Page 2 - Direct Taxes

Direct Taxes: Budget doesn't touch slabs, offers relief to co-ops, startups

FM reduces MAT for cooperative societies to 15% from 18.5%, bring them on par with companies; relief for state govt staff, differently-abled persons

Union Budget 2022: No tax break but important aspects addressed

NPS is the only scheme without any rupee value limit (the limit is a percentage of salary and not a specific rupee value) on the deduction

What are direct and indirect taxes?

There are two types of taxes which the government collects -- direct and indirect taxes. Get clarity on them ahead of the Union Budget for 2022-23, which may keep modest targets for tax collections

Sharing of powers of direct taxation and indirect taxation is unfair: TN

Tamil Nadu, according to the Finance Minister P T R Palanivel Thiagarajan, is one of the major States producing handloom, powerloom textiles and hosiery goods in the country

Net direct tax revenue rises 68% to Rs 6.92 trillion till Nov 23

The net collection between April 1 - November 23 in 2020-21 and 2019-20 fiscals was over Rs 4.12 trillion and over Rs 5.44 trillion respectively

RBI authorises Karur Vysya Bank to collect direct taxes on behalf of CBDT

Karur Vysya Bank said it has commenced the integration process with the Central Board of Direct Taxes to collect direct taxes on its behalf, following the approval it received from the Reserve Bank

Net direct tax mop-up grows 74% at Rs 5.7 trn so far this fiscal

Refunds amounting to Rs 75,111 crore have also been issued so far this fiscal.

Formal sector, administration raises tax kitty 29% in Apr-July from FY20

Year-on-year, the collections grew by 83%. This growth was misleading since it comes on a 30% drop in tax mop-up a year earlier

Maximise tax benefit on interest income from savings accounts: Analysts

For non-senior citizens, the maximum benefit can go up to Rs 17,000 using Section 80TTA and Section 10(15)(i)

Net direct tax collections double to Rs 1.85 trn in FY22 so far

Advance tax collections for FY22 stand at Rs 28,780 cr, which shows a growth of approximately 146%, says govt

Best of BS Opinion: Rising inflation risk, Centre's GTR in 2020-21 & more

Here are the best of Business Standard's opinion pieces for Tuesday

Dangers of a wrong diagnosis

Indirect taxes are now higher than direct taxes. But cutting indirect tax rates to address this will amount to barking up the wrong tree

Top Headlines: Direct tax mop-up zooms 85%, ICICI Venture eyes start-ups

Business Standard brings to you top news headlines on Monday

Centre surpasses its revenue targets but higher food subsidy cancels gains

While govt made Rs 1.16 trn more revenue, it spent Rs 1.18 trn more on food subsidy too. But it can be said that the govt used the gains it made to settle FCI arrears once and for all

Net direct tax mop up exceeds revised estimates at Rs 9.45 trn in FY21

Direct tax collection target set in the revised estimates (RE) for 2020-21 was Rs 9.05 lakh crore.

Glitch-free faceless assessment addressed industry fears: P C Mody

Of the 57,985 cases picked for assessment during its pilot last year, orders have been passed in 46,822 cases

Big players stayed away from Vivad se Vishwas: CBDT chairman P C Mody

The scheme announced in the Budget last year allowed for the settlement of tax disputes due up to January 31, 2020.

Experts unsure if new AAR for direct taxes will resolve disputes faster

Experts also believe that at least pendency of cases would come down, though only time will tell about quality of orders

How will Budget 2021 impact senior citizens, NRIs and salaried people

In this Podcast, we discussed how the Budget will impact finances of senior citizens, non resident Indians, salaried people and the changes in taxation on Ulips and ease of ITR

Personal I-T revenue now equals all other direct taxes: That's a problem

Until the 1950s taxes on output contributed more to government revenue than those on incomes of people and businesses. But since then the balance has gradually been reversed