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As compared to the corresponding period of last fiscal year, the net direct tax collections were up 8.8 percent on year. This growth is lower than the projection made in the Budget.
Verdict expected to bring tax clarity to MNCs operating under the Limited-Risk Distributor model across OTT, fashion, electronics and SaaS sectors
STT has seen slower growth this year as investor sentiment turned cautious amid market corrections in September and October.
In the pre-Budget memorandum shared with the Revenue Secretary Arvind Shrivastava, Assocham said the direct and indirect tax systems need procedural clarity, consistency and reduced compliance costs to make India’s manufacturing globally competitive.
Non-corporate tax, which includes individuals and HUFs, mop-up so far this fiscal stood at about Rs 6.55 lakh crore, up from over Rs 5.93 lakh crore in the same period of the last year
Non-corporate tax, which includes individuals and HUFs, mop-up so far this fiscal stood at about Rs 5.84 lakh crore, up from over Rs 5.13 lakh crore in the same period of the last year
Of the 5.77 lakh pending appeals, over 2.25 lakh cases are targeted for disposal in FY 2025–26, potentially resolving more than Rs 10 lakh crore of disputed tax demand.
The government has pegged mid-year mop-up at Rs 11.34 lakh crore, driven by inflows from the second advance tax instalment which is due September 15
While the non-corporate tax witnessed 2.68 percent negative growth in advance tax, corporate tax grew by 5.86 percent till June 19.
New Delhi, Apr 25 The net direct tax collection for the 2024-25 financial year narrowly missed the target, even as it grew 13.57 per cent to over Rs 22...
The net corporate tax collection between April 1, 2024, and March 16, 2025, was Rs 9.69 lakh crore
The stronger-than-anticipated direct tax inflows provide the government with additional fiscal room.
Tax year, which will run from April 1-March 31, will be the period during which income is earned and reported
In the revised estimates (RE) for the current fiscal, the government has pegged income tax collections at Rs 12.57 lakh crore, up from the budget estimate of Rs 11.87 lakh crore
While the non-corporate tax witnessed 21.5 percent growth in advance tax, corporate tax grew by only 8 percent till January 12.
With monthly gross GST collections stabilising at around Rs 1.8 lakh crore and gross direct tax collections steadily rising at 20 per cent rate, the effort to ease compliance burden for individuals as well as corporates will gain traction.
The data revealed that over the past 10 years, corporate tax collections have more than doubled, growing from Rs 4.29 lakh crore in FY15 to over Rs 9.11 lakh crore in FY24.
The Union Budget 2024-25 enhanced the monetary limits for filing appeals related to Direct Taxes, Excise, and Service Tax in various judicial forums.
The Central Board of Direct Taxes (CBDT) said net direct tax collection of Rs 6.92 lakh crore includes Corporation Tax (CIT) of Rs 2.2 lakh crore
Budget 2024 has given relief of Rs 17,500 this year in direct tax. In last year's Union Budget, the government had reduced the number of tax slabs, and adjusted the rebate limit in the new tax regime to Rs 7 lakh.
The Central Board of Direct Taxes (CBDT) said net direct tax collection of Rs 5.74 lakh crore includes Corporation Tax (CIT) at Rs 2.1 lakh crore.
On a gross basis, tax collection before refunds grew more than 22% year-on-year to Rs 5.16 lakh crore
The option of opting out from the new tax regime is available till the filing of return for the assessment year 2024-25, the ministry has said
The Central Board of Direct Taxes (CBDT) said net direct tax collection of Rs 18,90,259 crore (as of March 17) includes Corporation Tax (CIT) at Rs 9,14,469 crore (net of refund) and Personal Income Tax (PIT), including Securities Transaction Tax (STT) at Rs 9,72,224 crore (net of refund).
The CBDT order said that such outstanding tax demands pertaining to income tax, wealth tax and gift tax as on January 31, 2024, shall be remitted and extinguished "subject to the maximum ceiling of Rs 1 lakh for any specific taxpayer/assessee".
