Refunds amounting to Rs 1.53 lakh crore have been issued between April 1 and October 8, which are 81 per cent higher than refunds issued during the same period in the preceding year.
The net direct tax collections (income tax and corporate tax) reached an all time high of Rs 14.09 lakh crore in financial year 2021-22 against Rs 9.45 lakh crore collections in FY 2020-21, CBDT Chairman J.B. Mohapatra said on Tuesday.
New Delhi: Finance Minister Arun Jaitley on Tuesday said demonetisation and the Goods and Services Tax (GST) led to higher formalisation of economy resulting in higher direct tax revenue and greater number of income tax return filings. “The impact of demonetisation and GST implementation has resulted into higher formalisation of economy. This is further substantiated […]
New Delhi: The government on Saturday reported a growth of 14.4 per cent in direct tax collections for April-November, 2017-18. “Provisional figures of direct tax collections up to November 2017 show that net collections are at Rs 4.8 lakh crore which is 14.4 per cent higher than the net collections for corresponding period of last […]
New Delhi: A task force for redrafting the Indian Income Tax Act, 1961, to bring it in tune with the current economic needs and realities, was set up by the government on Wednesday, an official statement said. The six-member task force will have Central Board of Direct Taxes’ Member, Legislation, Arbind Modi as the Convener, […]
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