GROSS DIRECT TAX COLLECTIONS
Deadpool & Wolverine box-office collection prediction: Ryan Reynolds, Hugh Jackman's film to create history, claim reports
"Deadpool & Wolverine" movie is set to be released in July. The film features Ryan Reynolds and Hugh Jackman in lead roles.
GST brought relief to households with reduction in prices: FinMin
The Goods and Services Tax (GST) has completed seven years of implementation, resulting in cheaper household items, improved tax compliance among businesses, and a wider tax base, according to the finance ministry. Since its introduction on July 1, 2017, replacing 17 local taxes, the GST has reduced tax rates on many household goods, increasing affordability for consumers.
GST collection rises 8 pc to Rs 1.74 lakh cr in Jun
The June 2024 GST collection reached Rs 1.74 lakh crore, marking an 8% increase from May 2024. EY India Tax Partner, Saurabh Agarwal, emphasized the need for the next wave of GST reforms to tackle working capital blockages and implement sector-specific solutions.
Budget 2024: India’s GST kitty remains central focus; a look at overall collection
India GST Collection Budget 2024 | Finance Minister Nirmala Sitharaman is set to incorporate robust Goods and Services Tax (GST) collections, hitting Rs 2.1 lakh crore in April 2024, into Union Budget 2024. With May's collections at Rs 1.73 lakh crore, GST continues to streamline, aiding government fiscal strategies amidst economic growth and coalition governance challenges.
Bandhan Bank commences online collection of direct taxes
Bandhan Bank provides diverse tax payment options, including internet banking, cash, and cheque, across 35 states and UTs. With a wide network and efficient services, we ensure seamless tax payment experiences for millions of customers, supporting the government's e-governance initiatives.
Banks in a GST fix over RBI's directive to levy penal charges
The Reserve Bank of India's directive to levy penalties only in the form of 'penal charges' is posing a tax dilemma for banks. Banks fear that the indirect tax on such levies would attract the goods and services tax (GST). The new rule, which came into force from April 1, 2024, was brought in by the central bank to ensure "reasonableness and transparency" in disclosure of penal interest. However, banks have asked the tax authorities to spell out their stand on the issue.
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Reinsurance and coinsurance not under tax ambit
The GST Council also recommended clarifications on taxability of reimbursements of securities or shares as employee stock option plans given by a company to its workers. Officials said exemptions would be conditional and notified later. Coinsurance, in this instance, refers to insurers sharing insurance-bearing liabilities. Reinsurance is the cover an insurer buys to insure itself through the payment of premiums.
Income tax saving: Sold land, house or jewellery? Know how indexation benefit can help you lower your long-term capital gains
Capital gains taxation: You can save your net capital gains tax outgo by using indexation benefits allowed by income tax laws. File ITR now and pay a lower amount of capital gains tax. However do note only long term capital gains are eligible for indexation. Short term capital gains are not eligible for indexation.
Union Budget 2024: By eliminating exemptions in direct taxes, complexities and litigation costs can be removed
The article delves into the historical quirks of taxation, from ancient Egypt to medieval England, highlighting the unique taxes imposed by various rulers. It discusses the current scenario of tax reform anticipation with the upcoming Union budget, resonating with the historical dread of tax season.
Waiver, other tax reforms top GST Council's docket
The GST Council is set to discuss various measures at its upcoming meeting on June 22 to pave the way for broader tax reforms in the new government's first full budget. These measures include considering a conditional waiver of interest or penalty on tax notices issued between 2017 and 2020, with exceptions for wilful defaulters. The budget announcement is expected in July.
Rupee slips 1 paisa to settle at 83.44 against US dollar
The rupee paired its initial gains and settled 1 paisa lower at 83.44 (provisional) against the US dollar on Wednesday in sink with the domestic equity markets that turned choppy at the fag-end of the session.
April-June direct tax mopup rises 21% to Rs 4.62 lakh cr
The Indian government's direct tax collection increased by 20.99% YoY to ₹4.62 lakh crore from April 1-June 17, boosted by a 27.34% increase in advance tax collection. The gross direct tax collection was ₹5.15 lakh crore, up 22.19% from the previous year. The income tax department issued refunds totaling ₹53,322 crore, 33.70% higher than the previous year.
India's net direct tax collections up 21% YoY to over Rs 4.62 lakh cr in April-June
India's net direct tax collections for the period from April 1 to June 17, 2024, have risen significantly by 21% year-on-year, totaling over Rs 4.62 lakh crore. This includes Corporate Income Tax (CIT) amounting to Rs 1,80,949 crore and Personal Income Tax (PIT) including Securities Transaction Tax (STT) totaling Rs 2,81,013 crore, according to the Central Board of Direct Taxes (CBDT).
Should you file ITR if your income is less than Rs 7 lakh with nil income tax?
Income tax return: Taxpayers have to file ITR if their income level exceeds the basic exemption limit or they have conducted certain specified transactions. Experts say that most taxpayers have a misunderstanding that if tax is not payable then filing of ITR is not mandatory. However this is not the case always. Read here to know more about ITR filing.
Advance tax numbers bring cheer to the economy
Advance tax collection in FY till June 15 surged 27.6% to ₹1.48 lakh crore, with ₹1.14 lakh crore as corporate tax and ₹34,362 crore as personal income tax, indicating a strong economy and corporate performance.
