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Net direct tax collection grows 16.45% to over Rs 15.82 lakh crore till December 17 Data released by the Central Board of Direct Taxes (CBDT) has showed net direct tax collection grew 16.45 per cent year-on-year to over Rs 15.82 lakh crore till December 17 this fiscal, buoyed by higher advance tax mop-up. Advance tax collection during the period rose 21 per cent to Rs 7.56 lakh crore. The collection includes corporate tax of over Rs 7.42 lakh crore and non-corporate tax mop-up of Rs 7.97 lakh crore. Securities Transaction Tax (STT) of Rs 40,114 crore was collected between...
Net direct tax collection grows 16.45% to over Rs 15.82 lakh crore till December 17
Net direct tax collection grows 16.45% to over Rs 15.82 lakh crore till December 17
Source: Accord Fintech
2024-12-19 12:40:33 pm
CBDT launches e-campaign to help taxpayers resolve income and transaction mismatches  The Central Board of Direct Taxes (CBDT) has launched an electronic campaign to assist taxpayers in resolving mismatches between the income and transactions reported in the Annual Information Statement (AIS) and those disclosed in Income Tax Returns (ITRs) for the financial years 2023-24 and 2021-22, according to an official statement issued on Tuesday.   The campaign also targets individuals who have taxable income or significant high-value transactions reported in their AIS bu...
CBDT launches e-campaign to help taxpayers resolve income and transaction mismatches
CBDT launches e-campaign to help taxpayers resolve income and transaction mismatches
Source: IANS
2024-12-17 03:09:06 pm
Income tax refunds jump 46.3 pc to Rs 3.04 lakh crore in April-Nov The number of tax refunds has recorded a 46.31 per cent jump to Rs 3.08 lakh crore between April 1 and November 27 this year compared to the same period of 2023, marking a significant increase in the efficiency of the Income Tax Department, according to figures released by the Union Finance Ministry on Thursday.  In the corresponding period last year between April 1, 2023, and November 30, 2023, refunds totalling Rs 2.03 lakh crore were issued, reflecting the Ministry's concerted ...
Income tax refunds jump 46.3 pc to Rs 3.04 lakh crore in April-Nov
Income tax refunds jump 46.3 pc to Rs 3.04 lakh crore in April-Nov
Source: IANS
2024-12-12 04:31:50 pm
CBDT advises all taxpayers to carefully review their foreign income, assets in ITRs The Central Board of Direct Taxes (CBDT) has advised all taxpayers to carefully review their foreign income and assets and report them accurately in their Income Tax Returns (ITRs). Income Tax department in its special edition of ‘Samvad’ raised awareness on proper disclosure of foreign assets and income by taxpayers. The session aimed to raise awareness among taxpayers about the need to accurately report their foreign income and assets in their ITR. Shashi Bhushan Shukla, Comm...
CBDT advises all taxpayers to carefully review their foreign income, assets in ITRs
CBDT advises all taxpayers to carefully review their foreign income, assets in ITRs
Source: Accord Fintech
2024-11-25 11:43:17 am
CBDT extends deadline to file income tax returns by corporates to Nov 15 The Central Board of Direct Taxes (CBDT) on Saturday extended the deadline for filing income tax (I-T) returns by corporates by 15 days till November 15 for the assessment year 2024-25. The earlier deadline was October 31.  The CBDT said in a circular that it has extended due date for furnishing return of income for the assessment year 2024-25 under the Income-tax Act, 1961 (the Act) to November 15. “The CBDT has extended the due date of furnishing of Return of Income under s...
CBDT extends deadline to file income tax returns by corporates to Nov 15
CBDT extends deadline to file income tax returns by corporates to Nov 15
Source: IANS
2024-10-26 02:30:54 pm
CBDT explains taxation of capital gains The Central Board of Direct Taxes (CBDT) on Thursday issued FAQs to explain the new capital gains tax regime in Budget 2024-25.   Q: What are the major changes brought about in the taxation of capital gains by the Union Budget 2024-25? A: The taxation of capital gains has been rationalised and simplified. The five broad parameters to this rationalisation and simplification are: Holding period has been simplified. There are only two holding periods now, viz. one year and two years. ...
