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What is Direct Tax
The Budget estimate of the government's income tax revenue for the year 2020-21 was Rs 6,25,000 crore. The revised estimates of income tax for the 2019-20 Budget came at Rs 5,47,000 crore, while the actuals for the 2018-19 Budget stood at Rs 4,61,487 crore.
The Budget estimate of the government's corporation tax revenue for the year 2020-21 was Rs 6,81,000 crore. The revised estimates of corporation tax for the 2019-20 Budget came at Rs 6,10,500 crore, while the actuals for the 2018-19 Budget stood at Rs 6,63,571 crore.
Read provisions relating to direct taxes
Provisions relating to direct taxes in Budget 2020-2021
Latest Updates on Direct Tax
Union Home Minister Amit Shah announced that the committee will be led by the Additional Director General (ADG) of the Border Security Force (BSF) for the Eastern Command
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Mop-up could help govt meet its fiscal deficit target
The dividend from public sector enterprises gave some breather: It stood at Rs 58,988 crore, compared to the revised target of Rs 43,000 crore
Net collection rises 15.3% to Rs 15.72 trn as of March 16
Presently, no TDS is required on interest payable in the case of listed dematerialised securities
The target of 5.9% is also likely to be met next year, finally bringing it down to below 4.5% of GDP in the financial year 2025-26
New income tax regime: The taxpayers can avail of several deductions under the old income tax regime using section 80C etc. But under the new tax regime, no such deductions are allowed
No tax will have to be paid for income up to Rs 3 lakh
The government will spend 8 paise out of every rupee on 'other expenditures'
The country's gross direct tax collection rose 24.58% to Rs 14.71 trillion till January 10 this fiscal, buoyed by an upsurge in personal income tax mop-up, the government data showed
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
The Central government has set a target of Rs 14,20,000 crore for collection of direct taxes as per budget estimates for 2022-23
'We'll bring inflation down further for the sake of common people', said FM Nirmala Sitharaman
The direct tax collection in the current fiscal is likely to exceed the budget target of Rs 14.20 trillion by about 30 per cent, a senior official said
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Refunds amounting to Rs 1.83 trillion were issued during 1st April, 2022 to 10th November, 2022
A task force had recommended changes in indexation benefit rules for the capital gains tax in 2019, and it is expected to be the main basis of the review
Refunds amounting to Rs 1.53 lakh crore have been issued between April 1-october 8, an increase of 81 per cent over the corresponding period last year
Net direct tax collections (net of refunds) for the current financial year have grown at 23 per cent to over Rs 7 trillion between April 1 and September 17