Unlike most of its peers, Indian equities bid goodbye to 2022 on a good note as optimism over domestic growth prospects overshadowed the macroeconomic headwinds that developed and other major developing economies are currently experiencing. Indian equities were the second best performers in 2022, with the first one being Brazil. Domestic benchmarks Nifty 50 and … Read more
Image for representation purpose only. | Photo Credit: Reuters India’s net direct tax collections in 2022-23 surpassed the ₹11-lakh crore mark by December 17, reflecting a 19.8% uptick over last year, the Central Board of Direct Taxes said on Sunday. Last year, in the corresponding period, it was ₹9,47,959 crore. “The net direct tax collection … Read more
Changes in capital gains tax in India are expected in the next budget, an income tax official from India’s finance ministry said on Tuesday. The official, speaking at an event in New Delhi, said India would exceed budget estimates for direct tax collection by 25-30% in FY2023. Source link
With the first quarter gross tax mop-up reaching Rs 5.6 lakh crore, Ratings on Friday said the government is set to exceed the budgeted tax collection target of Rs 22.2 lakh crore for 2021-22, led by indirect taxes. The government has budgeted a modest 9.5 per cent growth in tax collections at Rs 22.2 lakh … Read more
Mumbai: The government expects tax collections to improve soon in Mumbai, the city that contributes about a third to India’s direct taxes, even though the year-ago comparative shortfall for the locked down metropolis was 19% until end-August. Mumbai’s newly appointed Principal Chief Commissioner (PrCC), Income Tax, Patanjali, told ET that simplification, reduction in rates, and … Read more
The Income Tax department on Friday said it has issued refunds worth Rs 88,652 crore to over 24 lakh taxpayers so far this fiscal. This include personal income tax (PIT) refunds amounting to Rs 28,180 crore issued to over 23.05 lakh taxpayers and corporate tax refunds amounting to Rs 60,472 crore to over 1.58 lakh … Read more