direct tax

Direct Tax Collections of FY 2022-23

The CBDT operating under the Finance Ministry recently released the Revised Estimates of the Direction of Tax collection of the country. In accordance with the report released, the direct tax collection of India has increased by 24% in 2022-23 as ..

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Common Income Tax Return Form

A single income tax return (ITR) form was proposed for all taxpayers. The draft of the proposed form was unveiled recently by the Central Board of Direct Taxes (CBDT) to receive public inputs until December 15. How many kinds of ..

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Income Tax Day: What are the recent Direct Tax Reforms in India?

India observes the “Income Tax Day” on July 24, every year. This day was introduced in 2010, for commemorating 150 years of Income Tax in India. The day is celebrated with multiple outreach programmes and events, in a bid to ..

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1.32 lakh declarations filed under Vivad se Vishwas scheme

On 19th July, 2021, the parliament of India was informed that over 1.32 lakh declarations generating Rs 99,765 crore of disputed tax have been filed under the ‘Vivad se Vishwas’ scheme.   Key Points The declarations received under the ‘Vivad ..

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Tax collections for FY 21

The Ministry of Finance recently released the tax collection figures for the financial year 2020-21. According to the ministry, the direct tax collections for the financial year 2020-21 are Rs 9.45 lakh crores. Tax collections for the fiscal year 2020-21 ..

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Net Tax Collection exceeds revised estimates in FY21

In the fiscal year (2020-21) that ended on March 31, 2021, the corporate tax and income tax collected were Rs 9.45 lakh crores. About the Tax Collections The tax collections in the fiscal year 2021 exceeded the revised target by ..

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