Union Finance Minister Nirmala Sitharaman, along with her team of bureaucrats, delved into the fine print of the 2024-25 Budget documents in a press conference, detailing the government's road map on bringing down the debt-to-GDP ratio and bold tax measures.
'The adjustments (of tax slabs and standard deduction) will reduce the tax burden for salaried individuals with an income of around Rs 20 lakh by approximately Rs 18,000.' 'For non-salaried individuals with the same income level, the savings will be around Rs 10,000.'
The generation of quality jobs and skill development should be the focal point, cutting across ministries and departments, asserts Nivedita Mookerji.
The Direct Tax Code recently been proposed by the Government of India, will bring about a change in the whole taxation system of the country. But how will it impact tax savers?
Domestic institutional investors pumped Rs 2.3 trillion into equities during H1 CY24. Of this, mutual funds contributed 80%.
Form 16 contains details of salary income, deductions, and exemptions.
Direct tax collections totalled Rs 4.29 lakh crore (Rs 4.29 trillion) during the April-December period in 2012-13.
An income tax tribunal held that the amount received by Google Ireland from Google India towards marketing and distribution rights of the AdWords programme is not royalty, and hence, cannot be taxed at the hands of the assessee (Google Ireland). The ruling by the Bengaluru-based Income Tax Appellate Tribunal (ITAT) may have repercussions on similar transactions by multinationals, feel experts. Explaining the case, Amit Maheshwari, tax expert at AKM Global, said Google Ireland had received Rs 8,662.93 crore under the Google Reseller Agreements.
Industry body CII on Thursday made a case for pushing reforms in sectors like land, labour, and agriculture by the Modi 3.0 government to accelerate economic growth, which is estimated to be around 8 per cent in the current financial year. CII president Sanjiv Puri said a lot of policy interventions in the past have put the economy on "a much stronger wicket". "The growth rate is poised to touch 8 per cent during the current year, marking the fourth consecutive year of above 7 per cent + growth.
With the fiscal deficit target staring at the government, the FY25 Budget has limited expenditure options, points out A K Bhattacharya.
Not filing an ITR or paying the tax dues on the deceased's behalf can lead to penal consequences.
Net direct tax collections rose 132 per cent to Rs 12,642 crore (Rs 126.42 billion) in the first month of the current fiscal, as against Rs 5,441 crore (Rs 54.41 billion) in the corresponding month of the previous fiscal.
Besides selling movable and immovable assets to make recoveries, taxmen filed prosecution cases against those not paying the demand.
The income tax department has also launched a faceless e-assessment scheme to eliminate interface between an assessing officer and a taxpayer.
Corporate tax contributed Rs 75,549 crore (Rs 755.49 billion), up by 40.29 per cent from Rs 53,853 crore (Rs 538.53 billion) during same period in the previous fiscal, an official statement said on Thursday. Personal income-tax, fringe benefit tax, securities transaction tax and banking cash transaction tax yielded 45.13 per cent more at Rs 46,320 crore (Rs 463.20 billion) against Rs 32,821 crore (Rs 328.21 billion).
Three industry bodies suggested changes in India's tax regime in their pre-Budget discussions with Revenue Secretary Sanjay Malhotra in New Delhi on Tuesday. The bodies - Confederation of Indian Industry (CII), PHD Chamber of Commerce and Industry (PHDCCI), and Federation of Indian Chambers of Commerce & Industry (FICCI) - held separate meetings with Malhotra during the day and put across their suggestions for the upcoming Budget.
Booming economic activity enabled the government to collect Rs 99,935 crore (Rs 999.35 billion) from direct taxes during April-November this year
'The private sector believes that some enablers in labour-intensive sectors like apparel, toys, tourism, and media retail, can unlock a lot of jobs.'
Taxpayers with old, outstanding taxes will benefit from the CBDT's new scheme.
'Personal income tax is growing by 27 per cent and most refunds have already been issued.'
With the reality of coalition politics staring the BJP in its face, this was inevitable, points out Ramesh Menon.
