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Almost 7 crore income tax returns filed till Sep 5, says Government As many as 6.98 crore income tax returns (ITRs) have been filed till September 5, out of which 6.84 ITRs have been verified for the assessment year 2023-24, the government said on Tuesday. More than six crore ITRs of assessment year (AY) 2023-24 have been processed out of the verified ITRs as on September 5, the Income Tax Department said, informing that this resulted in the processing of over 88 per cent of the verified ITRs.  More than 2.45 crore refunds for assessment year 2023-...
Almost 7 crore income tax returns filed till Sep 5, says Government
Almost 7 crore income tax returns filed till Sep 5, says Government
Source: IANS
6/09/2023 9:45:55 AM
Income Tax Dept launches revamped website with add-on features In order to enhance taxpayer experience and keep pace with new technology, the Income Tax Department has revamped its national website (www.incometaxindia.gov.in) with a user-friendly interface, value-added features and new modules. The newly revamped website was launched by Nitin Gupta, chairman, Central Board of Direct Taxes (CBDT) Nitin Gupta, at the ‘Chintan Shivir’, organised by Directorate of Income Tax (Systems) at Udaipur recently. This website serves as a comprehens...
Income Tax Dept launches revamped website with add-on features
Income Tax Dept launches revamped website with add-on features
Source: IANS
26/08/2023 1:27:57 PM
India expands curbs on rice exports with 20% duty on parboiled grade India has imposed a 20% duty on exports of parboiled rice with immediate effect, a move that could further reduce shipments from the world's largest exporter and lift global rice prices, which are already trading near their highest levels in 12 years. Last month, India surprised buyers by imposing a ban on exports of widely consumed non-basmati white rice, following a ban on broken rice exports last year. The ban prompted some buyers to increase purchases of parboiled rice and lifte...
India expands curbs on rice exports with 20% duty on parboiled grade
India expands curbs on rice exports with 20% duty on parboiled grade
Source: Reuters
26/08/2023 9:47:26 AM
Net direct tax collections stand at Rs 5.84 lakh crore, 17% higher than last fiscal Net direct tax collection for the current financial year are Rs 5.84 lakh crore, which are 17.33 per cent more than net collections recorded during the corresponding period of last year, the Finance Ministry said on Friday. The collections are 32.03 per cent of the total budget estimates of direct taxes for 2023-24 In a statement, the Finance Ministry said that the collections from direct taxes, which include personal income tax and corporate tax, up to August 10, 2023, continue to regi...
Net direct tax collections stand at Rs 5.84 lakh crore, 17% higher than last fiscal
Net direct tax collections stand at Rs 5.84 lakh crore, 17% higher than last fiscal
Source: IANS
12/08/2023 9:14:00 AM
More than 6 crore ITRs filed till July 31, 16% more than last year, says IT Department A total of 6.77 crore income tax returns (ITRs) for assessment year 2023-24 were filed till July 31, the Income Tax Department said on Tuesday. This was 16.1 per cent more than the 5.83 crore ITRs which were filed for the assessment year 2022-23, till July 31, 2022. The filing of ITRs peaked on July 31, which was the last date for filing returns for salaried taxpayers, the department said, with over 64.33 lakh ITRs being filed on a single day. The e-filing portal also observed its hi...
More than 6 crore ITRs filed till July 31, 16% more than last year, says IT Department
More than 6 crore ITRs filed till July 31, 16% more than last year, says IT Department
Source: IANS
2/08/2023 9:57:30 AM
Over 5 crore income tax returns filed for FY23 so far The income tax department has said that over 5 crore income tax returns (ITRs) have been filed for the 2022-23 fiscal, which ended March 31. Out of the 5.03 crore ITRs filed till July 27, 2023, about 4.46 crore ITRs have been e-verified i.e. more than 88 per cent ITRs filed have been e-verified. Out of the e-verified ITRs, more than 2.69 crore ITRs have already been processed. The last date for filing ITRs by salaried employees and those who do not have to get their accounts audited for as...
