Nirmala Sitharaman says Centre has no more announcements to make; rules out any cut in income tax rates
Nirmala Sitharaman, who had over the last week announced an economic package to help revive the economy, said how the coronavirus and the lockdown has hurt revenues is yet to be completely assessed.
I-T refunds worth Rs 4,250 cr issued in a week; to be credited in 5-7 days in taxpayer bank account: CBDT
The Income Tax department has issued over 10.2 lakh refunds worth Rs 4,250 crore within a week, the Central Board of Direct Taxes (CBDT) said on Wednesday
The proposed changes in Dividend Distribution Tax (DDT) and the new income tax system announced in the budget will not have any adverse impact on the mutual fund industry that showed resilience and maintained robust growth amid economic headwinds, a senior mutual fund official said
India may miss tax collection target for 2019-20 by Rs 2.5 lakh cr; it's time to junk DDT, reform personal income tax: SC Garg
The government had budgeted gross tax revenues of Rs 24.59 lakh crore.
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
Govt should provide more stimulus; lower personal income tax to boost slowing growth rate of economy: Adi Godrej
The government should provide more stimulus to the industry and bring down personal tax rates to boost slowing growth rate of the economy, Godrej Group Chairman Adi Godrej said on Thursday
Personal income tax slabs likely to be rationalised, salaried class may get relief, more money; move aims to boost spending
Introduction of 10% tax rate for salaried people who earn between Rs 5 lakh and Rs 10 lakh is one of the recommendations
The government in the interim Budget in February revised upward the fiscal deficit target to 3.4 percent from 3.3 percent of GDP
Budget 2019: PHD Chamber expects reforms in farm sector, rationalisation of direct taxes; says bold steps essential to boost investment
Consistent indirect tax revenue growth along with reduction in GST rates by the government indicates that the tax base is widening and economic activity is rapidly expanding in India, it said.
Direct tax mop up rises 14.1% to Rs 8.74 lakh cr during Apr-Dec 2018; net collections increase by 13.6% to Rs 7.43 lakh cr
The gross collections for corporate tax is 14.8 per cent while that for personal income tax is 17.2 percent.
Direct tax-GDP ratio of 5.98% during FY18 best in a decade; returns filings up 80% in last four years: Finance ministry
Growth rate for corporate income tax and personal income tax stood at 17.7 percent and 18.3 percent, respectively.
Gross collections in corporate income tax (CIT) and personal income tax (PIT) grew 17.7 percent and 18.3 percent, respectively.
Lowering of corporate tax is in tune with Arun Jaitley's promise in 2015-16 Budget.
Corporate income tax has fallen from a peak of 3.88 percent of GDP in 2007-2008 to 3.19 percent in 2016-2017
The net direct tax collections constitute 39.4 percent of the total budget estimate of direct taxes at Rs 9.8 lakh crore for the current fiscal
The net direct tax collection represents 14.5 percent of the total Budget Estimates of direct taxes (Rs 9.8 lakh crore) for 2017-18,
The total direct tax of Rs 6.17 lakh crore and indirect tax mop-up was Rs 7.72 lakh crore, led by robust collections in personal income tax and excise duty, respectively.
Belying fears of slowdown due to demonetisation, indirect tax collection grew at a decent 16.9 percent in January buoyed mainly by excise, reflecting an uptick in manufacturing.
According to SBI's research report Ecowrap, the upcoming budget is likely to see an increase in personal income tax exemption limit, increase in section 80C exemption limit, interest exemption on housing loan and and at least reducing (if not abolishing) the lock in period for bank fixed deposits
Among the measures expected, the finance minister may look at putting in more cash in the hands of individuals by reducing the personal income tax slabs