Corporate taxes grew by 2.61 per cent to Rs 42,684 crore (Rs 426.84 billion) during the period from to Rs 41,598 crore (Rs 415.98 billion) in the same period last year. In the personal income tax segment, government collections were only 4.33 per cent higher at Rs 31,279 crore (Rs 312.79 billion).
Taking both direct and indirect taxes, the gross collection is expected to grow 10.45 per cent to Rs 33.61 trillion in 2023-2024.
'Banks make money because they take the right credit calls. So they need to focus on risk mitigation rather than risk avoidance.'
'I found it unbelievable that L&T said 45,000 jobs were waiting to be filled because of unavailability of suitable skillsets.' 'So, when the Opposition sweepingly says there are no jobs, I'm sorry... I'm not saying it's raining jobs, but there are jobs. The (skill) gap has to be bridged.'
There are just four months of this fiscal left to meet the target of Rs 3.7 lakh crore (Rs 3.7 trillion), almost double of the collected amount till November. Corporate taxes grew by 3.17 per cent to Rs 1.13 lakh crore (Rs 1.13 trillion) as compared to Rs 1.09 lakh crore (Rs 1.09 trillion) in the same period last year.
Can this growth in GST collection be sustained in the coming years? asks A K Bhattacharya.
The choice of tax regime dictates how your income will be taxed. If you don't make the right pick, you might end up losing money.
Finance Minister Nirmala Sitharaman on Thursday presented her sixth Budget in a row, equalling the record of former Prime Minister Morarji Desai.
Corporation tax collection was up by 19.1 per cent to Rs 16,756 crore (Rs 167.56 billion) during the first eight months of this year, which was 34.5 per cent of the budgeted Rs 48,616 crore (Rs 486.16 billion) for the whole year.\n\n\n\n\n\n
The same day the tax sleuths had raided the house of DMK MP S Jagathrakshakan and some of those linked to him. The MP from Arakkonam has interests in a variety of business sectors.
The Centre is unlikely to offer new direct tax incentives for units operating in special economic zones (SEZs) and may instead allow the grandfathering of previous exemptions that such units were entitled to, according to proposed amendments to the SEZ Act, 2005, people aware of the matter said. The amendments, proposed by the commerce department, will soon be considered by the Cabinet for approval. This represents a departure from the department's earlier plan to introduce these changes through the Development Enterprises and Services Hubs (DESH) Bill, 2023, which faced strong criticism from the ministry of finance.
Mumbai, which adds 37 per cent to the total direct tax mop-up, has reported tax collection of Rs 4.93 trillion so far, against the full-year target of Rs 5.35 trillion.
The income tax department has garnered about Rs 4,600 crore in taxes from 56 lakh updated I-T returns filed by taxpayers in the past two years, Central Board of Direct Taxes (CBDT) chief Nitin Gupta said. In a post budget interview to PTI TV, Gupta also said the I-T department has set up a demand management centre at Mysuru, Karnataka, which is focusing on disputed pending large tax demands of above Rs 1 crore. "We are continuously improving the services and creating litigation free environment. We have come out with a facility for updation of return.
Personal income tax as a percentage of GDP has gone up from 2.11 per cent in 2014-15 to 2.94 per cent in 2021-22 fiscal, indicating that taxpayer base is widening as a result of the steps taken by the present government led by Prime Minister Narendra Modi.
Almost all verification and assessments of returns selected for scrutiny are being done electronically through an anonymous back office, manned by tax experts and officials, without any personal interface between taxpayers and officers.
Claiming taxes collected from the south were being distributed to north India and that the former were not getting their due share, Congress MP D K Suresh on Thursday said the southern states will be forced to demand for a separate nation if the 'injustice' was not rectified.
To offer additional support at the low end of the income ranges, the Centre will consider a large-scale jump in exemption rates under the old income-tax regime in the vote on account, or interim Budget, according to a senior official in the know. Those will include an extension of the income tax exemption rates close to Rs 7 lakh and additional measures for women farmers.
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