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Direct tax News

20 Nov 2024

Direct Tax Collections Poised To Surpass Budget Target For 2024-25

India’s net direct tax collections, comprising corporate tax and personal income tax, shot up by a robust 15.4 per cent to Rs 12.1 lakh crore, from April 1 to November 10 during the current financial year, according to the latest figures released by the CBDT.

12 Nov 2024

India’s Net Direct Tax Collections Surge 15.4% To Rs 12.1L Cr In April-Nov

Net corporate tax collections of Rs 5.10 lakh crore and non-corporate taxes, such as Rs 6.62 lakh crore paid by individuals, HUFs, and firms.

11 Oct 2024

India's Net Direct Tax Collections Up By 18.35% To Almost Rs 11.26 Lakh Crore

The gross collection of direct tax grew 22.30 per cent to Rs 13.57 lakh crore year on year, as of 10 October, the data shows.

24 Sep 2024

Supreme Court Disposes of 573 Direct Tax Cases; 4,300 Disputes To Be Withdrawn

Following the Budget announcement, the CBDT and CBIC issued the necessary orders to raise the monetary limit for filing appeals in their respective domains.

Direct Tax Scheme

22 Sep 2024

Vivad Se Vishwas Direct Tax Scheme: Check Benefits, Who Can Use the Scheme?

The Direct Tax Vivad Se Vishwas Scheme, 2024, applies to cases where appeals have been filed with the Commissioner (Appeals), Dispute Resolution Panel (DRP), Income Tax Appellate Tribunal (ITAT), High Court, or Supreme Court.

28 Jun 2024

Bandhan Bank Customers Can Now Pay Direct Taxes Online --All You Want To Know

Bandhan Bank customers can now pay their Direct Taxes through the Bank’s Retail Internet Banking, Corporate Internet Banking and Payment Gateway.

12 Feb 2024

Direct Tax Collections At 80.23% Of Total Revised Estimates Of Direct Taxes

Refunds amounting to Rs. 2.77 lakh crore have been issued during 1st April, 2023 to 10thFebruary, 2024.

11 Jan 2024

Decoding Budget Terms: What Is Direct Tax? Definition, Types, And More - Check

Direct tax is a straightforward concept -- it is a tax paid directly by individuals or organizations to the government based on their earnings.

03 Apr 2023

Net Direct Tax Collections Grow 18% To Rs 16.61 Lakh Cr In FY23, Exceeding RE

The provisional figures of direct tax collections for the financial year (FY) 2022-23 show that net collections are at Rs 16.61 lakh crore.

06 Jul 2022

DNA: What facilities government has provided in lieu of taxes?

In the financial year 2021-22, the Government of India had received Rs 27 lakh crore as tax. Of these, Rs 14 lakh crore was received by the government in the form of direct tax and Rs 13 lakh crore in the form of indirect tax. But what facilities government has provided in return?

03 Feb 2022

Direct tax collections expected to breach Rs 12.50 lakh crore target

Multiple reasons like "easing" of tax compliance processes for tax payers and enhanced ability of the taxman in data processing were cited by him for mopping up these high-volume of collections under two major heads -- corporate tax and personal income tax.

16 Jun 2021

Direct tax collections jump over 100% so far in FY22

The gross collection for FY22 includes Corporation Tax(CIT) at Rs 96,923 crore. Personal Income Tax (PIT) including Security Transaction Tax (STT) stood at Rs. 1,19,197 crore. The collection for FY22 also includes an Advance Tax of Rs. 28,780 crore.

covid-19 pandemic

24 Apr 2021

Government extends certain timelines in light of the raging COVID-19 pandemic

The government has extended certain timelines in light of the raging COVID-19 pandemic The Centre will soon issue notifications to extend the dates for important issues

09 Apr 2021

Net Direct Tax collections for FY 2020-21 at Rs 9.45 lakh crore

Advance Tax collections at Rs 4.95 lakh crore. Growth of approximately 6.7%. Refunds amounting to Rs 2.61 lakh crore issued.

18 Aug 2020

Faceless assessment, taxpayers' charter, faceless appeal service: Details here

Faceless assessment and taxpayers' charter have been already implemented. Faceless appeal service will be available from September 25. The faceless scrutiny assessment has been devised for greater transparency, greater efficiency and accountability.

13 Aug 2020

PM Narendra Modi launches platform for Transparent Taxation

The event was being witnessed by various Chambers of Commerce, Trade Associations, Chartered Accountants' associations and also eminent taxpayers. Union Minister of Finance and Corporate Affairs, Nirmala Sitharaman and Minister of State for Finance and Corporate Affairs, Anurag Singh Thakur were also present on the occasion. The faceless scrutiny assessment has been devised for greater transparency, greater efficiency and accountability.

13 Aug 2020

Faceless assessment, taxpayers' charter implemented from today: PM Modi

The event was being witnessed by various Chambers of Commerce, Trade Associations, Chartered Accountants' associations and also eminent taxpayers. Union Minister of Finance and Corporate Affairs, Nirmala Sitharaman and Minister of State for Finance and Corporate Affairs, Anurag Singh Thakur were also present on the occasion. The faceless scrutiny assessment has been devised for greater transparency, greater efficiency and accountability.

13 Aug 2020

PM Narendra Modi to launch platform for Transparent Taxation today

The event will be witnessed by various Chambers of Commerce, Trade Associations, Chartered Accountants' associations and also eminent taxpayers. Union Minister of Finance and Corporate Affairs, Nirmala Sitharaman and Minister of State for Finance and Corporate Affairs, Anurag Singh Thakur will also present on the occasion. The focus of the tax reforms has been on reduction in tax rates and on simplification of direct tax laws.

12 Aug 2020

PM Narendra Modi to launch platform for Transparent Taxation on August 13

The event will be witnessed by various Chambers of Commerce, Trade Associations, Chartered Accountants' associations and also eminent taxpayers. Union Minister of Finance and Corporate Affairs, Nirmala Sitharaman and Minister of State for Finance and Corporate Affairs, Anurag Singh Thakur will also present on the occasion. The focus of the tax reforms has been on reduction in tax rates and on simplification of direct tax laws.

Vivad se Vishwas scheme

06 Apr 2020

Govt open to suggestions on implementation of Vivad Se Vishwas scheme: CBDT

The CBDT chairman clarified the doubts by answering frequently asked questions and said that no scheme could be conceived with all the perfections, so also could be this scheme.

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