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CBDT to closely monitor top taxpayers, crack down on bogus deductions

The government aims for ₹25.20 lakh crore in direct taxes for the fiscal year, while focusing on arrear collection and taxpayer education.

CBDT has instructed IT officials to monitor top advance taxpayers to boost direct tax collections this financial year(Pixabay/Representational image)

business

Published on May 04, 2025 03:01 PM IST

PTI |

Terms of Trade: Why we should stop hyperventilating about the Budget

The Budget cannot do much to change the Indian economy’s fortunes. In fact, it only distracts us from the central question at hand

Union finance minister Nirmala Sitharaman before presenting Budget 2024 on February 1, 2024. (Sanchit Khanna/ HT File Photo)

business

Updated on Jan 30, 2025 12:21 PM IST

ByRoshan Kishore

Tax defaults in India rise by 1000% in last 10 years, litigations double: Report

Corporate taxes formed a large bulk of the defaults, adding up to ₹3.97 lakh crore and capital gains tax and transfer pricing defaults was ₹4.81 lakh crore.

Tax defaults in India skyrocketed by 1000% in the last ten years and associated litigation has also consequently risen (Representational Image/Pixabay)

business

Published on Aug 04, 2024 07:56 PM IST

ByHT News Desk

Direct tax collections for FY 2024-25 surge by over 20%

The increase in both personal income and corporate tax collections points towards a growing corporate sector and higher income levels among individuals.

business

Published on Jun 18, 2024 07:58 PM IST

ANI |

Budget 2024: What are direct taxes? Types and significance

A direct tax refers to a tax where the individual or organisation directly pays the government without intermediaries.

Examples of direct taxes include income tax, real property tax, personal property tax, and taxes on assets. (Representational Image)

business

Published on Jan 07, 2024 11:03 PM IST

ByLingamgunta Nirmitha Rao

Direct tax collections rise 16% to ₹6.53 lakh crore so far this fiscal

Net direct tax collection after adjusting refunds stands at ₹5.84 lakh crore, 17.33 per cent higher than net collections for same period last year.

The collection is 32.03 per cent of the total budget estimates of direct taxes for current fiscal 2023-24

business

Published on Aug 11, 2023 06:01 PM IST

PTI |

Gross direct tax collections grew 24% to ₹15.67 lakh crore this fiscal

Gross direct tax mop-up grew 24 per cent to ₹15.67 lakh crore, net collection touched 79 per cent of Revised Estimates (RE) of direct tax collection for current fiscal, the CBDT said.

The revised estimates for the current fiscal pegged direct tax revenues at <span class='webrupee'>₹</span>16.50 lakh crore.

business

Published on Feb 11, 2023 02:19 PM IST

PTI | | Posted by Singh Rahul Sunilkumar

Budget 2023: What is Direct Tax? Meaning, types and significance

Direct taxes play an important role in funding government spending and redistributing income in the economy. The term "direct" in Direct tax means that the tax liability falls on the person or entity earning the income or holding the wealth.

The two major direct taxes are income tax and corporate tax.

business

Published on Jan 24, 2023 07:36 PM IST

ByHT News Desk

Gross direct tax revenue jumps nearly 24% this fiscal

Gross corporate income-tax (CIT) grew at 16.73% during this period, the growth in personal income-tax (PIT), including securities transaction tax (STT), was 32.30%, finance ministry said in a statement.

The provisional figures of direct tax collections up to October 8 continued to register “steady” growth, finance ministry said in a statement. (Representative use)

business

Updated on Oct 10, 2022 04:59 AM IST

ByRajeev Jayaswal, New Delhi

Direct tax collection jumps 24% in first half of FY23

The gross collection of taxes on corporate earnings rose 16.74 per cent during April 1 to October 8, while personal income tax collection jumped 32.30 per cent, the tax department said in a statement.

Tax on corporate and individual income makes up for direct taxes.(Representative image)

business

Published on Oct 09, 2022 12:47 PM IST

PTI |

Direct tax kitty grows 30% to ₹8.36 lakh crore on higher advance tax mop-up

Gross collection of direct taxes for 2022-23 stands at ₹8,36,225 crore compared to ₹6,42,287 crore in the year-ago period, registering a growth of 30 per cent, the ministry said in a statement.

