personal income tax

Net direct tax collections during first eight months of the present fiscal (up to November 2009) stood at Rs.1,83,822 crore, up from Rs.1,77,251 crore in the same period last fiscal, registering a growth of 3.71 percent. Growth in Corporate Taxes was 3.17 percent (Rs.1,13,210 crore as against Rs.1,09,735 crore), while Personal Income Tax (including STT, and residual FBT and BCTT) grew at 4.53 percent (Rs.70,262 crore as against Rs.67,215 crore). Full Article

The government has decided to crackdown on corporate and individuals that have defaulted on payment of their self-assessment in the year in a bid to boost direct tax collections that are well below the target for the year. Direct tax collections need to grow at 18% over the remaining five months of the fiscal 2009-10 ending March 2010 for the government to achieve its direct tax target for the year. Full Article

The governments around the world may consider funding their increasing deficits by hiking personal income tax rates, though India may not be one among those, with the tax rates in the country nearly constant over the last seven years. The highest tax rate applicable on an income of over Rs 5,00,000 per annum stands at [...] Full Article

The Income Tax Department is planning to extend the Refund Banker Scheme to the entire country as a move aimed at expediting refund of excess tax. The scheme, launched in Delhi and Patna in March this year, was later extended to Kolkata, Chennai, Bangalore and Mumbai. It will now be extended to the entire country for the non-corporate category of taxpayers. This will facilitate quick and correct issue of refunds, an income tax official said. Full Article