Income Tax : The article explains how income tax funds healthcare, education, infrastructure, defence, and welfare schemes that benefit society...
Income Tax : This article explains the interest provisions applicable to delays in TDS deduction, TDS/TCS payment and non-payment of tax demand...
Income Tax : For the first time since Independence, personal income tax collections have surpassed corporate tax. The shift reflects formalisat...
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 ti...
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 ...
Goods and Services Tax : Haryana recorded the highest State GST revenue growth of 32% during the first quarter of FY 2026-27, outperforming all other state...
Income Tax : The data shows a steady increase in net direct tax collections driven by higher corporate and non-corporate tax revenues. It highl...
Income Tax : Net direct tax collections for FY 2025–26 grew by 7.19%, primarily supported by a decline in refunds. Lower refund outflows impr...
Income Tax : Net direct tax collections grew 9.40% as of 10 February 2026 compared to last year. Lower refunds and steady corporate and non-cor...
Income Tax : Net direct tax collections recorded an 8.82% increase despite moderate gross growth. Lower refunds played a key role in boosting n...
Income Tax : 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 mo...
Goods and Services Tax : 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...
Income Tax : The Budget target for each cadre-controlling Pr. CCIT has been fixed keeping in view the revenue potential of the Region, which is...
Income Tax : I am directed to refer to Board's letter dated 24th May, 2019 regarding Region-wise allocation of revised Budget Estimates(BE) of ...
Income Tax : 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...
Income Tax : Time-barring date of scrutiny assessment was advanced to 31st December to provide assessment units with a dedicated quarter for re...
The provisional figures of Direct Tax collections up to 10th November, 2022 continue to register steady growth. Direct Tax collections up to 10th November, 2022 show that gross collections are at Rs. 10.54 lakh crore which is 30.69% higher than the gross collections for the corresponding period of last year. Direct Tax collection, net of refunds, stands […]
Direct Tax collections up to 8th October, 2022 show that gross collections are at Rs. 8.98 lakh crore which is 23.8% higher than the gross collections for the corresponding period of last year.
Gross Direct Tax collections for the Financial Year (FY) 2022-23 register a growth of 30%. Net Direct Tax collections for the FY 2022-23 have grown at 23%. Advance Tax collections for the FY 2022-23 stand at Rs. 2,95,308 crore as on 17.09.2022 which shows a growth of 17%. Refunds aggregating to Rs. 1,35,556 crore issued […]
Net Direct Tax collections upto 08.09.2022 at Rs. 5.29 lakh crore are 30.17% higher than net Direct Tax collections for same period last Year
Various factors like rapid economic recovery post COVID, better compliances due to various measures taken by Government have contributed to increase in tax collection. This was stated by Union Minister of State for Finance Shri Pankaj Chaudhary in a written reply to a question in Lok Sabha today.
Net Direct Tax collections for the Financial Year 2022-23 grown at over 45% Net Direct Tax collections for the F.Y. 2022-23 continue to grow at a robust pace further fortifying the economic revival Gross Tax collections for the Financial Year 2022-23 grown at about 40% Advance Tax collections for F.Y. 2022-23 stand at Rs. 1,01,017 […]
Tax Revenues in India Mark a Record High in a Post-Pandemic Economy FY 2021-22 revenue Rs. 27 Lakh Crore; up 34% over Previous Year Slew of Measures such as Ease of Filing ITR, Faceless e-Assessment, new AIS & GST reforms Boosting Compliance & Fueling Tax Collection As a remarkable testimony to the rapid recovery of […]
The tax revenue in the Union Budget for 2021-22 was estimated at ₹22.17 lakh crore against the revised estimates of ₹19 lakh crore, with a growth of 17%. The Union Budget was presented on 1st February, 2021 when the 1st COVID wave had tapered off in India but the world was facing successive waves.
Net Direct Tax collections for the F.Y. 2021-22 at Rs. 13,63,038 crore showing a growth of over 48.4% Advance Tax collections for the F.Y. 2021-22 (Till 4th Instalment) stand at Rs. 6,62,896.3 crore as on 16.03.2022 which shows a growth of approximately 40.75% Refunds aggregating to Rs. 1,87,325.9 crore issued in the current fiscal The […]
The gross GST revenue collected in the month of September 2021 is ₹ 1,17,010 crore of which CGST is ₹ 20,578 crore, SGST is ₹ 26,767 crore, IGST is ₹ 60,911 crore (including ₹ 29,555 crore collected on import of goods) and Cess is ₹ 8,754 crore (including ₹ 623 crore collected on import of goods).
