Sunday, December 22

Tag: direct tax

Record 81.8 mn ITRs filed till Dec 31, rises 9% in current assessment year
1Jan By adminNo Comments
Business

Record 81.8 mn ITRs filed till Dec 31, rises 9% in current assessment year

The low number of ITRs filed by assessees has been one of the major concerns of the revenue authorities, which is gradually being addressed Record 81.8 million income tax returns (ITRs) were filed till December 31 for the assessment year 2023-24, up nine per cent over 75.1 million in the corresponding period of 2022-23. According to the income tax site, 79.9 million returns have been verified and 77.7 million processed during the period. The low number of ITRs filed by assessees has been one of the major concerns of the revenue authorities, which is gradually being addressed. For instance, 58.7 million returns were filed by income tax assessees during the assessment year 2018-19, which rose to 66.9 million the next year. The Covid-hit 2020-21 year saw a decline to 63.9...
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India’s Q2 growth rate highest in world; fundamentals strong: FM Sitharaman
7Dec By adminNo Comments
Business

India’s Q2 growth rate highest in world; fundamentals strong: FM Sitharaman

Addressing the winter session of the Parliament on Thursday, Finance Minister Nirmala Sitharaman stated that not only India was the fastest-growing economy in the world but also it had the highest growth rate in the second quarter of the current financial year (Q2FY24) in the world. The finance minister spoke on the progress made by the Indian economy under the Prime Minister Narendra Modi-led central government, stating that the country's economy had grown from the tenth largest in 2014 to the fifth largest economy in 2023. Moreover, India had the most significant growth in the July-September quarter at 7.6 per cent. Sitharaman said, "India's second quarter growth is the highest in the world as India continues to be the fastest-growing economy. The third and fourth largest ec...
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India’s direct tax mop-up in FY24 rises 16% to Rs 4.75 trillion so far
10Jul By adminNo Comments
Business

India’s direct tax mop-up in FY24 rises 16% to Rs 4.75 trillion so far

India’s direct tax collection soared 16 per cent to touch Rs. 4.75 trillion this fiscal, showing continuity in revenue growth despite external headwinds.  The collection have gathered pace over past months of the current fiscal, with net direct tax collection, net of refunds, grew 15.87 per cent to Rs. 4.75 trillion, by July 9, higher than the net collections for the corresponding period of last year,” finance ministry said on Monday while releasing the provisional figures. It said that the numbers so far “continue to register steady growth.” On a gross basis, collection from direct taxes, which includes income and corporate taxes, grew 14.65 per cent to Rs. 5.17 trillion.  “The provisional figure is 26.05 per cent of the total Budget Estimates of direct...
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Gross: Net direct tax collection rises 11% to about Rs 3.80 lakh crore so far this fiscal: Finance ministry
18Jun By adminNo Comments
Business

Gross: Net direct tax collection rises 11% to about Rs 3.80 lakh crore so far this fiscal: Finance ministry

NEW DELHI: The figures of direct tax collections for financial year 2023-24 as on June 17 show that net collections are at Rs 3,79,760 crore, compared to Rs 3,41,568 crore in the corresponding period of the preceding FY, representing an increase of 11.18%.As per a statement released by the finance ministry on Sunday, net direct tax collection of Rs 3,79,760 crore (as on June 17) include Corporation Tax (CIT) at Rs 1,56,949 crore (net of refund) and Personal Income Tax (PIT) including Securities Transaction Tax (STT) at Rs 2,22,196 crore (net of refund).The gross collection of direct taxes (before adjusting for refunds) for FY 2023-24 stands at Rs 4,19,338 crore as compared to Rs 3,71,982 crore in the corresponding period of the preceding financial year, registering a growth of 12.73% over...
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