Proposal expected to help 10 million taxpayers, clean up government books

Direct tax-GDP ratio rises to 15-year high of 6.11% during FY23, shows data

However, direct tax collections rose higher than economic growth during FY23

Income tax benefits granted to 2,975 recognised startups: DPIIT

As many as 2,975 government recognised startups have been granted income tax exemptions so far, a senior official said on Monday. Under the Startup India , the government provides income tax exemption. Joint Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Sanjiv said that as on December 31 last year, 1,17,254 startups have been recognised by the department. "The number of startups getting income tax benefits was 1,100 till March 2023 and now it has increased to 2,975 startups," he told reporters here. He added that they are in the process of formulating a standard operating procedure for examining and fast-tracking applications for granting eligibility certificates. This certificate is required to claim tax exemptions. The Startup India Action Plan was announced in 2016.

LIC receives notification for tax refund of Rs 25,464 crore for 7 AYs

The insurer noted that it will file an appeal with the before Commissioner (Appeals) against all the tax notices

Implementation of global tax code will be the key, says Marna Ricker

Marna Ricker, EY Global vice-chair (tax), in an interview with Krishna Kant in Mumbai, discusses the progress on the new tax code and its implications for companies and capital flows

I-T dept leverages tech to scrutinise tax returns, recovers Rs 36,000 cr

With one more quarter to go, the income tax department expects the recovery amount to further rise to Rs 50,000 crore by the end of the financial year

Over 74 mn ITRs filed in FY23, 50 mn people showed zero tax liability: Govt

Over 7.40 crore persons filed income tax returns in the 2022-23 fiscal, of which 5.16 crore showed zero tax liability, the Finance Ministry said on Monday. Minister of State for Finance Pankaj Chaudhary informed the Lok Sabha there has been an increase in the number of returns filed in the last five years. The number of persons filing ITRs increased from 6.28 crore in fiscal 2018-19, to 6.47 crore in 2019-20, to 6.72 crore in 2020-21. The number of ITRs filed in the 2021-22 fiscal rose to over 6.94 crore and further to over 7.40 crore in the 2022-23 fiscal. The number of persons whose I-T returns amount to zero tax liability during the last four years increased from 2.90 crore in fiscal 2019-20 to 5.16 crore in 2022-23. "There may not be proportionate increase in direct tax collection and number of income tax returns filed because the direct tax collection is dependent upon multiple factors which include tax rate applicable for relevant assessment year, admissible deductions/ ...

I-T dept seized Rs 5,095 cr assets in 4 years till FY23, Parliament told

The Income Tax department has seized assets worth Rs 5,095.45 crore through search and seizures actions on 2,980 groups in four years till 2022-23, Parliament was informed on Monday. As per details of the search and seizure actions, including those mounted on business establishments, shared in the Lok Sabha by Minister of State for Finance Pankaj Chaudhary in 2019-20, a total of 984 groups were searched and the value of assets seized stood at Rs 1,289 crore. A total of 365 prosecutions were launched during the fiscal. In 2020-21, 569 groups were searched, leading to asset seizures of Rs 881 crore. Prosecution was launched in 145 cases. In 2021-22, 686 groups were searched and Rs 1,159.59 crore worth assets were seized, and 115 prosecution cases were launched. During 2022-23, 741 groups were searched, Rs 1765.56 crore assets were seized, and 97 prosecution were launched. "On the basis of the evidence gathered during search operation and subsequent investigation, tax-assessments ar

At Rs 10.6 trillion, net direct tax collection rises 23.4% in Apr-Nov

Net direct tax collection in the eight months of the current fiscal touched 58.34 per cent of Budget Estimates (BE) at Rs 10.64 lakh crore. The net tax collection for April-November stood at Rs 10.64 lakh crore, which is 23.4 per cent higher than the corresponding period of last year, the Ministry of Finance said. Gross collections, before issuing refunds, grew 17.7 per cent to Rs 12.67 lakh crore in the April-November period. Refunds amounting to Rs 2.03 lakh crore issued from April to November of the current fiscal. Special initiative was taken for cases where refunds had failed initially and subsequently issued to validated bank accounts, the ministry said. In the current fiscal, Rs 18.23 lakh crore is expected to be collected in direct taxes (personal income tax and corporate tax), and Rs 15.38 lakh crore from indirect taxes (GST, customs, excise). Earlier this week, a senior finance ministry official said that the government is likely to stick to the budgeted estimate of a t

Odisha Distillery I-T raid: 156 bags of cash found, Rs 20cr counted so far

The Income Tax department on Friday found 156 bags of cash during search for the third consecutive day in places linked to an Odisha-based distillery group on charges of tax evasion, officials said. From the bags, Rs 20 crore were counted till now, taking the total amount so far recovered to Rs 220 crore. The department officials recovered as many as 156 bags containing cash during the raid at Sudapada in Bolangir district on Friday. "Of the 156 bags, only 6/7 were counted and the amount found was Rs 20 crore," an official said. The raids were carried out at Sambalpur, Bolangir, Titilagarh, Boudh, Sundargarh, Rourkela and Bhubaneswar. The company is yet to provide any reaction to the raids. Around Rs 200 crore in cash was seized on Thursday during raids at the Bolangir office of Baldeo Sahu & Group of Companies, one of the biggest country-liquor manufacturers and selling companies in western Odisha. The raids were conducted at some houses, offices, and distillery at Sargipali in

89% individuals say income tax refund faster now, finds CII survey

As many as 89 per cent of individuals and 88 per cent of firms are of the view that there has been a greater reduction in waiting time to get an income tax refund in the last five years between 2018-2023, a CII survey has said. The CII Income Tax Refund Survey presented to Finance Minister Nirmala Sitharaman also found that 75.5 per cent of the individuals and 22.4 per cent of the firm-level respondents did not pay TDS over and above their estimated tax liability. The survey respondents (84 per cent of individuals and 77 per cent of firms) also felt the process of checking refund status was now smooth. "The extensive measures, which have been introduced by the government in the recent years to streamline, simplify and automate the taxation regime have borne rich dividends as is evident from the upbeat survey results on assessing speed and efficiency of income tax refunds conducted by CII," the industry body's President R Dinesh said. A staggering 87 per cent of the individuals and

I-T department discovers Rs 10,000 crore tax evasion by online retailers

Several companies have received I-T notices for either not paying their taxes properly or for underreporting their revenue

India's gross direct tax collection up 17.6% at Rs 12.3 trillion till Nov

The government has projected 10.5 per cent growth in revenues from corporate and individual income tax to Rs 18.23 trillion this financial year

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

October e-way bill generation hits all-time high at Rs 10.3 crore

Signals further boost in GST mop-up in November

Income Tax Calendar 2023: Important dates for taxpayers in November

There are some important dates for all the income taxpayers who need to remember these dates to avoid the potential consequences

Taxpayers and the Covid impact

Govt data on direct taxes points to ways of expanding the tax net

Rising economic activities lead to surge in personal income tax in H1FY24

Corporation tax grows moderately, growth in GST collections decelerates but the new normal is above Rs 1.55 trillion a month now