Page 9 - Income Tax Collection

Direct tax collection jumps 24% to Rs 9 trn in FY23 so far, says I-T dept

Gross collection of tax on corporate and individual earnings jumped nearly 24 per cent so far in the current fiscal year that started on April 1, the tax department said on Sunday. The gross collection of taxes on corporate earnings rose 16.74 per cent during April 1 to October 8, while personal income tax collection jumped 32.30 per cent, the tax department said in a statement. Direct tax collection came at Rs 8.98 lakh crore between April 1 to October 8, 2022, 23.8 per cent higher than the gross collection in the corresponding period a year ago. Tax on corporate and individual income makes up for direct taxes. After adjusting refunds, direct tax collection stood at Rs 7.45 lakh crore, 16.3 per cent higher than the net collection for the corresponding period a year ago, the statement said. "This collection is 52.46 per cent of the total Budget Estimates of Direct Taxes for FY 2022-23," it added. Tax collection is an indicator of economic activity in any country. But in India, th

Top Headlines: 35-50 bps rate hike by MPC; advance tax mop-up rises 17%

The RBI's Monetary Policy Committee (MPC) is likely to lift the policy repo rate by 35-50 basis points (bps) on September 30, according to a Business Standard poll

GST collections above Rs 1.4 trillion for sixth consecutive month

Mop-up increases 28% YoY in August to Rs 1.43 trillion; most big states see double-digit growth in collections

Direct tax collection grows 40% driven by personal income tax from Apr-Jul

Personal income tax collection posted a growth of 52% YoY at Rs 2.67 trillion, while corporation tax collection stood at Rs 45,000 crore

CII urges Centre to reduce personal income tax to spur economic activities

The Confederation of Indian Industry president Sanjiv Bajaj on Wednesday asked the Central government to contemplate reducing the personal income tax rates to spur economic activities. The business tycoon also said the country's underlying growth drivers are strong and the economy would grow in the range of 7.4 per cent to 8.2 per cent in the next fiscal. "Putting more money in the pockets of the consumers is of vital importance to revive consumption demand in the economy. The government should contemplate a reduction in the rates of personal income tax in its next push for reform as this would increase disposable incomes and revive the demand cycle," Bajaj, who is chief managing director of Bajaj Finserv, said in a press conference. He was speaking to reporters as part of the CII's theme 2022-23 "Beyond India @75: Growth competitiveness, sustainability and internationalisation". The CII is also organising 'Sankalp Se Siddhi' in the city, in which Union Home Minister Amit Shah wil

7.24 million income tax returns filed in one day, a record: CBDT

On July 31, 7.24 million ITRs had been filed, shattering all previous single-day records (the maximum being 4.9 million in 2019)

58.3 mn income tax returns filed till July 31, record 7.24 mn on last day

Over the last two financial years, the govt had extended the deadline for filing ITRs to ease compliance for taxpayers battling pandemic. But this year the deadline was not extended by even by a day

When every Indian pays tax, I-T officers may not be needed: Minister

The number of taxpayers in the country has increased in the last eight years, says Jitendra Singh

Govt leans heavily on nominal revenue growth to beat fiscal blues

If the burden does hit Rs 2.5 trillion, that would mean extra spending of around Rs 35,000 crore

India's tax collections soar to record high of Rs 27.07 trillion in FY22

Direct taxes, which comprise income tax paid by individuals and corporate tax, came in at Rs 14.10 lakh crore -- Rs 3.02 lakh crore higher than the budget estimate

I-T Dept reforms, stronger economy led to record tax collections: CBDT

Reforms undertaken within the Income Tax department and the "strengthening" of the economy are among the major factors that led to the highest-ever direct tax collections, CBDT Chairman said.

I-T dept has made highest tax collection in its history: CBDT Chairman

The net collection numbers as on today is Rs 13.63 trn which is against Rs 11.18 trn of 2018-19, Rs 10.28 trn of 2019-20 and Rs 9.24 trn of 2020-21, he said

Income tax refunds of over Rs 1.83 trn issued so far this fiscal: CBDT

Refunds worth over Rs 1.86 trillion have been issued to more than 2.14 crore taxpayers during the current financial year, the Income Tax department said on Thursday.

Income tax refunds of over Rs 1.83 trn issued so far this fiscal: I-T Dept

"CBDT issues refunds of over Rs 1,83,579 crore to more than 2.09 crore taxpayers from 1st Apr, 2021 to 28th Feb, 2022," the I-T department tweeted

Of 62.6 mn income tax returns filed for FY21, 45 mn processed, says CBDT

More than 5.41 crore income tax returns (ITRs) filed have been verified and 1.58 crore refunds amounting to Rs 31,857 crore for AY 2021-22 (2020-21 fiscal) have been issued

Taxing income doesn't give cryptos legitimacy: FM Sitharaman

'I am not going to legalise it or ban it at this stage. Banning or not banning will come subsequently, when consultations give me input,' says FM in Parliament

Taxpayers can update ITRs only once in an assessment year: Official

To correct any discrepancy or omissions, the Budget 2022-23 has permitted taxpayers to update their ITRs within two years of filing, subject to payment of taxes

Most people feel I-T exemption limit could be raised from Rs 2.5 lakh: KPMG

As many as 64% of the respondents said they expect the basic I-T exemption limit to be raised from Rs 2.5 lakh a year, according to a pre-budget survey by KPMG in India

Income tax refunds of over Rs 1.44 trillion issued so far this fiscal

Income tax refunds of over Rs 1.44 lakh crore have been issued to 1.38 crore taxpayers so far this fiscal, the I-T department said

Income tax portal: Finmin officials hold review meeting with Infosys chief

Revenue Secretary Tarun Bajaj along with senior finance ministry officials held a meeting with Infosys Managing Director Salil Parekh to review the performance of the new income tax portal.