In Budget speech, FM Sitharaman said this will reduce tax burden & leave more money in their hands. The govt also raised TDS exemption limit & TCS threshold on foreign remittances.
Income tax is such a steady and reliable revenue stream, and an increasingly vital one, that the government simply cannot afford to do anything that would curtail it.
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.
Rules will apply only to people involved in serious financial irregularities, or those with significant income tax dues pending, according to a change proposed by govt last week.
Given the weakness in consumption and elevated inflation, Budget 2024 was expected to provide a cushion to individual taxpayers. Some comfort has been provided to those who opt for the new tax regime.
July 2024 was first time no official release on GST collections was issued. Collections were Rs 1.74 lakh crore in June & average collections this fiscal yr are highest ever, it is learnt.
Madhya Pradesh government paid Rs 79.07 lakh towards income tax of its ministers in 2023-24, it is learnt, and figure for the past five years cumulatively stood at Rs 3.17 crore.
In the first eight months of the current fiscal year, New Delhi’s net tax intake didn’t even hit the halfway mark of what it expects to collect by March 31.
As Visakhapatnam readies a mega airport, the Andhra Pradesh government has revived its shelved Dagadarthi project, aiming to boost cargo and connectivity on the south coast.
Speaking at annual press conference, Army chief reiterated that India does not recognise 1963 Sino-Pakistan border pact under which Pakistan illegally ceded Shaksgam Valley to China.
UK, EFTA already in the bag and EU on the way, many members of RCEP except China signed up, and even restrictions on China being lifted, India has changed its mind on trade.
COMMENTS