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Direct tax collections grow 21%
Tax collections have risen mainly on robust advance tax mopup
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Life policies with over Rs 5 lakh premium face tax
Previously, the IT Act exempted the amount received by way of bonuses under a life insurance policy. Now, following these regulations, no life insuran
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Benefits of filing Income Tax Return
Refunds from the IT Department can be obtained only if income tax returns have been filed
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Govt borrowing in FY22 touches 58% of the budgeted amount
Direct tax collection rose 74% to ₹ 5.70 lakh crore in the same period
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Net direct tax mop-up jumps 74% to Rs 5.70 lakh crore
The gross collection of direct taxes, before factoring in the refunds, for the FY 2021-22 stood at Rs 6,45,679 crore
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Net tax revenues up 5% in FY21, says FM Nirmala Sitharaman
Non-tax revenue collection dropped 36% to Rs 2.08 lakh crore in 2020-21 from over Rs 3.27 lakh crore in 2019-20
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Higher tax collection in Q1 shows economy on recovery path: Govt
Reasons for the increase in the tax collections include the revival of economic activities and positive sentiments among taxpayers.
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Net direct tax mop up doubles to more than Rs 1.85 lakh cr
Gross collection of direct taxes for this fiscal stood at Rs 2.16 lakh crore, versus Rs 1.37 lakh crore in corresponding period of last year
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At 4.71 lakh cr, personal I-T collections top corporate tax mopup of Rs 4.57 lakh cr in FY21
Individual taxpayers contribute their share during the pandemic, job losses and pay cut
