Direct Taxes
Revenue boost: FY23 net direct tax collection exceeds Revised Estimate
Mop-up could help govt meet its fiscal deficit target
 "Revenue boost: FY23 net direct tax collection exceeds Revised Estimate")
Direct tax collection in FY23 likely to top govt's Revised Estimates
Until February, net direct tax collection stood at Rs 13 trillion
 "Direct tax collection in FY23 likely to top govt's Revised Estimates")
Top headlines: Adani group ratings under surveillance, Rs 8,083 cr for PLIs
Business Standard brings you the top headlines at this hour
 "Top headlines: Adani group ratings under surveillance, Rs 8,083 cr for PLIs")
Budget 2023 aims at providing a stable direct tax regime
At the domestic front, the government presented its last full budget wherein it had to maintain a balance in fueling growth trajectory, while being on the path of fiscal prudence, say analysts
 "Budget 2023 aims at providing a stable direct tax regime")
Should Indian states also levy an income tax?
An RBI report recently highlighted the grim fiscal condition of ten states. And of them, five seem to be in dire condition. What ails these states? What can be done to revive their economy?
 "Should Indian states also levy an income tax?")
Irregularities in corporation tax assessments of high value cases: CAG
CAG audit report on Direct Taxes drew attention to 57 instances of significant errors and irregularities in corporation tax assessments of high value cases
 "Irregularities in corporation tax assessments of high value cases: CAG")
Direct tax collections for FY23 up 20% at Rs 11.35 trillion till Dec 17
Direct tax collections stood at Rs 11,35,754 crore, as on December 17, 2022, up by 19.81 per cent against Rs 9,47,959 crore recorded in the corresponding period of last year, officials said
 "Direct tax collections for FY23 up 20% at Rs 11.35 trillion till Dec 17")
CBDT exempts NR taxpayers from mandatory Form 10F e-filing for now
The form 10F is signed physically by the Non resident taxpayers and furnished along with the tax residency certificate to the resident payers for the purpose of determining withholding tax implication
Top headlines: FY24 direct tax target, PM visits Bali, COP27 meet, and more
Business Standard brings you the top headlines this hour
 "Top headlines: FY24 direct tax target, PM visits Bali, COP27 meet, and more")
Budget 2023-24: FY24 direct tax target likely to see 14-17% increase
Centre's FY23 mop-up may top BE by Rs 1-1.5 trn
 "Budget 2023-24: FY24 direct tax target likely to see 14-17% increase")
Taxes to come to govt's aid, achieve 6.4% fiscal deficit goal for FY23
Centre has already collected half the targeted revenue in the first six months of the current financial year even as customs and excise duty collection figures are yet to come in
 "Taxes to come to govt's aid, achieve 6.4% fiscal deficit goal for FY23")
Direct tax kitty up 30% in FY23 at Rs 8.36 trn on higher advance tax mop-up
Gross direct tax collections grew 30 per cent to Rs 8.36 lakh crore till September 17 of current fiscal year on increased advance tax mop-up, the finance ministry said on Sunday. The gross collection of direct taxes (before adjusting for refunds) for FY 2022-23 stands at Rs 8,36,225 crore compared to Rs 6,42,287 crore in the corresponding period of preceding financial year i.e. 2021-22, registering a growth of 30 per cent over collections of 2021-22, the ministry said in a statement. The cumulative advance tax collections for April-September stand at Rs 2,95,308 crore as on September 17, up 17 per cent over the year-ago period. Gross collection of Rs 8.36 lakh crore includes Corporate Income Tax at Rs 4.36 lakh crore and Personal Income Tax (PIT), including Securities Transaction Tax at Rs 3.98 lakh crore. After adjusting for refunds, net collections rose 23 per cent to Rs 7,00,669 crore, compared to Rs 5,68,147 crore in the corresponding period of 2021-22.
 "Direct tax kitty up 30% in FY23 at Rs 8.36 trn on higher advance tax mop-up")
Top Headlines: Direct tax collections jump, broken rice exports, and more
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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.
Amid robust tax growth, customs and excise duties decline over 10% in Q1
Receipts from customs and excise duties were down 10.59 per cent at Rs 97,695 crore in Q1 of FY'23
 "Amid robust tax growth, customs and excise duties decline over 10% in Q1")
Income tax return: Missed ITR 2021-22 deadline? Here's what to do next
On the last day, July 31, over 6.5 million ITR were filed by 11 PM, according to the Income Tax Department
 "Income tax return: Missed ITR 2021-22 deadline? Here's what to do next")
ITR: What happens if you miss July 31 deadline for filing income tax return
For people with an annual income of over Rs 2.5 lakh, filing an ITR is mandatory. Failing to do so may attract fines and penalties
 "ITR: What happens if you miss July 31 deadline for filing income tax return")
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")
Tax administration finally being cleaned up, being made more efficient
GST collections dropped below the Rs 1.2 trillion mark only once in the last six months. These are astounding statistics for a tax system that naysayers had written off as being a failure.
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
 "Income tax refunds of over Rs 1.83 trn issued so far this fiscal: I-T Dept")
