Direct Tax

Govt collects Rs 7.52 lakh cr direct tax in April-January; revised estimate pegs revenue receipts at Rs 18.50 lakh cr for this fiscal

The Revised Estimate (RE) has pegged the target for collection of direct taxes for the current fiscal, which ends on 31 March, at Rs 11.70 lakh crore.

Vivaad Se Vishwas scheme to help save time, money in fighting tax disputes, says Finance Minister Nirmala Sitharaman

Finance Minister Nirmala Sitharaman on Monday said the direct tax dispute resolution scheme announced in Budget will be of great help to people as they will be able to save time and money spent in fighting cases

Budget 2020: Govt stares at tax shortfall of Rs 2 lakh cr on faltering economy; room for personal income tax relief limited

The exchequer was shaved off Rs 1.45 lakh crore as the government slashed corporate tax rates up to 10 percentage points, the biggest reduction in 28 years.

Direct tax collections likely to drop in current fiscal year, first fall in at least two decades, IT dept receives only Rs 7.3 lakh cr so far

India’s corporate and income tax collection for the current year is likely to fall for the first time in at least two decades, over half a dozen senior tax officials told Reuters, amid a sharp fall in economic growth and cut in corporate tax rates

Govt unlikely to go for personal income tax cut amid fiscal stress, lower tax realisation

The government is unlikely to moderate personal income tax rates for the rich due to fiscal stress on account of lower tax realisation amid a slowdown in the economy, sources said

I-T Department to use data analysis, risk profiling to increase tax mop up: Govt

The Income Tax Department will use data mining and risk profiling rather than intrusive methods for tax collection, Revenue Secretary Ajay Bhushan Pandey said on Wednesday while exuding the confidence of achieving the direct tax mop-up target for the current fiscal

Direct tax collection target of Rs 13.35 lakh cr for current financial year is achievable: CBDT chairman PC Mody

The government has re-calibrated and fixed the direct taxes collection target for this financial year at Rs 13.35 lakh crore, a task that the CBDT chief said is difficult but achievable

Govt duty-bound to achieve fiscal deficit of 3% as per law, says Finance Minister Nirmala Sitharaman

In the Budget presented on Friday, the government lowered the fiscal deficit target to 3.3% of the GDP for 2019-20

Budget 2019: How to understand direct tax and indirect tax better

indirect tax is collected by one entity in the supply chain and paid to the government

Union Budget 2019: Finance Minister should consider bringing down corporate tax rate for all companies, irrespective of turnover

In February 2019, the then Interim Finance Minister Piyush Goyal adopted a pragmatic approach by providing a pro-growth and fiscally prudent Budget