Page 2 - Tax Collections

I-T dept asks taxpayers to file updated ITRs for AY 2021-22 by March 31

The income tax department on Monday asked taxpayers whose cases have been flagged under e-verification scheme to file updated income tax returns for 2021-22 assessment year by March 31. The Central Board of Direct Taxes (CBDT) said in some ITRs filed for A.Y. 2021-22 (F.Y. 2020-21), a 'mismatch' has been identified, between the information filed in the ITR vis--vis information of specified financial transactions, as available with the department. In cases where ITRs for A.Y. 2021-22 have not been filed and the department is in possession of information of specified high value financial transactions, the same also needs to be examined. Accordingly, as part of the e-Verification Scheme-2021, the department is in the process of sending communication(s) to the taxpayers for the mismatch in information pertaining to A.Y. 2021-22 (F.Y. 2020-21). This information is being communicated to the taxpayers through their e-mail accounts as registered with the Income Tax Department. The "Depart

GST receipts decline to three-month low but hold on to Rs 1.65 trn in Dec

Average monthly gross GST collection -- Rs 1.66 trillion in the first nine months -- represents a 12 per cent rise over the Rs 1.49 trillion recorded in the corresponding period of FY23

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

October GST collection rises 13% to Rs 1.72 trn, second-highest ever

With this, the average gross monthly GST collection in FY24 now stands at Rs 1.66 trillion, an 11 per cent increase year-on-year, the ministry observed

Nine-year shift: Taxpayers' income distribution less tilted to super-rich

ITR filing surges 90% during AY13-14 and AY2021-22

TMS Ep513: Tax collection, air pollution, OMC stocks, Google Search's genAI

Is softness in tax collection a cause for worry? How can India fix its air pollution woes? Should you avoid OMC stocks? Google Search's generative AI experience: How it works? All answers here

No TCS on credit card spends overseas, says Ministry of Finance

Implementation of 20% tax on foreign remittances put off until October 1

Spurring fiscal equality: Ratio of GST to GSDP higher in poorer states

One aspiration for the GST system was that it would lead to regional development as it is a destination-based tax regime

TCS on foreign remittances: FinMin evaluates issues flagged by banks

July 1 deadline extension not ruled out

Banks seek clarification from govt before TCS on credit cards kicks in

Banks are particularly concerned about use of several cards and bank accounts to make a simple remittance

New TCS norms on credit card spends: More than a matter of exchange

Money changers are miffed at the tax exemption for credit card forex spends of up to Rs 7 lakh a year under the liberalised remittance scheme

The unsung hero

After five years, it seems GST has begun to show sustained growth even as it has many weaknesses and policy challenges

Google tax mop-up slips for first time to Rs 3,864 crore since inception

Uncertainty over OECD's global tax deal affects collection in FY23

Rs 158 cr direct tax collected in current fiscal via TDS on crypto assets

Direct tax collected by way of tax deducted at source on payments made upon transfer of virtual digital assets aggregated to Rs 157.9 crore upto March 20, 2023, the Parliament was told on Tuesday

Delhi govt's 2023-24 Budget outlay could be close to Rs 80,000 cr

With boosted tax revenue, the Delhi government's budget outlay for 2023-24, to be tabled in the upcoming assembly session, may be close to Rs 80,000 crore, officials said on Wednesday. The tax collection of the government in the current and the next financial year is expected to remain as per estimates, they said The annual budget size of the government for 2022-23 was Rs 75,800 crore and Rs 69,000 crore in the year earlier. The budget session of Delhi assembly will start on March 17 with Lt Governor VK Saxena addressing the House.The budget will be presented on March 21 and it will be preceded by an Outcome Budget of the government. Finance Minister Kailash Gahlot will present his first budget in the assembly. He was given charge of the department after the resignation of deputy chief minister Manish Sisodia who was arrested by the ED in connection with the Delhi excise policy scam case. "Budget preparation is exciting but a very time consuming exercise. Days are filled with end

Tax collections up by 29.66%, to enable govt roll out tax reforms

With such a surge in tax collections, government would look to unleash reforms in the coming 2023-24 fiscal, especially as far as tax administration is concerned

CBDT to hold high-level meeting to review revenue collection of FY23

Move seen as part of department's revenue maximisation exercise

New York risks losing wealthiest residents over high taxes: Official

An analysis by New York City's Independent Budget Office released this week showed that the number of city taxpayers who earned between $1 million and $5 million declined 11% in 2020

Tax collections to cross budget estimates in current fiscal, says govt

Revenue Secretary Tarun Bajaj was quoted as saying that the growth in tax revenues will continue to be higher than the GDP growth, owing to better compliance

Abolish exemptions

Instead of reducing tax rates, Budget 2023 should take steps to reverse the decline in tax buoyancy