According to Central Board of Direct Taxes, collections stood at Rs 6.44 lakh crore during same period last year, with increase driven by higher corporate and non-corporate revenues.
In the current fiscal year, tax and non-tax revenue collections could take a hit. The projections will need to be recalibrated in light of the uncertain environment.
Slump in corporate sector, overall slowdown in economy are key reasons, but analysts assure the slowdown is not likely to impact govt's fiscal projection for the year.
The I-T dept Thursday released time-series data on direct tax collections between 2000-01 & 2023-24, showing an increasing reliance on direct taxes versus indirect taxes.
Speaking at an event in Delhi, US Ambassador to India Eric Garcetti adds 'FDI isn't flowing into India at pace it should' & New Delhi must not view its self-reliance as 'fortress'.
The GST council must incorporate suitable provisions under the GST law to empower taxpayers to immediately remove disruptions in smooth flow of goods due to discretionary powers of authorities.
India's attractiveness as an investment destination is not based on its low tax rates. Give the super-rich basic amenities in return for the higher tax and they'll stay and pay.
Corporate tax collections levied on profits of firms contracted 18% in 2020-21 to a 5-year low. There has been a sharp fall in firms filing tax returns for income ranges of above Rs 5 lakh.
Like all fashion, intellectual fashion too moves in circles. With economic disruption, growing inequality, & lack of government resources, economic practice is coming full circle.
Tax revenues declined 22 per cent from the year-ago period to Rs 4.58 lakh crore and were at 28 per cent of the full year target of Rs 16.36 lakh crore in the April-September period.
We get very angry when rain disrupts our lives and brings our cities to a halt, but by the time the elections come around, we have forgotten how angry we were.
ED has accused Amtek promoter Arvind Dham of controlling web of nearly 500 shell companies operating as a layered structure, with up to 15 levels of indirect ownership, to divert funds.
Bengaluru-based CeNS designs accurate, portable, and cheap sensor using surface-enhanced Raman spectroscopy. It could significantly reduce risks at vulnerable choke points.
From Munir’s point of view, a few bumps here and there is par for the course. He isn’t going to drive his dumper truck to its doom. He wants to use it as a weapon.
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