CBDT explains taxation of capital gains
CBDT explains taxation of capital gains
Source: IANS
2024-07-25 11:53:13 am
New capital gains regime to simplify tax system: CBDT Chairman The Reserve Bank of India may allow the rupee to weaken slightly to unwind the slightly elevated real effective exchange rate and keep the South Asian currency "competitive," BofA Securities said in a note on Thursday. "It supports the government's ambitions for attracting large-scale manufacturing investments," the Wall Street firm said, adding it expects the rupee to decline to 84 to the U.S. dollar by the end of the year. The rupee was quoting at 83.7075 as of...
New capital gains regime to simplify tax system: CBDT Chairman
New capital gains regime to simplify tax system: CBDT Chairman
Source: IANS
2024-07-25 11:37:23 am
CBDT awards Taxnet 2.0 project to Bharti Airtel The Central Board of Direct Taxes (CBDT) on Friday said that the Taxnet 2.0 project has been awarded to telecom major Bharti Airtel Ltd for providing network connectivity, facility management services and video conferencing services to the Income Tax Department.   Bharti Airtel has been selected for this critical project through an open tender selection process, the official statement said. "This is a state-of-the-art technology, providing secure, reliable and seamless connec...
CBDT awards Taxnet 2.0 project to Bharti Airtel
CBDT awards Taxnet 2.0 project to Bharti Airtel
Source: IANS
2024-07-20 09:24:58 am
Net direct tax collection grows 19.54% to over Rs 5.74 lakh crore so far this fiscal: CBDT Central Board of Direct Taxes (CBDT) in its latest data has showed that net direct tax collection grew 19.54 per cent to over Rs 5.74 lakh crore so far this fiscal on higher advance tax payment by corporates. The first instalment of advance tax, which was due on June 15, rose 27.34 per cent to Rs 1.48 lakh crore. This includes Corporation Income Tax (CIT) at Rs 1.14 lakh crore and Personal Income Tax (PIT) at Rs 34,470 crore. CBDT stated that the net direct tax collection of Rs 5,74,357 cr...
Net direct tax collection grows 19.54% to over Rs 5.74 lakh crore so far this fiscal: CBDT
Net direct tax collection grows 19.54% to over Rs 5.74 lakh crore so far this fiscal: CBDT
Source: Accord Fintech
2024-07-15 11:01:03 am
India's net direct tax collections surge by 17.7% to Rs 19.58 trillion in FY24: CBDT The Central Board of Direct Taxes (CBDT) has said that India's net direct tax collections surged by a massive 17.7 per cent year-on-year to Rs 19.58 trillion in the fiscal year ended March 2024, surpassing even revised estimates by a wide margin. Net collections of income and corporate taxes, which make up for most of the direct taxes, in 2023-24 financial year exceeded the Budget estimates by Rs 1.35 trillion (7.40 per cent) and the revised estimates by Rs 13,000 crore. The government ha...
India's net direct tax collections surge by 17.7% to Rs 19.58 trillion in FY24: CBDT
India's net direct tax collections surge by 17.7% to Rs 19.58 trillion in FY24: CBDT
Source: Accord Fintech
2024-04-22 12:14:14 pm
Central Board of Direct Taxes refutes reports on special drive to reopen tax cases on HRA claims The Central Board of Direct Taxes (CBDT) clarified on Monday that the Income Tax Department is not carrying out any special drive to re-open cases on issues pertaining to HRA claims as has been reported in some sections of the media, triggering a scare among the taxpayers. “Any apprehensions about retrospective taxation on these matters and re-opening of cases on issues pertaining to HRA claims is completely baseless,” said the CBDT, which is the apex decision-making body of th...
Central Board of Direct Taxes refutes reports on special drive to reopen tax cases on HRA claims
Central Board of Direct Taxes refutes reports on special drive to reopen tax cases on HRA claims
Source: IANS
2024-04-09 10:12:18 am
Income Tax Dept throws open e-portal for filing ITRs Central Board of Direct Taxes (CBDT) on Thursday said that has facilitated taxpayers to file their Income Tax Returns (ITRs) for the Assessment Year 2024-25 (relevant to Financial Year 2023-24) from 1st April, 2024 onwards. The ITR-1, ITR-2 and ITR-4, commonly used by taxpayers are available on the e-filing portal from 1st April, 2024 onwards for taxpayers to file their returns. Similarly, companies have also been able to file their ITRs through ITR-6 from April 1 onwards. As a precu...