Over 5 crore income tax returns filed for FY23 so far
Over 5 crore income tax returns filed for FY23 so far
Source: Accord Fintech
31/07/2023 11:36:55 AM
Almost 6 cr I-T returns filed till now, says government as July 31 deadline nears Almost six crore income tax returns (ITRs) have been filed till Sunday (July 30), the income tax department said. July 31, 2023 is the last day for filing income tax returns. As of now the government has not given any indication of extending the deadline. Last year too, the deadline had not been extended. "5.83 crore #ITRs have been filed till 1 pm today (30th July) crossing the number of ITRs filed till 31st July, last year," the income tax department said in a tweet. ...
Almost 6 cr I-T returns filed till now, says government as July 31 deadline nears
Almost 6 cr I-T returns filed till now, says government as July 31 deadline nears
Source: IANS
30/07/2023 4:04:08 PM
More than 4 crore ITRs filed for FY23 so far: CBDT chairperson CBDT chairperson Nitin Gupta has said that more than four crore income tax returns (ITRs) for the financial year 2022-23 have been filed so far and about 7 per cent of these are new or first-time filers. He said that more than half of these ITRs have been processed leading to 80 lakh refunds till now. He said ‘the shortage of manpower at every level was impeding our efforts to give even better results’. He urged Union Finance Minister Nirmala Sitharaman for a ‘quick approval...
More than 4 crore ITRs filed for FY23 so far: CBDT chairperson
More than 4 crore ITRs filed for FY23 so far: CBDT chairperson
Source: Accord Fintech
25/07/2023 11:37:09 AM
3 crore Income Tax Returns filed till July 18, says I-T Department  Around three crore Income Tax Returns (ITRs) have been filed till July 18, the Income Tax (I-T) Department said on Wednesday. "Grateful to our taxpayers & tax professionals for having helped us reach the milestone of 3 crore Income Tax Returns (ITRs), 7 days early this year, compared to the preceding year!" the Department said in a Twitter post. Over 3 crore ITRs for assessment year 2023-24 have already been filed till July 18  as compared to the 3 crore ITRs fi...
3 crore Income Tax Returns filed till July 18, says I-T Department
3 crore Income Tax Returns filed till July 18, says I-T Department
Source: IANS
19/07/2023 1:48:06 PM
Government urges taxpayers to file returns as July 31 deadline won`t be extended The government has urged the taxpayers to file their income tax returns before July 31, 2023 to avoid the last minute rush, as there is no possibility of any extension of the deadline. Finance Ministry sources have indicated that taxpayers should file their returns as soon as possible as unlike last year, there is no likelihood of the July 31 deadline getting extended.  Taxpayers have to file the returns for 2022-23 with the assessment year being 2023-24.  According to the ...
Government urges taxpayers to file returns as July 31 deadline won`t be extended
Government urges taxpayers to file returns as July 31 deadline won`t be extended
Source: IANS
16/07/2023 6:03:53 PM
India government says direct tax collections rise 15% The Indian government has collected 5.2 trillion rupees in direct taxes from April 1 to July 9, it said in a statement. The figure is 15% higher than in the same period last year. Net tax collected by the government over the same period was 4.8 trillion rupees, the government said. The government has issued tax refunds of about 420 billion rupees so far this year.
India government says direct tax collections rise 15%
India government says direct tax collections rise 15%
Source: Reuters
10/07/2023 8:02:59 PM
Over 1 cr ITRs filed this year, I-T Dept urges taxpayers to keep up momentum   With the last date for filing annual returns approaching, the Income Tax (I-T) Department said that more than one crore ITRs have been filed till June 26, compared to the one crore ITRs filed till July 8 last year. In a Twitter post, the Department has urged taxpayers to file the returns at the earliest. "We appreciate our taxpayers for early filing of ITRs! Over 1 crore ITRs have been filed till 26th June this year compared to 1 crore ITRs filed till 8th of July last yea...
Over 1 cr ITRs filed this year, I-T Dept urges taxpayers to keep up momentum
Over 1 cr ITRs filed this year, I-T Dept urges taxpayers to keep up momentum
Source: IANS
27/06/2023 2:27:41 PM
Gujarat witnessed 13% rise in IT collections in FY 2022-23 In the financial year 2022-23, Gujarat experienced a boost in income tax (I-T) collections, with the figures rising by 13 per cent from the previous year. According to data released by the I-T department, the collections soared from Rs 36,800 crore in FY 2021-22 to Rs 41,700 crore in FY 2022-23. The amount comprised various components, including Rs 24,800 crore from tax deducted at source (TDS), Rs 17,300 crore from advance tax, Rs 7,800 crore from self-assessment, and Rs 1,000 crore fr...
