tax collection

Why Paying Taxes Matters: A Crucial Role in Nation Building

Income Tax - Discover why paying taxes is vital for national development. Explore the role of taxes in funding government services, promoting social welfare, and encouraging responsible citizenship....

Interest for failure to Collect/Deduct & for delayed TDS/TCS Payment

Income Tax - Article discusses about Basic provisions relating to due date of payment of TDS to the credit of Government, Interest for failure to deduct tax at source/delay in payment of TDS, Non filing of TDS statement without payment of interest, Basic provisions relating ...

Tax Collected at Source (TCS)

Income Tax - 1. Tax collection at source (TCS) is an additional amount collected as tax by a seller of specified goods from the buyer at the time of sale over and above the sale amount and is remitted to the government account. As per Income Tax Act 1961 certain persons, being the sellers must collect a specified […]...

Every Scrap sale not liable to Tax Collection at Source (TCS)

Income Tax - As per Section 206C of Income Tax Act, 1961 (1) Every person, being a seller shall, at the time of debiting of the amount payable by the buyer to the account of the buyer or at the time of receipt of such amount from the said buyer in cash or by the issue of a cheque or draft or by any other mode, whichever is earlier,...

TCS on sale of Motor Vehicles and goods or services

Income Tax - The existing provision of section 206C of the Act, inter alia, provides that the seller shall collect tax at source at specified rate from the buyer at the time of sale of specified items such as alcoholic liquor for human consumption, tendu leaves, scrap, mineral being coal or lignite or iron ore, bullion etc. in cash exceeding two lakh ...

Direct Tax Collections Surpass 80% of FY 2023-24 Targets

Income Tax - Explore how Direct Tax collections achieved 80.23% of the FY 2023-24 revised estimates by February 10, 2024, with a significant year-on-year growth....

Direct Tax Collections Surpass 80% of Budget Estimates for F.Y. 2023-24

Income Tax - Ministry of Finance has released the provisional figures for Direct Tax collections up to January 10, 2024, showcasing a robust performance and surpassing 80% of the total Budget Estimates for Direct Taxes in the fiscal year 2023-24....

Direct Tax Collections Soar 20.66% in FY 2023-24

Income Tax - Ministry of Finance's report on robust direct tax collections for FY 2023-24, witnessing a 20.66% surge. Analysis of net collections, refunds, and growth insights....

Gross Direct Tax Collections FY 2023-24 Surge by 17.59% YoY

Income Tax - Explore the latest data on Gross Direct Tax collections for FY 2023-24, witnessing a remarkable 17.59% YoY growth, netting Rs. 12.37 lakh crore. Detailed analysis of Corporate and Personal Income Tax included...

Direct Tax Collections for F.Y. 2023-24 Show Significant Growth

Income Tax - Direct Tax Collections for F.Y. 2023-24 have surged, with gross collections up by 17.95%. Analysis of Ministry of Finance's latest data....

HC denied stay on collection of Tax on failure of appellant to pay tax which was suo motto agreed to be paid by appellant

Kalaignar TV Private Limited Vs. The Principal Commissioner of Income Tax (Madras High Court) - This Court finds that when the petitioner had agreed to comply with the payment of disputed tax at the rate of Rs. 50 lakhs per month, they are bound to comply with such an undertaking. Now arguing before this Court pleading their financial incapacity or requesting this Court to examine the merits o...

GST Revenue collection for August, 2020

Release ID: 1650411 - (01/09/2020) - The gross GST revenue collected in the month of August, 2020 is ₹ 86,449 crore of which CGST is ₹ 15,906 crore, SGST is ₹ 21,064 crore, IGST is ₹ 42,264 crore (including ₹ 19,179 crore collected on import of goods) and Cess is ₹7,215 crore (including ₹ 673 crore collected on import of ...

Statewise Income Tax collection Target for FY 2020-21 allocated by CBDT

F.No. 380102/2020-IT(B) - (16/04/2020) - The Budget target for each cadre-controlling Pr. CCIT has been fixed keeping in view the revenue potential of the Region, which is based on the weighted average growth rate of net collections of last three years, giving highest weight to the immediately preceding year...

