Over 75 lakh updated income tax returns have been filed by July 31 this fiscal helping tax authorities mobilise as much as Rs 8,000 crore in additional revenue. According to official sources, taxpayers have used the facility of updated returns to both update returns based on additional information and pay taxes, as well as to file … Read more
Budget expectations: When it comes to yearly tax savings, Section 80C is one of the widely used tools for salaried individuals and Hindu Undivided Families (HUFs). Under Section 80C of the Income Tax Act, salaried individuals and Hindu Undivided Families (HUFs) are entitled to income tax benefits of up to Rs 1.5 lakh by investing in … Read more
Incentivising green bonds to boost funding for climate adaptation projects and a special dispensation for pregnant women to exempt them from filing tax compliances for a specific period are some of the key items on the wishlist of Gokul Chaudhri, President, Tax, Deloitte India. In an interview with Business Today, he also speaks about tax certainty and … Read more
Back in 2010-11, India’s corporate tax mop-up was twice its personal income tax (PIT) collection. Now both are almost equal. In the past decade, the nation’s direct tax story has shown a trend: while the growth of companies’ tax payouts has been modest, citizens are contributing much more to the exchequer than what they used … Read more
New Delhi: A day after the Budget announcement of a revamped personal income tax regime, Revenue Secretary Sanjay Malhotra on Thursday said the government would eventually like to move to a simple and exemption-free tax structure with lower rates. According to an analysis by the Revenue Department, an individual earning Rs 15 lakh in a … Read more
India’s direct tax collections stood at Rs. 14.71 lakh crore for FY 2022-23 up to January 10, 2023, which is 24.58% higher than the gross collections for the corresponding period of last year, government data released on Wednesday showed. Direct tax collection, net of refunds, stands at Rs. 12.31 lakh crore, which is 19.55 % … Read more
Continuing its steady growth, Direct Tax collections up till September 8 rises 35.46% over the corresponding period of last year to touch Rs. 6.48 lakh crore. “Direct Tax collection, net of refunds, stands at Rs. 5.29 lakh crore which is 30.17 % higher than the net collections for the corresponding period of last year. This … Read more
NEW DELHI: The Income Tax department has issued refunds worth over Rs 1.32 lakh crore to over 39 lakh taxpayers so far this fiscal. This include Personal income tax (PIT) refunds amounting to Rs 35,123 crore and corporate tax refunds amounting to Rs 97,677 crore during this period. “CBDT issues refunds of over Rs 1,32,800 … Read more