Gujarat witnessed 13% rise in IT collections in FY 2022-23
Gujarat witnessed 13% rise in IT collections in FY 2022-23
Source: IANS
24/06/2023 9:04:04 AM
GST council may mull steps to prevent fake generation of ITC in next meeting The GST Council in its meeting next month, is likely to discuss measures to ensure strict provisions for preventing fake generation of Input Tax Credit (ITC), aiming to prevent tax evasion, a senior official said on Friday. The GST Council is scheduled to meet on July 11. Chairman of Central Board of Indirect Taxes and Customs (CBIC), Vivek Johri said this while speaking to reporters at the sidelines of an event. He further informed that the finance ministry may consider imposing cou...
GST council may mull steps to prevent fake generation of ITC in next meeting
GST council may mull steps to prevent fake generation of ITC in next meeting
Source: IANS
16/06/2023 4:40:01 PM
GST collection surges 12% to Rs 1.57 lakh crore in May: Finance ministry The finance ministry has said Goods and Services Tax (GST) collection rose 12 per cent to Rs 1.57 lakh crore in May 2023. Goods and Services Tax collection in May last year was about Rs 1.41 lakh crore. Last month, GST collection was at a record high of Rs 1.87 lakh crore. The gross Good & Services Tax revenue collected in the month of May, 2023 is Rs 1,57,090 crore of which Central GST is Rs 28,411 crore, State GST is Rs 35,828 crore, Integrated GST is Rs 81,363 crore (including Rs 41...
GST collection surges 12% to Rs 1.57 lakh crore in May: Finance ministry
GST collection surges 12% to Rs 1.57 lakh crore in May: Finance ministry
Source: Accord Fintech
2/06/2023 10:23:46 AM
India`s IT department looking to tax Netflix's India operations - ET India is seeking to tax Netflix Inc's income earned from streaming services in the country, the Economic Times reported on Friday, citing people familiar with the matter.  In a draft order, the tax authorities attributed an income of about 550 million rupees ($6.73 million) to Netflix's Indian permanent establishment (PE) in the assessment year 2021-22, the report added.  Tax officials reasoned that the U.S. firm had some employees and infrastructure from the parent en...
India`s IT department looking to tax Netflix's India operations - ET
India`s IT department looking to tax Netflix's India operations - ET
Source: Reuters
12/05/2023 9:21:48 AM
Income Tax Department to soon notify norm of valuation for taxing foreign investment in unlisted companies The Income Tax Department will soon notify rules specifying the class of investors and norm of valuation for implementation of the Budget provision of taxing foreign investment in unlisted companies. The modified valuation rules would provide for ascertaining the fair market value (FMV) of shares of unlisted companies to levy tax on non-resident investments. The Finance Act, 2023, has amended Section 56 (2)(viib) of the I-T Act, thereby bringing overseas investment in unlisted closely held co...
Income Tax Department to soon notify norm of valuation for taxing foreign investment in unlisted companies
Income Tax Department to soon notify norm of valuation for taxing foreign investment in unlisted companies
Source: Accord Fintech
28/04/2023 10:03:47 AM
Personal income tax as percentage of GDP rises from 2.11% in FY15 to 2.94% in FY22 The finance ministry has said personal income tax as a percentage of Gross domestic product (GDP) has gone up from 2.11 per cent in 2014-15 to 2.94 per cent in 2021-22 fiscal, indicating that taxpayer base is widening as a result of the steps taken by the present government led by Prime Minister Narendra Modi.  The personal income tax collection (including Securities Transaction Tax) increased to over Rs 6.96 lakh crore, from over Rs 2.65 lakh crore in 2014-15. The ministry said Intro...