For April-September, advance tax collection grew 17 per cent to <span class='webrupee'>₹</span>2.95 lakh crore. This includes advance tax payout by corporate taxpayers of <span class='webrupee'>₹</span>2.29 lakh crore.(HT file photo. Representative image)

business

Published on Sep 18, 2022 05:10 PM IST

PTI |

Net direct tax collections jump 45 per cent till June 16 in 2022-23

The net direct tax collections of ₹3,39,225 crore as of June 16 in the current financial year include corporation tax of ₹1,70,583 crore (net of refund) and the personal income tax including Security Transaction Tax (STT) at ₹1,67,960 crore (net of refund), according to data released by the Central Board of Direct Taxes.

business

Published on Jun 17, 2022 06:06 PM IST

ANI |

Centre set to exceed ₹11.08 lakh crore direct tax collections: CBDT chief

The tax body has been assigned a revised target of ₹12.50 lakh crore, CBDT chairman JB Mohapatra said

The Centre aims to collect <span class='webrupee'>₹</span>12.05 lakh crore as direct taxes before the end of this financial year(REUTERS/File Photo)

business

Published on Feb 03, 2022 04:01 PM IST

Byhindustantimes.com | Written by Aryan Prakash

Net direct tax collections surge 61% to ₹9.45L crore till Dec 16

While the previous fiscal year had seen a devastating impact of Covid-19 on tax collections, the net direct tax revenue in the current financial year is significantly higher even compared to non-Covid years that exhibit a robust economic recovery post-pandemic.

The gross direct tax collections for 2021-22 (as on December 16, 2021), which is before adjusting for refunds, stands at <span class='webrupee'>₹</span>10,80,370.2 crore compared to <span class='webrupee'>₹</span>7,33,715.2 crore in the corresponding period of the previous financial year.(HT File)

business

Published on Dec 18, 2021 12:04 AM IST

ByHT Correspondent, Hindustan Times, New Delhi

Centre extends the deadline to file tax returns to Dec 31

The government had earlier in May extended various due dates for filing ITRs for FY 2019-20 from July 31 to November 30, to give compliance relief to taxpayers due to the Covid-19 pandemic.

In a relief to small and middle-class taxpayers in the matter of payment of self-assessment tax, the due dates for payment have been extended.(HT Photo)

business

Published on Oct 25, 2020 12:57 AM IST

Hindustan Times, New Delhi | ByPress Trust of India, New Delhi

I-T Dept issues refunds worth Rs 1.01 lakh crore to 27.55 lakh taxpayers till September 8

This include personal income tax (PIT) refunds amounting to Rs 30,768 crore issued to 25.83 lakh taxpayers and corporate tax refunds amounting to Rs 70,540 crore issued to over 1.71 lakh taxpayers during this period.

The government has emphasised on providing tax related services to taxpayers without any hassles during the Covid-19 pandemic, and accordingly has been clearing up pending tax refunds.

business

Published on Sep 09, 2020 06:05 PM IST

New Delhi | ByPress Trust of India| Posted by Susmita Pakrasi

Drive on voluntary tax compliance from Monday

The objective of the e-campaign is to facilitate taxpayers to validate their returns or financial transaction information available with the I-T department, online, and promote voluntary compliance so that they do not get into notice and scrutiny process.

CBDT said under the e-campaign the taxpayers will be able to access details of their high value transaction related information on the designated portal.(REUTERS)

business

Updated on Jul 19, 2020 01:00 AM IST

Hindustan Times, New Delhi | ByHT Correspondent

New Form 26AS to have details of high-value financial transactions: CBDT

In May, CBDT had notified the revised Form 26AS, containing details of tax collected or deducted at source which will now include information pertaining to property and share transactions.

Part E of the form would now show different fields such as type of transaction, name of SFT filer, date of transaction, single/joint party transaction, number of parties, amount, mode of payment and remarks etc. photo:pradeep gaur/mint

business

Published on Jul 18, 2020 05:04 PM IST

New Delhi | ByPress Trust of India| Posted by Susmita Pakrasi

CBDT allows taxpayers to regularise past I-T returns

This one-time relaxation is available to those taxpayers who could not get their tax returns validated from the assessment year 2015-16 to 2019-20, a finance ministry official said.

This is an opportunity for the taxpayers to regularise their tax returns filed for various past years which had the risk of being considered as non-est for want of verification. (HT Photo)

india news

Updated on Jul 14, 2020 08:56 PM IST

Hindustan Times, New Delhi | ByRajeev Jayaswal

IRS officers pitch 40% tax rate plus Covid relief cess, under probe

The suggestions were made in a report titled Fiscal Options & Response to Covid-19 Epidemic (FORCE) and released to the media on the IRS Association’s Twitter handle and website.

