Direct Taxes

While the revenue expenditure is unlikely to cool off due to populist pre-election measures, can the government slow down capex?

Direct tax collection for FY23 rises over 17%, exceeds revised estimates by 0.7%

The direct tax collections figures released by the finance ministry for 2022-23 are provisional in nature and could change

GST dept to scrutinise I-T, MCA data to identify entities not paying taxes

Businesses in manufacturing and services sectors with annual turnover of more than Rs 40 lakh and Rs 20 lakh, respectively are required to register themselves under the GST and file tax returns.

Direct tax collections at 87% of FY23 target as on January 10

The Centre had estimated it would collect Rs 14.2 lakh crore as direct taxes in 2022-23

Budget 2023 | Jayant Sinha Exclusive Interview: Will there be any respite for income taxpayers?

As the budget is approaching, people are curious about the income tax rates. Will an income taxpayer get any respite? In an exclusive pre-budget interview with Moneycontrol, Jayant Sinha discussed everything from the upheaval in the global economy, and the effects of the Russia-Ukraine war on India, to how India is ensuring a balance between growth and inflation. Watch for more.

Direct tax collection surges by 35% to Rs 6.48 lakh crore

This collection is 37.24 percent of the total Budget Estimates of Direct Taxes for 2022-23, the Income Tax Department said.

Direct tax collection beats revised estimates, stands at Rs 13.63 lakh crore: CBDT chief

The government's cumulative collection through tax deducted at source (TDS) currently stood at Rs 6.79 lakh crore and corporate tax collection stood at Rs 7.19 lakh crore, CBDT Chairman JB Mohapatra said.

Understanding Union Budget 2022 through five easy graphs

Budget 2022 | Income tax and corporate tax are estimated to be nearly equal contributors to the FY23 revenue

Dinesh Kanabar writes: The fine print on direct taxes has thrown up a number of surprises

A change has been made in respect of dividends received from foreign companies. These were earlier taxable at a concessional rate of 15 percent. They are now fully taxable unless, of course, the receiving companies declare an onward dividend 

Budget 2022: Why GoI cannot go easy with the taxes on salaried Indians

Tax compliance is abysmal in the country and corporate-tax collections need to pick up

Centre urged to reduce tax burden on LLPs, proprietary firms, individuals

A body of direct tax professionals also sought for reduction of tax burden on individuals and requested the government to raise the income tax exemption limit at Rs 2.5 lakh to Rs 4 lakh per annum in the upcoming budget for 2022-23 fiscal.

Centre sees no impact on budget math from excise duty cut even as onus on opposition states to follow suit

The centre’s net tax collections (direct plus indirect taxes) for April-September 2021 were Rs 10.81 lakh crore, nearly double of the Rs 5.51 lakh crore that was garnered for the same period last year.

Centre ready with blueprint, design of Faceless Assessment Scheme of direct taxes: Finance Secretary

FAS' functionalities in the faceless assessment were developed in the work-flow system ITBA (Income Tax Business Application), Insight and in the e-filing project. Also, FAS -- which began in 2019 by the Income Tax Department -- is being used for scrutiny assessment.

Year 2018 in review: LTCG, changes in direct taxes and a late NPS bonanza

The standard deduction of Rs.40,000 meant that a pensioner who is at the highest tax bracket of 30% would save Rs.12,000 of taxes.

Opinion | Coordinated response from monetary, fiscal and trade policy will sustain investment recovery

The good news is that the advance taxes paid for the second quarter of the fiscal year and higher GST collections in October open a window for closing the fiscal deficit gap

Anti-avoidance tax rule to kick in from April 2017

Tax anti-avoidance rule GAAR will kick in from April 1, 2017, the tax department said today.

Don't see any significant tax cuts this Budget: Veda Investment

The market is not likely to bounce back anytime soon, says Jyotivardhan Jaipuria, Founder & MD of Veda Investment Managers. Recovery, after demonetisation and GST, may be delayed by around 1-2 months. Third quarter earnings are going to be worse than expected, he says.

CBDT signs 5 advance pricing pacts with Indian taxpayers

The Central Board of Direct Taxes today singed five unilateral advance pricing agreements (APAs) with Indian taxpayers as it looks to reduce litigation by providing certainty in transfer pricing.

Indirect tax collection up 27% in Apr-Aug; direct tax, 15%,

Government's revenue collection in the first 5 months of current fiscal has shown impressive growth, with indirect taxes up 27.5 percent and direct taxes, 15.03 percent.

IT dept to take steps to boost TDS collections

The department plans to undertake meetings with various stakeholders like company deductors and chartered accountants to ensure that due taxes under this category are deposited accurately and on time.

Govt unlikely to curtail borrowing programme for FY16

The government has decided not to cut its annual borrowing this fiscal as it wants to keep public spending high in order to keep growth engines running.

FinMin asks suggestions on tax rates from trade, industry

With preparations for the next Union Budget picking up pace, the Finance Ministry has invited suggestions from trade and industry for changes in tax rates and broadening of base.

CBDT to issue pre-filled I-T Returns form to ease e-filing

The apex policy-making body of the I-T department is actively working to ensure that this customer-friendly measure can be launched for taxpayers from the next financial year.

'I-T dept to catch hold of black money holders post Sept'

The top boss of the I-T department said the Board is constantly trying to strengthen its information systems in both the domestic and international arena in order to create the “capacity to catch hold of such people who are spoiling country‘s tax compliance culture.”