Personal income tax as percentage of GDP rises from 2.11% in FY15 to 2.94% in FY22
Personal income tax as percentage of GDP rises from 2.11% in FY15 to 2.94% in FY22
Source: Accord Fintech
26/04/2023 11:14:27 AM
Global consensus essential for crypto assets regulation: FM Nirmala Sitharaman Finance Minister Nirmala Sitharaman on Sunday emphasised on the need for global consensus for regulating crypto assets. Addressing a series of events in Bengaluru, she said that any kind of regulation on crypto assets would require every nation's consent, otherwise it would not be effective. Sitharaman added that India under its G20 presidency has kept crypto assets regulation as an agenda item for this year. The IMF has given a paper on crypto-currency and the way it can affect ...
Global consensus essential for crypto assets regulation: FM Nirmala Sitharaman
Global consensus essential for crypto assets regulation: FM Nirmala Sitharaman
Source: IANS
23/04/2023 5:40:05 PM
Centre notifies cost inflation index for 2023-24 The cost inflation index (CII) for 2023-24 relevant to assessment year 2024-25 stood at 348, according to a notification issued by the Central Board of Direct Taxes (CBDT) on Tuesday. The income tax department notified the CII for calculating long-term capital gains which arise from sale of assets like immovable property, securities and jewellery. The CII number for 2022-23 was 331 and for 2021-22 it was 317. CII is notified under the Income-tax Act, 1961 annually. It is commonly ...
Centre notifies cost inflation index for 2023-24
Centre notifies cost inflation index for 2023-24
Source: IANS
11/04/2023 11:46:15 AM
Gross direct tax collection rises by around 20% to Rs 19.68 lakh crore in 2022-23 The finance ministry has said that gross direct tax collection in 2022-23 rose by around 20 per cent to Rs 19.68 lakh crore, buoyed by personal income tax collection. The gross tax collection exceeded the revised estimates (RE), set on February 1, by Rs 2.41 lakh crore or by 16.97 per cent. After adjusting for refunds, the net income tax paid by individuals and corporates, showed an increase of 18 per cent to Rs 16.61 lakh crore during the fiscal, which ended March 31, 2023. The net direct...
Gross direct tax collection rises by around 20% to Rs 19.68 lakh crore in 2022-23
Gross direct tax collection rises by around 20% to Rs 19.68 lakh crore in 2022-23
Source: Accord Fintech
5/04/2023 3:36:27 PM
Tax rule recap: Some key changes have come into effect With the new financial year 2023-24 having begun from April 1, several tax rule changes have come into effect. Let's have a look at some changes here: The new income tax regime has become the default regime from April 1 onwards. However, taxpayers have the option of choosing between the old and new tax regimes. The new tax regime's standard deduction for taxable income exceeding Rs 15.5 lakh is Rs 52,500. Tax rebate limit has been raised to Rs 7 lakh. Raising the tax re...
Tax rule recap: Some key changes have come into effect
Tax rule recap: Some key changes have come into effect
Source: IANS
4/04/2023 2:47:59 PM
Value of assets seized in searches by Income Tax Department records rise The value of assets seized during searches conducted by the Income Tax Department has shown a rise over the last few years, the Parliament was told on Monday. As per the data by the Ministry of Finance, the value of assets seized during the year 2021-22 was Rs 880.83 crore which increased to Rs 1,159.59 crore in the year 2021-22 and to Rs 1,533.23 crore in the year 2022-23 (till January 2023, provisional figures), Minister of State for Finance, Pankaj Chaudhary told the Lok Sabha in a repl...
Value of assets seized in searches by Income Tax Department records rise
Value of assets seized in searches by Income Tax Department records rise
Source: IANS
3/04/2023 7:15:14 PM
Develop mechanism for online audit of GST: Parliamentary Panel on Finance  A high-level Parliamentary panel has suggested to the government to look into the possibility of developing a mechanism for online audit in GST, in order to make the process more efficient and less intrusive. The Parliamentary Standing Committee on Finance in its report on demands for grants for Finance Ministry's Revenue Department, which was presented in Parliament on Thursday, has recommended that government should prepare a white list of documents that would be necessarily re...