The two officials, who both requested anonymity, said the government had “summarily” dismissed the suggestions which it judged as ill-conceived.(File photo for representation)

india news

Updated on Apr 27, 2020 12:27 AM IST

Hindustan Times, New Delhi | ByRajeev Jayaswal

Don’t miss March 31 deadline for linking PAN-Aadhaar: I-T Dept

The Central Board of Direct Taxes (CBDT), that frames policy for the I-T department, had extended the deadline for this task for the eighth time on December 30 last year.

The department had last month said Permanent Account Number (PAN) will become “inoperative” if it is not linked with Aadhaar by this date.(AFP)

business

Updated on Mar 16, 2020 04:51 PM IST

New Delhi | ByPress Trust of India

Vivaad se Vishwas: Govt officials gear up to free Rs 9L-cr stuck in disputes

The bill, named The Direct Tax Vivad Se Vishwas Bill, 2020, which was introduced in the Lok Sabha, aims for resolution of tax disputes and related matters.

In her budget speech on February 1, finance minister Nirmala Sitharaman announced the scheme to resolve direct tax disputes pending in various forums(PTI)

india news

Updated on Feb 06, 2020 02:22 AM IST

Hindustan Times, New Delhi | ByRajeev Jayaswal

Ensure GST collection is Rs 1.1 lakh crore every month, government tells officials

Taxmen have been told that the corporate tax relief worth Rs 1.45 lakh crore should not be taken as an excuse for lesser direct tax collection target.

Government also told the officers to exhort themselves to reach the target of Rs 13.5 lakh crore in direct taxes.(PTI Photo)

business

Updated on Dec 17, 2019 04:23 PM IST

Hindustan Times, New Delhi | ByRajeev Jayaswal

CBDT extends all ITRs filing deadline for J-K, Ladakh UTs to Nov 30

The CBDT order also said the ITRs filed by individual taxpayers, post the set deadline of August 31, will also be considered valid as part of the latest order.

CBDT on Thursday extended the deadline for filing of all kinds of income tax returns to November 30 in the newly-created Union Territories of Jammu and Kashmir, and Ladakh(Mint)

india news

Updated on Oct 31, 2019 10:10 PM IST

New Delhi | ByPress Trust of India

Businesses over Rs 50 crore must have electronic payment mode from November 1: CBDT

The top body of the income tax department said no bank or provider of a digital payment system shall “impose any charge on a payer making payment, or a beneficiary receiving payment” through electronic modes.

In order to facilitate both companies and their clients, the government has decided to “prescribe” certain modes of payments for the purposes of “Section 269SU,” it said.(Photo: Hemant Mishra/Mint)

business

Updated on Oct 18, 2019 09:54 PM IST

Hindustan Times, New Delhi | ByHT Correspondent

I-T notices without computer generated identification numbers invalid, says finance minister Nirmala Sitharaman

The document identification numbers system of the Central Board of Direct Taxes (CBDT) has already started working and it generated about 17,500 communications with DIN on Tuesday.

Finance Minister Nirmala Sitharaman at a press conference after her meeting with Private Sector Banks and other Financial Institutions in New Delhi on Thursday.(Raj K Raj/HT PHOTO)

business

Updated on Oct 02, 2019 03:49 PM IST

Hindustan Times, New Delhi | ByRajeev Jayaswal

How to file ITR online if you are a salaried employee

The total income during the assessment year 2019-20, however, should not be more than ₹50 lakh.

A lot of information that you are required to fill in ITR-1 form will be pre-filled.(PTI image)

india news

Updated on Jun 23, 2020 08:58 PM IST

New Delhi | ByHT Correspondent

No differential regime, tax body clarifies on foreign portfolio investors

AIFs are privately pooled investment funds of Indian or foreign sources and can operate in the form of a trust or a company or a body corporate or a limited liability partnership (LLP).

The CBDT clarified that the Friday announcement to roll back higher surcharge on foreign and domestic portfolio investors have not created any differential regime between foreign portfolio investors (FPIs) and domestic investors(PTI)

business

Published on Aug 28, 2019 12:26 PM IST

New Delhi | ByRajeev Jayaswal

No change in tax forms, says I-T dept; 1.38 cr returns filed already

CBDT further clarified that the updating of utility do not hamper filing of return as the taxpayers are allowed to file using the utility which is available at that point of time. For example, more than 85 lakh taxpayers have filed returns in ITR-1 till date by using the said utility which has also undergone update later.

Even though the utility is being updated regularly to provide ease to taxpayers, the returns filed by using the previous version of utility will continue to be valid, CBDT said.(Representative photo)

india news

Updated on Jul 16, 2019 10:25 PM IST

Hindustan Times, New Delhi | ByRajeev Jayaswal

Pension with disability benefits for soldiers who served full term to be taxed

Granting such income tax exemptions date back to 1922 and were among the incentives the British offered to make military services lucrative for Indians.

