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Personal income tax News

25 Apr 2023

Personal Income Tax To GDP Ratio Rises To 2.94% In FY22

The ministry said the Personal Income Tax (PIT), which is paid by individuals, to GDP ratio has been steadily increasing from 2.11 in FY 2014-15 to 2.94 in FY 2021-22.

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.

Income tax refunds

02 Sep 2020

Income Tax refunds of Rs 98,625 cr issued to 26.2 lakh taxpayers in 5 months

The CBDT on Wednesday issued an order stating refunds of over Rs 98,625 crore to over 26.2 lakh taxpayers between 1st April to 1st September Notably, the CBDT order has been issued in exercise of powers conferred under section 138(1)(a) of the Income Tax Act, 1961

Direct Tax Collections

10 Dec 2018

Direct tax collections surge 15.7% to Rs 6.75 lakh cr in April-November

Refunds worth Rs 1.23 lakh crore have been issued in the eight months of the current fiscal, which is 20.8 percent higher than refunds issued in the same period last year.

Direct Tax Collections

04 Oct 2018

Direct tax collections till September at Rs 5.47 lakh crore

The net Direct Tax collections represent 38.6 percent of the total Budget Estimates of Direct Taxes for FY 2018-19.

Central Board of Direct Taxes (CBDT)

07 Aug 2017

25% surge in filing of IT returns : Central Board of Direct Taxes

The chamber also noted a 41.79 percent increase in the advance tax collections of Personal Income Tax, as on August 05.

10 Mar 2017

Indirect tax revenue grows 22% in Apr-Feb; direct tax up 10.7%

The government's revenue collection from indirect tax during April-February grew by an impressive 22.2 percent while that of direct tax rose by 10.7 percent.

Direct tax mop-up

12 Sep 2016

Direct tax mop-up rises 15% to Rs 1.89 lakh crore in Apr-Aug

Net direct tax collections during the April-August period has grown 15.03 percent to Rs 1.89 lakh crore, led by robust collections in personal income tax.

24 Feb 2016

Budget 2016: Common man expects hike in personal income tax exemption limit

With just less than a week remaining for the Finance Minister to present the Union Budget for 2016, the common man has started building up expectations from the Narendra Modi-led NDA government at the Centre.

IT exemption limit

17 Feb 2016

Budget 2016: Raise personal income tax exemption limit to Rs 4 lakh, demands Assocham

The industry body also demanded additional incentives for savings and higher tax allowance for expenditure on education and health, quoting findings from its Aam Aadmi survey.

12 Feb 2016

Budget 2016: Common man's expectations from FM Jaitley

The common man expects the income tax limit to be increased from prevailing Rs 250,000 to Rs 300,000.

30 Dec 2015

Income Tax department publishes names of 18 more defaulters owing over Rs 1,100 crore

The Income tax department's public notice containing the names of the 18 defaulters who have either gone untraceable or have inadequate assets to pay is the third such list this year after names of 49 defaulters with a tax liability of over Rs 2,000 crore were earlier released in two instalments.

03 Mar 2015

'No change in personal income tax rates in near-term'

Personal income tax rates will not be changed in the near term even as peak corporate tax rate will be cut by 5 percent over a four year period beginning 2016-17, a top finance ministry official said.

Net direct tax collection

28 Sep 2014

Net direct tax collection at Rs 2.60 lakh crore

Net direct tax collection so far in the current fiscal stood at Rs 2.60 lakh crore, said a senior finance ministry official.

12 Jul 2014

Budget 2014-15 OVERVIEW: Income tax exemption limit raised to Rs 2.5 lakh; PPF cap hiked

Bringing cheer to individual taxpayers, Finance Minister Arun Jaitley in his maiden Union Budget 2014-15 in Parliament on Thursday, raised personal tax exemption limit to Rs 2.5 lakh from the current Rs 2 lakh.

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