Develop mechanism for online audit of GST: Parliamentary Panel on Finance
Develop mechanism for online audit of GST: Parliamentary Panel on Finance
Source: IANS
24/03/2023 1:59:00 PM
New capital gains tax rules to come into effect from April 1 With financial year 2023-24 just round the corner, certain changes would be effected in the capital gains tax rules. From April 1, converting physical gold to electronic gold receipts won't be considered as a transfer and therefore will not attract any capital gains tax. Similarly converting electronic gold receipt to physical gold also will not attract any capital gains tax. Electronic gold receipts are depository gold receipts that can be traded on the stock exchanges. Also ...
New capital gains tax rules to come into effect from April 1
New capital gains tax rules to come into effect from April 1
Source: IANS
24/03/2023 9:00:31 AM
Tax demands of Rs 13,566 crore raised in last four financial years under black money law: Pankaj Chaudhary Minister of State for Finance Pankaj Chaudhary has said the income tax department raised tax demands amounting to Rs 13,566 crore during the last four financial years under the black money law to deal with undisclosed foreign income and assets. He said that 183 assessment orders were passed in 2021-22 and a demand of Rs 5,350 crore was raised under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. In the four fiscals starting 2018-19, a total of 349 asse...
Tax demands of Rs 13,566 crore raised in last four financial years under black money law: Pankaj Chaudhary
Tax demands of Rs 13,566 crore raised in last four financial years under black money law: Pankaj Chaudhary
Source: Accord Fintech
21/03/2023 10:54:04 AM
Net direct tax collection grows 17% to reach Rs 13.73 lakh crore so far this fiscal: CBDT The Central Board of Direct Taxes (CBDT) has said that net direct tax collection so far this fiscal grew 17 per cent to reach Rs 13.73 lakh crore, which is 83 per cent of the revised target for the full financial year. The growth in direct tax mop-up, which comprises personal income tax and corporate taxes, was driven by PIT (Personal Income Tax) collections. On a gross basis, the collection grew 22.58 per cent to Rs 16.68 lakh crore. Refunds amounting to Rs 2.95 lakh crore have been issue...
Net direct tax collection grows 17% to reach Rs 13.73 lakh crore so far this fiscal: CBDT
Net direct tax collection grows 17% to reach Rs 13.73 lakh crore so far this fiscal: CBDT
Source: Accord Fintech
13/03/2023 11:35:21 AM
Direct Tax collections for FY 2022-23 at Rs 16.68 lakh cr Government data has revealed that Direct Tax collections up to March 10, 2023, stood at Rs 16.68 lakh crore which is 22.58 per cent higher than the gross collections for the corresponding period of last year. Direct Tax collection, net of refunds, stands at Rs 13.73 lakh crore which is 16.78 per cent higher than the net collections for the corresponding period of last year. As per the Central Board of Direct Taxes, Department of Revenue, this collection is 96.67 per cent of the total Bu...
Direct Tax collections for FY 2022-23 at Rs 16.68 lakh cr
Direct Tax collections for FY 2022-23 at Rs 16.68 lakh cr
Source: IANS
11/03/2023 1:13:51 PM
CBDT notifies ITR forms for assessment year 2023-24 The Central Board of Direct Taxes (CBDT) has notified income-tax return forms (ITR forms) for the assessment year 2023-24, which will come into effect from April 1, 2023. The department said in a statement that the new forms have been notified well in advance in order to enable filing of returns from the beginning of the ensuing assessment year. In order to improve ease of filing, no significant changes have been made in the ITR forms, as was the case in last year's ITR forms. On...
CBDT notifies ITR forms for assessment year 2023-24
CBDT notifies ITR forms for assessment year 2023-24
Source: IANS
15/02/2023 2:14:44 PM
Income Tax Department likely to come out with modified valuation rules under the I-T Act The Income Tax Department is likely to come out with modified valuation rules under the I-T Act for ascertaining the fair market value (FMV) of shares of unlisted companies for the purpose of levying tax on non-resident investments. The Finance Bill, 2023 has proposed amending Section 56(2)(viib) of the I-T Act, thereby bringing overseas investment in unlisted closely held companies, excepting DPIIT-recognized startups, under the tax net. The amendments are needed as I-T Act and FEMA provide ...