Revised Targets for Direct Taxes collection for FY 2019-20; Reduced by 1.65 Lakh Crore

F. No. 380/03/2019-IT (B) - (30/03/2020) - I am directed to refer to Board's letter dated 24th May, 2019 regarding Region-wise allocation of revised Budget Estimates(BE) of Rs. 13,35,000 Crores for the Financial Year 2019-20. In this regard, it is stated that in the Receipt Budget 2020-21, Rs. 11,70,000 Crores (reduction of Rs. 1,65,000 Cror...

Measures to enhance revenue collections through TDS

F. No. 370/02/2017-IT(B) - (13/09/2017) - On review of the progress of TDS collections it is noted that as on 31.08.2017, an amount of Rs. 1,65,114 crore has been collected under TDS (Minor Head) at a growth rate of 10.44% over corresponding period of last financial year. It has shown a significant decline of 7 percent over the last financi...

CBDT fixes collection Target- Jan-March dedicated quarter for Recovery

F. No. 385/17/2016-IT (B) - (06/01/2017) - Time-barring date of scrutiny assessment was advanced to 31st December to provide assessment units with a dedicated quarter for recovery of demand raised. ...

Recent Posts in "tax collection"

Direct Tax Collections Surpass 80% of FY 2023-24 Targets

Explore how Direct Tax collections achieved 80.23% of the FY 2023-24 revised estimates by February 10, 2024, with a significant year-on-year growth....

Posted Under: Income Tax |

Direct Tax Collections Surpass 80% of Budget Estimates for F.Y. 2023-24

Ministry of Finance has released the provisional figures for Direct Tax collections up to January 10, 2024, showcasing a robust performance and surpassing 80% of the total Budget Estimates for Direct Taxes in the fiscal year 2023-24....

Posted Under: Income Tax |

Direct Tax Collections Soar 20.66% in FY 2023-24

Ministry of Finance's report on robust direct tax collections for FY 2023-24, witnessing a 20.66% surge. Analysis of net collections, refunds, and growth insights....

Posted Under: Income Tax | ,

Gross Direct Tax Collections FY 2023-24 Surge by 17.59% YoY

Explore the latest data on Gross Direct Tax collections for FY 2023-24, witnessing a remarkable 17.59% YoY growth, netting Rs. 12.37 lakh crore. Detailed analysis of Corporate and Personal Income Tax included...

Posted Under: Income Tax |

Direct Tax Collections for F.Y. 2023-24 Show Significant Growth

Direct Tax Collections for F.Y. 2023-24 have surged, with gross collections up by 17.95%. Analysis of Ministry of Finance's latest data....

Posted Under: Income Tax |

Direct Tax Collections Show Strong Growth in FY 2023-24

As of September 16, 2023, India's FY2023-24 Direct Tax collections surge by 18.29%, with net collections up by 23.51%. Advance Tax reaches Rs. 3,55,481 crore....

Posted Under: Income Tax |

Direct Tax Collections for F.Y. 2023-24 up to 10.08.2023: A Steady Growth Trend

Direct tax collections for F.Y. 2023-24 up to August 10 show steady growth. Gross collections at Rs. 6.53 lakh crore, a 15.73% increase over last year. Net collections stand at Rs. 5.84 lakh crore, up by 17.33%. Refunds of Rs. 0.69 lakh crore issued, indicating efficient tax administration and positive fiscal outlook....

Posted Under: Income Tax |

Why Paying Taxes Matters: A Crucial Role in Nation Building

Discover why paying taxes is vital for national development. Explore the role of taxes in funding government services, promoting social welfare, and encouraging responsible citizenship....

Posted Under: Income Tax |

Strong Growth in Direct Tax Collections for FY 2023-24; Refunds Surge by 30.13%

Ministry of Finance announces robust growth in direct tax collections for FY 2023-24, with a 12.73% increase in gross collections and a remarkable 30.13% surge in refunds....

Posted Under: Income Tax |

GST Collection In April, 2023 At Record High

April, 2023 has registered a revenue collection (GST) at Rs. 187 lakh crore, which is the highest ever since introduction of GST in July, 2017. GST revenue for April, 2023 are 12 percent higher than April, 2022. Also, this April saw the highest single-day collection of Rs. 68,228 crore through 9.8 lakh transaction on the […]...

Posted Under: Income Tax |

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