Income Tax Dept throws open e-portal for filing ITRs
Income Tax Dept throws open e-portal for filing ITRs
Source: IANS
2024-04-05 10:00:41 am
Net direct tax collection grows 20% till March 17: CBDT The Central Board of Direct Taxes (CBDT) has said that the provisional figures of net direct tax collections registered a growth of 19.88 per cent to Rs 18,90,259 crore for the financial year 2023-24 (as of March 17, 2024) as compared to Rs 15,76,776 crore in the corresponding period of the previous financial year (FY 2022–23), on higher advance tax mop-up.  It said net direct tax collection of Rs 18,90,259 crore includes Corporation Tax (CIT) at Rs 9,14,469 crore (net of refund...
Net direct tax collection grows 20% till March 17: CBDT
Net direct tax collection grows 20% till March 17: CBDT
Source: Accord Fintech
2024-03-20 12:20:45 pm
Income Tax Dept allows trusts to rectify their error over Form 10B/10BB till March 31 The Central Board of Direct Taxes (CBDT) has given more time to trusts and institutions which have submitted the wrong forms to claim income tax exemption, to rectify their error and submit their audit reports with the forms that are applicable for the purpose. “Those trusts/institutions which have furnished audit report on or before 31st October, 2023 in Form No. 10B where Form No. 10BB was applicable and vice-versa, must furnish the audit report in the applicable Form No. 10B / 10B...
Income Tax Dept allows trusts to rectify their error over Form 10B/10BB till March 31
Income Tax Dept allows trusts to rectify their error over Form 10B/10BB till March 31
Source: IANS
2024-03-06 09:49:17 am
FM Nirmala Sitharaman launches Rs 1,000 cr worth infra projects Union Finance Minister Nirmala Sitharaman on Friday virtually launched seven infrastructure projects worth over Rs 1,000 crore that include residential and office complexes for government officials. The Finance Minister said that projects like these renew confidence and boosts morale of the officials that the government continues to provide for their welfare and well-being. For the Central Board of Direct Taxes (CBDT), the Finance Minister laid the foundation stone for the construction ...
FM Nirmala Sitharaman launches Rs 1,000 cr worth infra projects
FM Nirmala Sitharaman launches Rs 1,000 cr worth infra projects
Source: IANS
2024-03-02 09:08:30 am
Net direct tax collection so far in current fiscal grows 20% to Rs 15.60 lakh crore: CBDT Central Board of Direct Taxes (CBDT) has said that net direct tax collection so far in current fiscal grew 20 per cent year-on-year to Rs 15.60 lakh crore, which is 80 per cent of revised budget estimates for full fiscal year. It stated the provisional figures of direct tax collections continue to register steady growth. Direct tax collections up to 10th February, 2024 show that gross collections are at Rs 18.38 lakh crore, which is 17.30 per cent higher than the gross collections for the ...
Net direct tax collection so far in current fiscal grows 20% to Rs 15.60 lakh crore: CBDT
Net direct tax collection so far in current fiscal grows 20% to Rs 15.60 lakh crore: CBDT
Source: Accord Fintech
2024-02-12 10:18:03 am
Further selling by FPIs, more corrections in broader market likely The important takeaway from January 23 sharp market correction is not the 1.54 per cent cut in Nifty but the crash in Nifty mid-cap and Nifty small-cap indices by 3.15 per cent and 2.87 per cent respectively, says V.K. Vijayakumar, Chief Investment Strategist, Geojit Financial Services. The valuations in the broader market had become excessive and unsustainable as pointed out many times recently, he said. The trigger for the correction came mainly from the sustained selling by FIIs who ...
Further selling by FPIs, more corrections in broader market likely
Further selling by FPIs, more corrections in broader market likely
Source: IANS
2024-01-24 11:36:40 am
Number of tax payers filing income tax returns has more than doubled to 7.78 crore in the past 10 years: CBDT The Central Board of Direct Taxes (CBDT) in its latest data has said the number of tax payers filing income tax returns has more than doubled to 7.78 crore in the past 10 years. It stated the number of Income Tax Returns (ITRs) filed in FY23 stood at 7.78 crore, showing an 104.91 per cent increase as compared to the 3.8 crore ITRs filed in 2013-14. Further, it mentioned, during the same period, the net direct tax collections increased 160.52 per cent from Rs 6,38,596 crore in FY14 to Rs 16...