Income Tax Department likely to come out with modified valuation rules under the I-T Act
Income Tax Department likely to come out with modified valuation rules under the I-T Act
Source: Accord Fintech
13/02/2023 1:49:36 PM
Higher capex, infra push, green initiatives to drive up demand for bank funds The Indian banking sector is happy with the Union Budget for 2023-24 presented by Finance Minister Nirmala Sitharaman. For the banking sector which is seeing an increased credit offtake in the recent times, is expecting more business due to increased allocation for capital investment and also inflow of cash with the increase in rebate for tax payers under the Income Tax Act which is expected to bring them some low cost funds. While that is for the bankers, Sitharaman too had announcemen...
Higher capex, infra push, green initiatives to drive up demand for bank funds
Higher capex, infra push, green initiatives to drive up demand for bank funds
Source: IANS
5/02/2023 10:45:05 AM
From savings to spending: What new IT rules tell us about Government intentions  The government is moving India away from a saving economy -- the old Income Tax (IT) regime loaded with tax deduction investments -- to a spending economy by luring people to a new IT regime that is sans any tax savings investments, said chartered accountants. It is also being said that Finance Minister Nirmala Sitharaman's budget 2023-24 proposal of taxing the maturity and surrender amount of non-ULIP policies (purchased after April 1, 2023, if the total premium paid by an indiv...
From savings to spending: What new IT rules tell us about Government intentions
From savings to spending: What new IT rules tell us about Government intentions
Source: IANS
5/02/2023 10:28:12 AM
India proposes cuts in personal income tax rates under new taxation regime NEW DELHI - India will raise the personal income tax rebate limit to 700,000 rupees ($8,565) under the new tax regime from the previous 500,000 rupees, Finance Minister Nirmala Sitharaman said in her budget speech on Wednesday. The tax slabs will be cut to five from seven earlier, Sitharaman said. "This will provide major relief to all tax payers in the new regime," Sitharaman said in her budget speech. "The new tax regime has got a great boost by the budget announceme...
India proposes cuts in personal income tax rates under new taxation regime
India proposes cuts in personal income tax rates under new taxation regime
Source: Reuters
1/02/2023 1:43:45 PM
People's Wishlist: Dividend linked to share price, IT exemption hike on top From allowing company dividends to be linked to the market price of shares, scrapping of income tax (IT), goods and services tax (GST) on insurance policies to increasing the IT exemption limit to Rs 5 lakh are the expectations from the upcoming budget. "There is no wish list. Just one wish. Zero tax," quipped a Tamil Nadu government employee. While that may be possible in utopia another interesting wish expressed by a chartered accountant is the linking of dividends declared ...
People's Wishlist: Dividend linked to share price, IT exemption hike on top
People's Wishlist: Dividend linked to share price, IT exemption hike on top
Source: IANS
22/01/2023 1:51:09 PM
Gross direct tax collection rises 24.58% to Rs 14.71 lakh crore till January 10 this fiscal The government data has showed that the country's gross direct tax collection rose 24.58 per cent to Rs 14.71 lakh crore till January 10 this fiscal, buoyed by an upsurge in personal income tax mop-up. After adjusting refunds, net direct tax collection stood at Rs 12.31 lakh crore, 19.55 per cent higher than the net collections for the corresponding period of last year. The provisional figures of direct tax collections up to January 10, 2023 continue to register steady growth. The net ...
Gross direct tax collection rises 24.58% to Rs 14.71 lakh crore till January 10 this fiscal
Gross direct tax collection rises 24.58% to Rs 14.71 lakh crore till January 10 this fiscal
Source: Accord Fintech
12/01/2023 10:03:42 AM
Direct tax collections rise 24% year-on-year to Rs 14.71 lakh crore Direct tax collections stood at Rs 14.71 lakh crore till January 10, 24.58 per cent higher than the corresponding period of last year. Direct tax collection, net of refunds, stood at Rs 12.31 lakh crore which is 19.55 per cent higher than the net collections for the corresponding period of last year. This collection is 86.68 per cent of the total budget estimates of direct taxes for 2022-23. Refunds amounting to Rs 2.40 lakh crore have been issued between April 1, 2022 and January 10...
