Income Tax News

Surge in High-Income Taxpayers Reflects Growing Incomes and Compliance

23 October 2024 at 08:48

The number of individuals reporting taxable income exceeding ₹1 crore has seen a dramatic rise, jumping from 44,078 in AY 2013-14 (FY 2012-13) to nearly 2.3 lakh in AY 2023-24 (FY 2022-23).

Posted in Income Tax | 336 Views

Number of Income Taxpayers in India Exceeds 10 Crore, Tax Buoyancy Hits 2+ in FY24

21 October 2024 at 08:42

India's income taxpayer base has crossed 10 crore, nearly doubling in the last decade. Tax buoyancy rose to over 2 in FY24, indicating strong tax revenue growth aligned with GDP.

Posted in Income Tax | 1572 Views

Personal Income Tax Collection Surges 294% in FY24

21 October 2024 at 08:41

India's personal income tax collection rose by 294% over a decade, reaching Rs 10.45 lakh crore in FY24, while corporate tax collections grew by 112%. Tax compliance, return filings, and India's tax-to-GDP ratio also improved.

Posted in Income Tax | 1383 Views

Income Tax Department Releases Handbook on Judicial Matters for Internal Use Only

21 October 2024 at 08:41

Explore key insights from the Handbook on Judicial Matters, including guidelines for filing appeals in the ITAT, High Court, NCLT and NCLAT, along with prosecution procedures and more.

Posted in Income Tax | 942 Views

Direct Tax Share in GDP Reaches 24-Year High at 6.64% in FY24

21 October 2024 at 08:40

Direct taxes surged to 6.64% of GDP in FY24, with collections rising by 17.82%, outpacing nominal GDP growth. Personal income tax collections also surpassed corporation tax for the second year in a row.

Posted in Income Tax | 282 Views

Direct Tax Collections Soar 182% in 10 years, Hit Rs 19.60 Trillion in FY24

19 October 2024 at 08:05

India's direct tax collections have seen an unprecedented surge of 182% in the decade under Prime Minister Narendra Modi's leadership, crossing ₹19.60 trillion in the fiscal year 2023-24.

Posted in Income Tax | 1401 Views

CBDT Releases Updated TDS Rates for FY 2024-25

18 October 2024 at 09:13

The Central Board of Direct Taxes (CBDT) has announced revised TDS rates for the financial year 2024-25, applicable for the assessment year 2025-26.

Posted in Income Tax | 16368 Views

CBDT Exempts RBI from TCS Requirement under Section 206C(1F) of the Income Tax Act

18 October 2024 at 09:13

CBDT has issued Notification No. 115/2024, dated October 16, 2024, exempting the Reserve Bank of India (RBI) from the requirement of tax collection at source (TCS) under Section 206C(1F) of the Income Tax Act, 1961

Posted in Income Tax | 3852 Views