Page 2 - Latest Updates on Direct Tax
Direct tax mop-up jumps 35.5% to Rs 6.48 trillion in FY23: Govt
The ministry said refunds amounting to Rs 1.19 trillion have been issued till September 8 this fiscal year, 65.3 per cent higher than the refunds issued for the same period in FY22.
 "Direct tax mop-up jumps 35.5% to Rs 6.48 trillion in FY23: Govt")
Direct tax collections may exceed budget targets, CBDT chief says
Gupta added that if the trend continues, direct tax collections for FY23 could exceed the budget target of Rs 14.20 trillion
 "Direct tax collections may exceed budget targets, CBDT chief says")
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
 "Direct tax collection grows 40% driven by personal income tax from Apr-Jul")
Centre advances devolution as states hunt for funds, transfers Rs 1.16 trn
Money will help carry out their capital expenditure and welfare spending plans
 "Centre advances devolution as states hunt for funds, transfers Rs 1.16 trn")
India at 75: Prudent public finance policy still remains a challenge
Among other things, making the direct tax regime less confusing and bringing in expenditure reform are crucial challenges for the central government
 "India at 75: Prudent public finance policy still remains a challenge")
At Rs 3.39 trillion, direct tax collection sees a 45% surge: CBDT
Advance tax by companies and individuals rises 33%
At Rs 42,679 crore, advance tax collection up 48% in April-June quarter
Direct tax collection, net of refunds, stood at Rs 2.81 trillion, initial estimates show
Centre moots ruling authority to fix direct tax liability, settle disputes
Revenue dept to take up measures to boost tax-to-GDP ratio to 15-20%
 "Centre moots ruling authority to fix direct tax liability, settle disputes")
Net direct tax collection reaches highest figure of Rs 14.09 trn in FY22
The net direct tax collection has increased by 49.02 per cent during financial year 2021-22
 "Net direct tax collection reaches highest figure of Rs 14.09 trn in FY22")
Direct tax mop-up beats the revised estimates at Rs 13.6 trillion
Up more than Rs 1 trn over RE for FY22, to help govt rein in fiscal deficit at 6.9%
Direct tax collection soars 48% in FY22, advance tax payment up 41%
Almost 53% of all direct tax collection was from corporate tax, while 47% came from personal income tax, including securities transaction tax on shares
 "Direct tax collection soars 48% in FY22, advance tax payment up 41%")
Direct Taxes: FM Sitharaman chooses quiet consolidation in Budget
The yardsticks of stability, predictability, rationalisation and simplification define the tax proposals
 "Direct Taxes: FM Sitharaman chooses quiet consolidation in Budget")
What are the new and old income tax regimes?
n the Union Budget 2020, Finance Minister Nirmala Sitharaman had introduced a new tax regime. Our next report presents the difference in tax rates between the new regime and the old regime
 "What are the new and old income tax regimes?")
Union Budget 2022-23: Phasing out of some tax exemptions likely
FinMin also exploring the option of rationalising capital gains tax rates
 "Union Budget 2022-23: Phasing out of some tax exemptions likely")
Budget 2022: Tax rebates in Budget for realty vital for salaried class
Currently, one-third of India's population reside in cities and it is estimated to go up to 50% by 2030
Top headlines: Govt withdraws spending curbs; direct tax mop-up grows 74%
Business Standard brings you the top headlines on Friday
 "Top headlines: Govt withdraws spending curbs; direct tax mop-up grows 74%")
BS Number Wise: Tax mop up shines through fragile recovery
Direct-tax-to-GDP ratio in the first quarter of 2021-22 increased to 5.14 per cent, compared with 3.29 per cent over the last two years
 "BS Number Wise: Tax mop up shines through fragile recovery")
Advance tax collection surges 146% despite Covid-19-led economic disruption
Net direct tax mop-up zooms 100% till June 15
 "Advance tax collection surges 146% despite Covid-19-led economic disruption")
Budget 2021: PF interest, Ulip gains now taxable beyond a certain limit
Reduction of time span for reopening assessments will reduce fear of the taxman
 "Budget 2021: PF interest, Ulip gains now taxable beyond a certain limit")
Spend, earn, tax: Finances of Union Budget 2021 explained in nine charts
Taxes on individual incomes will now bring more revenue to the government than taxes on corporate profits
 "Spend, earn, tax: Finances of Union Budget 2021 explained in nine charts")