Direct tax collections rise 24% year-on-year to Rs 14.71 lakh crore
Direct tax collections rise 24% year-on-year to Rs 14.71 lakh crore
Source: IANS
11/01/2023 6:50:55 PM
Optional tax regime aims to provide relief to low-income bracket people: FM Nirmala Sitharaman Finance Minister Nirmala Sitharaman has said that the optional income tax regime with seven tax slabs was brought in by the government to ensure lower rates for those in the low income bracket. Sitharaman said in the old tax regime, every tax assesses can claim about 7-10 exemptions and the  income tax rates vary between 10, 20, and 30 per cent, depending on income threshold. The minister said along with the old tax regime, the government has come up with a parallel system which has n...
Optional tax regime aims to provide relief to low-income bracket people: FM Nirmala Sitharaman
Optional tax regime aims to provide relief to low-income bracket people: FM Nirmala Sitharaman
Source: Accord Fintech
9/01/2023 10:33:07 AM
Income tax exemption limit likely to be enhanced to Rs 5 lakh in budget The government is likely to enhance the income tax exemption limit to Rs 5 lakh from the existing Rs 2.5 lakh in the forthcoming budget for 2023-24, sources privy to developments said. The move, if it fructifies, may leave more disposable income in the hands of consumers. It will also boost consumption, which may also lead to an economic recovery, sources said. As of now, the maximum slab of income which is not chargeable to income tax is Rs 2.5 lakh. For persons in the age bracke...
Income tax exemption limit likely to be enhanced to Rs 5 lakh in budget
Income tax exemption limit likely to be enhanced to Rs 5 lakh in budget
Source: IANS
29/12/2022 9:32:17 AM
Need to double income tax exemption limit to Rs 5 lakh in forthcoming Budget: Assocham With an aim that the economy gets a consumption boost, industry body Assocham has made a strong case for doubling the income tax exemption limit to Rs 5 lakh in the forthcoming Budget. Currently, the maximum amount of income which is not chargeable to income tax is Rs 2.5 lakh. In case of persons in the age bracket of 60-80 years, it is Rs 3 lakh and Rs 5 lakh for senior citizens who are above the age of 80. Assocham President Sumant Sinha opined that companies in sectors like steel and cemen...
Need to double income tax exemption limit to Rs 5 lakh in forthcoming Budget: Assocham
Need to double income tax exemption limit to Rs 5 lakh in forthcoming Budget: Assocham
Source: Accord Fintech
16/12/2022 11:20:17 AM
Budget wishlist: 'Pension should be made tax free' The Indian government should make pensions tax free so that the pension penetration is higher, says a top insurance industry official. Ageas Federal Life Insurance CEO and MD Vighnesh Shahane also said the government should also make the maturity amount under unit linked insurance policies (ULIP), where the annual premium is Rs 2.5 lakh or more, tax free. "To increase the penetration of pension and to make India a pension society, especially since we don't have any social secur...
Budget wishlist: 'Pension should be made tax free'
Budget wishlist: 'Pension should be made tax free'
Source: IANS
12/12/2022 5:19:57 PM
Tax collections up by 24% in current fiscal year-on-year Net tax collection in 2022-23 was 24.26 per cent higher than the net collection for the corresponding period of last year. With this, 61.79 per cent of the budget estimates for the current fiscal have already been achieved, official sources said. Also 66.92 per cent higher income tax refunds were issued till November 30 during the current fiscal, compared to the corresponding period of last year. Refunds amounting to Rs 2.15 lakh crore were issued between April 1 - November 30. Pr...
Tax collections up by 24% in current fiscal year-on-year
Tax collections up by 24% in current fiscal year-on-year
Source: IANS
12/12/2022 12:26:16 PM
CBDT issues circular on TDS on salaries for current fiscal The Central Board of Direct Taxes (CBDT) in a circular related to TDS deduction from salaries has said that any person responsible for paying salary must deduct income tax while paying the amount. The circular said that the tax should be deducted at the average rate calculated, based on the rates in force for the current financial year, on the estimated salary income of the recipient for that year. The circular was issued last week by CBDT. The circular basically explains the obligat...
