The net collections for Corporate Income Tax (CIT) showed a growth of 19.2 per cent and Personal Income Tax (PIT) at 18.6 per cent.
As per the latest data, the number of taxpayers getting refunds is up by 62 per cent from 1.22 crore refunds in the corresponding period of the last fiscal.
The direct tax collection for 2009-10 is likely to be around Rs 3.80 lakh crore, missing the revised target by Rs 7,000 crore (Rs 70 billion).
The government's net direct tax collection surged 40.5 per cent to Rs 1,06,095 crore (Rs 1060.95 billion) till September 21 this fiscal on the back of a robust corporate sector and rising incomes in the booming economy.
The net direct tax collections for the period are lower due to higher tax refunds given by the government which grew by about about 64 per cent to Rs 33,137 crore (Rs 331.37 billion) compared to last year, the Central Board of Direct Taxes said in a statement on Thursday.
Collection will have to rise by 30 per cent in the remaining period of the financial year to achieve the Budget estimate.
The direct tax collection, which was flat till August, has picked up to clock 4 per cent growth at Rs 18,077 crore (Rs 180.77 billion) till September 15.
Mop-up trends hint at major slippage; CBDT braces to meet Budget target.
EEE continues for PF, life insurance and NPS; capital gains from stocks, equity funds may become a part of ordinary income.
During the meeting with chief commissioners and commissioners of income tax, customs and central excise in Mumbai, Mukherjee also expressed concerns over the slow growth in direct tax collections in the Mumbai zone.
The operations revealed evidence of price and volume manipulation of stocks through the use of platforms like YouTube and WhatsApp.
March requires 20% jump to meet year's goal; CBDT chief tells staff to sweat it out to meet target
Corporate tax collection grew by 49.49 per cent during the five-month period to Rs 33,766 crore (Rs 337.66 billion), up from Rs 22,587 crore (Rs 225.87 billion) a year ago.
As much as Rs 61,920 crore of tax refunds have been issued during April-July
The net direct tax collections jumped by 18 per cent to Rs 43,391 crore during the first two months of the current fiscal.
The delegation, comprising leader of Opposition in Lok Sabha Sushma Swaraj, her counterpart in Rajya Sabha Arun Jaitley and others, said Mukherjee had assured them that DTC was only at the drafting stage and discussions were still on.
For every rupee in the government coffer, the biggest pie of 63 paise will come from direct and indirect taxes, according to the Union Budget 2024-25 documents.
Moody's Ratings on Tuesday projected general government debt to stabilise above 80 per cent of GDP over the next three years, down from 89.3 per cent in 2020-21. "General government interest payments to fall to around 24 per cent of general government revenue over the next two years from over 28 per cent in fiscal 2020-21, although this remains much higher than the median 8.7 per cent recorded by Baa-rated peers," Moody's Ratings associate managing director Gene Fang said in a post-Budget reaction.
The collection of direct taxes during the first quarter of the current fiscal increased by over a full 15 per cent, driven mainly by higher realisation from the corporate sector.
The biggest impact of the new tax system is the significant widening of income slabs. According to this, people with annual income not exceeding 1.6 lakh (Rs 160,000) will not have to pay any tax.
The direct tax collections posted a 20.42 per cent growth totalling Rs 36,733 crore upto October 15, but indirect tax collections were less buoyant, recording about eight per cent growth at Rs 63,413 crore upto September 30, this financial year.
The Direct Taxes Code suffers from serious weaknesses.
The government would fall short of its target for direct tax collections for the second consecutive year, with the revenue department estimating its direct tax receipts at Rs 3,70,000 crore (Rs 3700 billion) for 2009-10.
Direct Tax collection was up by 23.5 per cent to Rs 48,192 crore (Rs 481.92 billion) till mid December, which works out to 50.4 per cent of the Budget target.
With the increase in corporate tax collection, the net direct tax mop up rose by 15 per cent to Rs 32,885 crore (Rs 328.85 billion) till September 25, even as the income tax collection was slow.
After social media outrage over a Budget proposal making it mandatory to get tax clearance certificates for going abroad, the government on Sunday clarified that the proposed amendment is not for all, and only those accused of financial irregularities or having substantial tax arrears need such clearance. The finance ministry, in the Finance Bill, 2024, has proposed to add the reference of the Black Money Act, 2015, to the list of Acts, under which any person should clear his liabilities to obtain the tax clearance certificate.
Fresh plans of privatisation or divestment in central public sector enterprises and public sector banks might take a back seat this financial year because these may require a large consensus among coalition partners.
The direct tax collections rose by about 23 per cent to Rs 64,230 crore (Rs 642.30 billion) in April-December 2003 mainly due to an impressive mop up from the corporate sector.
The Centre has collected 3.10 per cent more in direct taxes in September at Rs 64,737 crore (Rs 647.37 billion) compared to the same period last year.
"Since December last year, we started focusing on TDS and regular assessment to increase tax collections, and it has paid off," said a senior revenue department official. According to the latest data, TDS collections increased by 25 per cent to Rs 1,304.56 billion in fiscal 2009, compared to Rs 1,046.95 billion in the previous fiscal. However, advance tax collections under two major heads -- corporation tax and income tax -- dipped by 7 per cent to around Rs 1,680 billion.
The government on Tuesday sought to address a significant concern stemming from the 2024-25 Budget announcement by introducing flexibility in the computation of long-term capital gains (LTCG) tax on unlisted assets, including properties. For any assets, such as land or buildings, acquired before July 23, taxpayers can choose between the new and old regimes, opting for whichever results in a lower tax liability. Under the new LTCG regime, the tax rate is set at 12.5 per cent without the benefit of indexation.
But, govt plans to bring some provisions that can't wait.
The direct tax collection in India went up by 46.9 per cent in April-July to Rs 71,648 crore (Rs 716.48 billion) from Rs 48,756 crore (Rs 487.56 billion) a year ago.
Belying fears of economic slowdown impacting government revenue, direct tax collections have gone up by 38.6 per cent in the first quarter this fiscal at Rs 57,373 crore (Rs 573.73 billion) compared to Rs 41,391 crore (Rs 413.91 billion) in the year-ago period.
Financial and tax expert Anil Rego of Right Horizons has his doubts.
Benchmark equity indices Sensex and Nifty rebounded on Wednesday, propelled by bargain hunting in index majors Reliance Industries, ITC and SBI amid a largely firm trend in global equities. In a highly volatile trade, the 30-share BSE Sensex rebounded 89.64 points or 0.12 per cent to settle at 72,101.69. During the day, it jumped 390.62 points or 0.54 per cent to 72,402.67.
Scammers sometimes misuse personal information collected during tax preparation, leading to identity theft or unauthorised financial transactions.
Direct tax collections increased by 41.8 per cent to Rs 1,44,286 crore (Rs 1442.86 billion) during the April-December period this fiscal due to continued buoyancy in corporate earnings.
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