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Direct Tax News
Net direct tax collections grow 5% to 9 lakh crores in FY21, says Finance Ministry
Fri, Apr 09, 2021
The net direct tax collections for the financial year 2020-21 grew by around five percent , which represent over 104 per cent of the revised estimates of Rs. 9.05 lakh crore as compared to previous year, a Ministry of Finance said in a statement on Friday.
Achche Din for salaried class? Income Tax slabs to change? Check what Modi govt may offer
Wed, Sep 25, 2019
The Committee on Direct Tax Code has suggested a new income tax slab, which should start from Rs 5 lakh, asking the government not to levy any income tax on annual earnings up to 5 lakh.
ITR filing: Direct Tax task force recommends new personal income tax slabs
Wed, Aug 28, 2019
ITR filing: Personal income is currently taxed at 5 per cent for income between Rs 2.5 and Rs 5 lakh, at 20 per cent for income between Rs 5 lakh and Rs 10 lakh, and 30 per cent for an income of over Rs 10 lakh.
Budget 2019: Five Income tax benefits that Modi 2.0 Government may announce on July 5
Mon, Jul 01, 2019
FM Nirmala Sitharaman may announce some tax benefits in Income Tax limit, standard deduction under section 80(C), an exemption in housing loan interest rate etc.
Five direct tax benefits that Modi 2.0 Government may announce in Budget 2019
Wed, Jun 26, 2019
Modi 2.0 Government may take some bold steps in regard to the Income Tax limit, standard deduction under section 80(C), an exemption in housing loan interest rate etc.
Income Tax Return (ITR) filing: Benefit from these 10 allowances - From uniforms, children's education to conveyance, check them all
Tue, Jun 11, 2019
Income Tax Return (ITR) filing: Under Section 10, you can claim refunds on tax payment via tax filing.
Direct taxes heading for at least Rs 70,000 crore shortfall; Centre mulls measure to match up to target
Thu, Mar 28, 2019
The direct tax target was revised to Rs 12 lakh crore from Rs 11.5 lakh crore earlier, buoyed by last year`s direct tax success which had surpassed the target.
Net direct tax collection figure crosses Rs 10 lakh cr mark; entire advance tax data yet to come
Tue, Mar 19, 2019
The net direct tax collection figure has crossed the Rs 10 lakh crore mark as on March 16, helped by the fourth and final installment of tax payment, sources said.
Facing tax revenue shortfall, Govt pushes IOC, ONGC to pay 2nd interim dividend
Wed, Mar 13, 2019
Sources said ONGC has told the government that it will need a SEBI approval if it has to pay a second interim dividend within a month. Also, it does not have surplus cash after payment of interim dividend and share buyback.
FinMin stares at direct tax revenue shortfall by Rs 70,000 cr to Rs 1 lakh crore
Thu, Mar 07, 2019
The government had met close to two-third of its revenue collection target from direct taxes, garnering Rs 7.88 lakh crore from April 2018 to January 2019. In FY18, direct tax collection was Rs 10.02 lakh crore, which exceeded the then revised budgeted target of Rs 9.8 lakh crore. The income tax e-returns filed for the April-February period has grown nearly 30 per cent compared with the corresponding period in FY18.
Budget In A Minute: Anil Singhvi explains what is 'Direct Tax'
Mon, Jan 28, 2019
In this special segment of Zee Business, Anil Singhvi talks about ''Direct Tax''. Watch the video to know more.
Income Tax return joy? Budget 2019 may hike exemption slab from Rs 2.5 lakh to Rs 5 lakh
Tue, Jan 15, 2019
The new Direct Tax Code will try to bring more assessees into the tax net, make the system more equitable for different classes of taxpayers, make businesses more competitive by lowering the corporate tax rate and phase out the remaining tax exemptions that lead to litigation. It will also redefine key concepts such as income and scope of taxation
Income tax return filing skyrockets, rises 50% so far this year
Tue, Dec 04, 2018
Demonetisation has been very good for increasing the tax base of the country. This year, we have already got around 6.08 crore income tax returns, which is 50 per cent higher than last year by this particular date, he said.
Income tax: CEA Arvind Subramanian reveals when direct tax reforms report is expected
Tue, Mar 27, 2018
Chief Economic Adviser Arvind Subramanian said that one of the India's biggest challenges is how to get more and more people pay income taxes. "I think that is very critical and we are really falling short on that. Any direct tax system must encourage voluntary compliance to get more and more taxpayers in and this is something we should be focusing on," he said.
Know how Budget announcements affect your finances
Thu, Feb 01, 2018
Jaitley re-introduces standard deduction for salaried class upto Rs. 40,000 in lieu of transport, medical allowance. Standard deduction to cost Rs 8000 crore to government.
What taxpayers expect from Budget 2018 on personal taxation
Wed, Jan 24, 2018
Since this year's Budget is the last full one for the government ahead of the general elections in 2019, experts believe a favourable revisioning in income tax slabs, relaxation in Section 80C limit and a push in medical insurance for senior citizens and others is required.
Direct tax collections rise 18.2% in April-December 2017: FinMin
Tue, Jan 09, 2018
An amount of Rs 3.18 lakh crore has been received as Advance Tax up to December, 2017 reflecting a growth of 12.7% over the Advance Tax payments of the corresponding period of last year, said the Finance Ministry statement.
Direct Tax Collections touch nearly 45% of FY18 Budget Estimates
Tue, Nov 07, 2017
In the Union Budget 2017, the government has fixed direct collections target at Rs 9.8 lakh crore. So far, the govt has received Rs 4.39 lakh crore between April - October 2017.
Can't let shadow economy to be larger than real economy, says FM Arun Jaitley
Sat, Oct 28, 2017
Terming tax-paying as a "patriotic duty", Finance Minister Arun Jaitley today said given our aspiration to be a dominant player on the world stage, we cannot afford to be a place where the shadow economy is bigger than the real economy.
Direct Tax collections' reach 39.4% of FY18 Budget Estimates
Wed, Oct 11, 2017
In the Union Budget 2017, the government has fixed direct collections target at Rs 9.8 lakh crore. So far, the govt has received Rs 3.86 lakh crore between April - September 2017.