Disability pension and the pension soldiers, who have served their full tenure with the three services of the armed forces, get will no longer be exempt from income tax (AP Photo)

india news

Updated on Jun 26, 2019 05:03 PM IST

New Delhi | ByHT Correspondent

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direct tax news

Latest from direct tax

The government aims for ₹25.20 lakh crore in direct taxes for the fiscal year, while focusing on arrear collection and taxpayer education.

The Budget cannot do much to change the Indian economy’s fortunes. In fact, it only distracts us from the central question at hand

Corporate taxes formed a large bulk of the defaults, adding up to ₹3.97 lakh crore and capital gains tax and transfer pricing defaults was ₹4.81 lakh crore.

The increase in both personal income and corporate tax collections points towards a growing corporate sector and higher income levels among individuals.

A direct tax refers to a tax where the individual or organisation directly pays the government without intermediaries.

Net direct tax collection after adjusting refunds stands at ₹5.84 lakh crore, 17.33 per cent higher than net collections for same period last year.

Gross direct tax mop-up grew 24 per cent to ₹15.67 lakh crore, net collection touched 79 per cent of Revised Estimates (RE) of direct tax collection for current fiscal, the CBDT said.

Direct taxes play an important role in funding government spending and redistributing income in the economy. The term "direct" in Direct tax means that the tax liability falls on the person or entity earning the income or holding the wealth.

Gross corporate income-tax (CIT) grew at 16.73% during this period, the growth in personal income-tax (PIT), including securities transaction tax (STT), was 32.30%, finance ministry said in a statement.

The gross collection of taxes on corporate earnings rose 16.74 per cent during April 1 to October 8, while personal income tax collection jumped 32.30 per cent, the tax department said in a statement.

Gross collection of direct taxes for 2022-23 stands at ₹8,36,225 crore compared to ₹6,42,287 crore in the year-ago period, registering a growth of 30 per cent, the ministry said in a statement.

The tax body has been assigned a revised target of ₹12.50 lakh crore, CBDT chairman JB Mohapatra said

While the previous fiscal year had seen a devastating impact of Covid-19 on tax collections, the net direct tax revenue in the current financial year is significantly higher even compared to non-Covid years that exhibit a robust economic recovery post-pandemic.

The government had earlier in May extended various due dates for filing ITRs for FY 2019-20 from July 31 to November 30, to give compliance relief to taxpayers due to the Covid-19 pandemic.

This include personal income tax (PIT) refunds amounting to Rs 30,768 crore issued to 25.83 lakh taxpayers and corporate tax refunds amounting to Rs 70,540 crore issued to over 1.71 lakh taxpayers during this period.

The objective of the e-campaign is to facilitate taxpayers to validate their returns or financial transaction information available with the I-T department, online, and promote voluntary compliance so that they do not get into notice and scrutiny process.

In May, CBDT had notified the revised Form 26AS, containing details of tax collected or deducted at source which will now include information pertaining to property and share transactions.

This one-time relaxation is available to those taxpayers who could not get their tax returns validated from the assessment year 2015-16 to 2019-20, a finance ministry official said.

The suggestions were made in a report titled Fiscal Options & Response to Covid-19 Epidemic (FORCE) and released to the media on the IRS Association’s Twitter handle and website.

The Central Board of Direct Taxes (CBDT), that frames policy for the I-T department, had extended the deadline for this task for the eighth time on December 30 last year.

The bill, named The Direct Tax Vivad Se Vishwas Bill, 2020, which was introduced in the Lok Sabha, aims for resolution of tax disputes and related matters.

Taxmen have been told that the corporate tax relief worth Rs 1.45 lakh crore should not be taken as an excuse for lesser direct tax collection target.

The CBDT order also said the ITRs filed by individual taxpayers, post the set deadline of August 31, will also be considered valid as part of the latest order.

The top body of the income tax department said no bank or provider of a digital payment system shall “impose any charge on a payer making payment, or a beneficiary receiving payment” through electronic modes.

The document identification numbers system of the Central Board of Direct Taxes (CBDT) has already started working and it generated about 17,500 communications with DIN on Tuesday.

The total income during the assessment year 2019-20, however, should not be more than ₹50 lakh.

AIFs are privately pooled investment funds of Indian or foreign sources and can operate in the form of a trust or a company or a body corporate or a limited liability partnership (LLP).

Granting such income tax exemptions date back to 1922 and were among the incentives the British offered to make military services lucrative for Indians.

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