View: Raise a glass to the job creators
In a recent interview, Narendra Modi emphasized the importance of supporting businesses and avoiding demonization. The Prime Minister's stance received positive feedback, contrasting with past socialist inclinations.
Aadhaar-PAN linking update: Pay penalty for not deducting higher TDS amount if PAN and Aadhaar not linked by this date
The Income Tax Department has urged taxpayers to link PAN with Aadhaar by May 31, 2024, to avoid higher tax deducted at source (TDS) or tax collected at source (TCS). The TDS is deducted at a higher rate when a deductee’s (whose tax has been deducted) PAN has not been linked with Aadhaar. A PAN that is not linked Aadhaar becomes an inoperative PAN.
RBI's ₹2 lakh-crore boost may help India's new govt have an easy-peasy run to achieve a goal
The RBI on May 22 announced a record-high dividend transfer to the government equivalent to 0.6 per cent of GDP ( Rs 2.1 lakh) from its operations in FY24. The figure has surpassed the 0.3 per cent of GDP expected in the FY25 budget from February. Hence, the rating agency said that it will aid the authorities in meeting near-term deficit reduction goals.
Study suggests India should impose wealth tax on the ultra-rich to tackle wealth inequality
A World Inequality Lab study recommends India implement a wealth tax on the ultra-rich to combat wealth inequality and boost social sector investments. Proposed measures include a 2% annual tax on wealth over Rs 10 crore and a 33% inheritance tax on estates exceeding the same value. Authors emphasize the need for progressive taxation to address extreme wealth disparity.
Mandatory scrutiny of ITR: Income tax dept reveals the criteria how the ITRs will be selected for the scrutiny
Income tax return: The tax department has released a circular which outlines the criterias and procedure to be followed if a particular income tax return (ITR) is to be selected for scrutiny. These guidelines also includes the procedure and criteria to be followed for section 142 (1) income tax notice.
GDP growth likely to be 6.2 pc in Q4; 7 pc in FY24: Ind-RA
India Ratings and Research forecasts India's GDP growth rate at 6.2% for the March quarter and 6.9-7% for 2023-24 fiscal year, per economist Sunil Kumar Sinha. The government is to release Q4 GDP numbers and fiscal estimates on May 31.
Q1 tax revenue likely to exceed budgeted growth
The government expects tax revenues to exceed budgeted growth in Q1 but will stick to interim budget revenue estimates, considering global headwinds. Gross revenue collections projected at ₹38.30 lakh crore for FY 2024-25, with factors like compliance, corporate earnings, elections, and enhanced focus on recovery contributing to growth.
Net direct tax collections surge 17.7% YoY to Rs 19.58L cr in FY24
India's FY 2023-24 net direct tax collections of ₹19.58 lakh crore exceeded estimates, aiding fiscal deficit target achievement. Corporate and personal income tax growth contributed to the positive outcome.
India's net direct tax kitty at Rs 19.58 lakh cr, exceeds revised estimates by Rs 13k cr
India's net direct tax collections surged by 17.7% year-on-year to Rs 19.58 crore in fiscal year 2023-24, exceeding revised estimates by Rs 13,000 crore, reflecting economic buoyancy and rising income levels. Gross direct tax collections (provisional) for FY 2023-24 rose 18.48% to Rs 23.37 lakh crore, with refunds totaling Rs 3.79 lakh crore.
Indian government meets revised tax collection targets for fiscal 2024: Official
The Indian government has met the tax collection target for 2023-24 of over Rs 34.37 lakh crore, driven by strong economic activity and improved compliance. Direct tax target was set at Rs 19.45 lakh crore, while GST collections hit record highs. India's robust growth projected at 7.6%-8%.
India's net direct tax collection grows 20% to over Rs 18.90 lakh crore till March 17
India's direct tax collection surged by 19.88%, reaching over Rs 18.90 lakh crore by March 17, as per government data released on Tuesday. The Income Tax Department specified that the total net direct tax collection stood at Rs 18,90,259 crore, comprising Corporation Tax (CIT) at Rs 9,14,469 crore (net of refund) and Personal Income Tax (PIT) along with Securities Transaction Tax (STT) at Rs 9,72,224 crore (net of refund).
Net direct tax collections likely to surpass FY24 target of Rs 19.45 lakh crore
Net direct tax collections from April 1, 2023, to March 15, 2024, stood at Rs 18.95 lakh cr, up 14.05% year on year, buoyed by advance tax collections of Rs 9.10 lakh crore, officials said.
Potential taxpayers need to be informed about advantages of being part of formal economy: V-P
Vice President Jagdeep Dhankhar has called for an increase in the number of taxpayers, emphasizing that it should be achieved through counseling rather than invasive actions. He highlighted the positive impact of citizen-centric initiatives on people's confidence in tax administration. Dhankhar noted a three-fold rise in direct tax collections and a nearly two-and-a-half times increase in the number of individuals filing income tax returns over the last decade
Robust tax mopup gives 433% boost to capex, says FM
Robust tax collections have increased capital expenditure and investment in infrastructure projects. Gross direct tax collections rose 16.77%, with expectations of further increase. Refunds worth ₹2.48 lakh crore were issued, and 1.66 crore income tax returns were processed in a day. Time for assessment reduced, faceless assessment introduced for transparency, and technology used to boost collections.
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