tax collections

What is Form 26AS? Why should a taxpayer know details about this form while filing an income tax return?

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What is Form 26AS? Why should a taxpayer know details about this form while filing an income tax return?

Form 26AS is the annual tax statement that provides taxpayers access to the tax deduction/tax collection details and income. It contains comprehensive information related to salary income, business and professional receipts, interest income earned on bank deposits, etc along with the respective tax deduction/collection details. These details are generated based on returns of tax deductions/collected … Read more

Tax collections soar to record Rs 27.07 lakh cr in FY22

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Tax collections soar to record Rs 27.07 lakh cr in FY22

India’s tax collections soared to a record high of Rs 27.07 lakh crore in the fiscal year ended March 31 as mop-up from income and other direct taxes as well as indirect taxes jumped, Revenue Secretary Tarun Bajaj said on Friday. Gross tax collection of Rs 27.07 lakh crore during April 2021 to March 2022 … Read more

Robust tax mop-up, under-spending by ministries set to help govt bring fiscal deficit down to 6.6%: Report

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Robust tax mop-up, under-spending by ministries set to help govt bring fiscal deficit down to 6.6%: Report

Despite an additional expenditure of Rs 3.73 lakh crore announced earlier this month, the government is set to undershoot the fiscal deficit target by 20 bps at 6.6 per cent on the back of overall robust revenue collections and under-spending by many ministries, according to a report. Rising revenue will take care of the additional … Read more

Tax mop-up to improve in Mumbai soon, expects city’s newly appointed PrCC

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Tax mop-up to improve in Mumbai soon, expects city’s newly appointed PrCC

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