CBDT issues circular on TDS on salaries for current fiscal
CBDT issues circular on TDS on salaries for current fiscal
Source: IANS
12/12/2022 9:46:32 AM
Tax collections to cross budget estimates in current fiscal, says government Domestic tax collections will exceed the budget estimate by nearly Rs 4 lakh crore in the current fiscal owing to higher income tax, customs duty, and GST collections, the government said on Wednesday. Revenue Secretary Tarun Bajaj was quoted as saying that the growth in tax revenues will continue to be higher than the GDP growth, owing to better compliance. Tax collection target for the current fiscal is pegged at Rs 27.50 lakh crore. Bajaj also that the direct tax collections consi...
Tax collections to cross budget estimates in current fiscal, says government
Tax collections to cross budget estimates in current fiscal, says government
Source: IANS
24/11/2022 10:16:00 AM
CII suggests slashing income tax rates in forthcoming budget The Confederation of Indian Industry (CII) has suggested a cut in personal income tax rates to revive demand -- a move which would benefit 5.83 crore taxpayers who have filed returns for assessment year 2022-23. The industry body gave this suggestion to Finance Minister Nirmala Sitharaman on Monday, during the pre-budget meeting, which she held with industry chambers. CII further suggested reducing the highest 28 per cent GST slab on consumer durables. Further the industry body also ...
CII suggests slashing income tax rates in forthcoming budget
CII suggests slashing income tax rates in forthcoming budget
Source: IANS
22/11/2022 9:33:01 AM
UK Chancellor announces tax hikes, spending cuts to restore finances UK Chancellor Jeremy Hunt Thursday announced a package of tax hikes and spending cuts worth 55 billion pounds ($65 billion) in a bid to improve the public finances and restore the country's economic credibility. "Today we deliver a plan to tackle the cost-of-living crisis and rebuild our economy," Hunt told the House of Commons in his Autumn Statement 2022 on Thursday. "Our priorities are stability, growth and public services." To raise further funds, the thre...
UK Chancellor announces tax hikes, spending cuts to restore finances
UK Chancellor announces tax hikes, spending cuts to restore finances
Source: IANS
18/11/2022 9:41:46 AM
Government may seek more details on NRIs` foreign remittances The Income Tax Department may make it compulsory for NRIs to share details of foreign remittances received from India and also divide it into taxable and non-taxable income in the next fiscal, according to reports. In addition to this, NRIs may also be directed to disclose their Indian business connections and could be further asked to elaborate on the nature and even the whereabouts of such businesses, reports quoting sources said. The Income Tax Department may also seek details in cas...
Government may seek more details on NRIs` foreign remittances
Government may seek more details on NRIs` foreign remittances
Source: IANS
17/11/2022 10:47:31 AM
Direct tax collection in current fiscal likely to exceed budget target: CBDT Chairman Nitin Gupta Expressing optimism over tax collection, Central Board of Direct Taxes (CBDT) Chairman Nitin Gupta has said that the direct tax collection in the current fiscal is likely to exceed the budget target of Rs 14.20 lakh crore by about 30 per cent. He also said that the Budget for next fiscal could bring about some tweaks in the TDS provision for online gaming to check tax evasion. He said ‘Currently there is a provision for deduction of TDS on online gaming. There is existing provision, ...
Direct tax collection in current fiscal likely to exceed budget target: CBDT Chairman Nitin Gupta
Direct tax collection in current fiscal likely to exceed budget target: CBDT Chairman Nitin Gupta
Source: IANS
16/11/2022 9:54:12 AM
Direct tax collections rise 31% to Rs 10.54 lakh crore  Direct tax collections, up to November 10, stood at Rs 10.54 lakh crore, 30.69 per cent higher than the gross collections for the corresponding period of last year. Direct tax collection, net of refunds, stood at Rs 8.71 lakh crore, which was 25.71 per cent higher than the net collections for the corresponding period of last year. This collection is 61.31 per cent of the total budget estimates of direct taxes for 2022-23. So far as the growth rate for Corporate Income Tax (CIT) an...
Direct tax collections rise 31% to Rs 10.54 lakh crore
Direct tax collections rise 31% to Rs 10.54 lakh crore
Source: IANS
12/11/2022 9:41:54 AM