Number of tax payers filing income tax returns has more than doubled to 7.78 crore in the past 10 years: CBDT
Number of tax payers filing income tax returns has more than doubled to 7.78 crore in the past 10 years: CBDT
Source: Accord Fintech
2024-01-24 10:31:34 am
India`s direct tax collections leap 160% over 9 years The country’s net direct tax collections have increased by 160.52 per cent from Rs 6,38,596 crore in 2013-14 to Rs 16,63,686 crore in 2022-23, according to consolidated time-series data released by the Central Board of Direct Taxes (CBDT) on Tuesday. The gross direct tax collections of Rs 19,72,248 crore in 2022-23 have registered an increase of over 173.31 per cent compared to the corresponding figure of. 7,21,604 crore in 2013-14. The direct taxes include personal income tax and co...
India`s direct tax collections leap 160% over 9 years
India`s direct tax collections leap 160% over 9 years
Source: IANS
2024-01-24 09:26:49 am
ONDC`s statement on the Central Board of Direct Taxes circular As an integral part of the digital commerce landscape, ONDC welcomes the recent guidelines issued by the CBDT under section 194-O of the Income-tax Act, 1961. These guidelines provide much-needed clarity for participants in the ONDC ecosystem, ensuring that tax implications are well-understood and adhered to. We believe that by providing clarity on the application of Sec 194-O to network models of digital trade where multiple e-commerce entities are involved, these guidelines wil...
ONDC`s statement on the Central Board of Direct Taxes circular
ONDC`s statement on the Central Board of Direct Taxes circular
Source: PR Agency
2024-01-03 12:54:54 pm
Record 8.18 crore ITRs filed for AY 2023-24 till December 31 current fiscal: CBDT The Central Board of Direct Taxes (CBDT) has said a record of 8.18 crore tax returns have been filed until December 31 this fiscal against 7.51 crore I-T returns filed at the end of December 31, 2022. This is nine per cent more than the total Income Tax Returns (ITRs) filed for 2022-23. It stated the total number of audit reports and other forms filed during the period is 1.60 crore, as against 1.43 crore audit reports and forms filed in the corresponding period of the preceding year. F...
Record 8.18 crore ITRs filed for AY 2023-24 till December 31 current fiscal: CBDT
Record 8.18 crore ITRs filed for AY 2023-24 till December 31 current fiscal: CBDT
Source: Accord Fintech
2024-01-02 10:28:08 am
Net direct tax collection swells 20.66% to Rs 13.70 lakh crore in current fiscal so far: CBdT The Central Board of Direct Taxes (CBdT) has said net direct tax collections grew by 20.66 per cent to over Rs 13.70 lakh crore (provisional) in the current fiscal so far as compared to Rs 11,35,754 crore in the corresponding period of the preceding Financial Year.   The net direct tax collection of Rs 13,70,388 crore (as of December 17, 2023 ) includes Corporation Tax (CIT) at Rs 6.95 lakh crore and Personal Income Tax (PIT), including Securities Transaction Tax at Rs 6.73 lakh ...
Net direct tax collection swells 20.66% to Rs 13.70 lakh crore in current fiscal so far: CBdT
Net direct tax collection swells 20.66% to Rs 13.70 lakh crore in current fiscal so far: CBdT
Source: Accord Fintech
2023-12-19 10:25:50 am
Direct tax collections rise 22% to Rs 9.57 lakh crore till Octomber 9 in current fiscal, says Centre India's direct tax collections rose 21.82 per cent year-on-year (YoY) to Rs 9.57 lakh crore till October 9 in the current fiscal, according to data released by the Central Board of Direct Taxes (CBDT) on Tuesday.The direct tax collections - net of refunds - was 52.50 per cent of the total budget estimates of direct taxes for 2023-24.The provisional figures of the direct tax collections indicated that gross collections were at Rs 11.07 lakh crore, which was 17.95 per cent higher than the gross...
Direct tax collections rise 22% to Rs 9.57 lakh crore till Octomber 9 in current fiscal, says Centre
Direct tax collections rise 22% to Rs 9.57 lakh crore till Octomber 9 in current fiscal, says Centre
Source: IANS
2023-10-11 09:25:34 am