Latest news with #IncomeTaxActof1961
Mint
6 hours ago
- Business
- Mint
India's gross direct tax collections rise 4.86% to ₹5.45 lakh crore in FY26 so far, net collections dip – Here's why
The gross direct tax collections in India for the financial year 2025-26 rose by 4.86 per cent to nearly ₹ 5.45 lakh crore as of June 19, from ₹ 5.19 lakh crore reported during the same period the previous year, according to data released by the Income Tax Department. There was a marginal dip of 1.39 per cent in the net tax collections, which stood at ₹ 4.59 crore, due to a 58 per cent increase in refunds issued, PTI reported. As of June 19, advance tax collections for the financial year 2025-26 were ₹ 1.56 lakh crore, a 3.87 per cent growth. The surge in advance tax collections was primarily due to a 5.86 per cent increase in corporate advance tax payments, while collections from non-corporate taxpayers decreased by 2.68 per cent. Even though corporate tax collections rose, the Securities Transaction Tax (STT) experienced a decrease, and the overall growth in collections was moderated by high refund outflows. The Income Tax Department recently launched the 'e-Pay Tax' feature, which is an online portal to make payments through the net banking facility of the authorised banks. The July 2024 Budget included a proposal for an extensive evaluation of the Income Tax Act of 1961. The aim was to streamline the Act for clarity, ultimately minimising disputes and litigation. On March 25, Union Finance Minister Nirmala Sitharaman mentioned that the new Income Tax Bill will be discussed during the Parliament's monsoon session. The Finance Minister has previously indicated in his budget speech that under the updated tax structure, individuals with earnings up to ₹ 12 lakhs will incur no tax liability thanks to the raised rebate of ₹ 60,000.
Mint
8 hours ago
- Business
- Mint
India's gross direct tax collections rise 4.86% to ₹5.45 lakh crore in FY26 so far, net collections dip – Here's why
The gross direct tax collections in India for the financial year 2025-26 rose by 4.86 per cent to nearly ₹ 5.45 lakh crore as of June 19, from ₹ 5.19 lakh crore reported during the same period the previous year, according to data released by the Income Tax Department. There was a marginal dip of 1.39 per cent in the net tax collections, which stood at ₹ 4.59 crore, due to a 58 per cent increase in refunds issued, PTI reported. As of June 19, advance tax collections for the financial year 2025-26 were ₹ 1.56 lakh crore, a 3.87 per cent growth. The surge in advance tax collections was primarily due to a 5.86 per cent increase in corporate advance tax payments, while collections from non-corporate taxpayers decreased by 2.68 per cent. Even though corporate tax collections rose, the Securities Transaction Tax (STT) experienced a decrease, and the overall growth in collections was moderated by high refund outflows. The Income Tax Department recently launched the 'e-Pay Tax' feature, which is an online portal to make payments through the net banking facility of the authorised banks. The July 2024 Budget included a proposal for an extensive evaluation of the Income Tax Act of 1961. The aim was to streamline the Act for clarity, ultimately minimising disputes and litigation. On March 25, Union Finance Minister Nirmala Sitharaman mentioned that the new Income Tax Bill will be discussed during the Parliament's monsoon session. The Finance Minister has previously indicated in his budget speech that under the updated tax structure, individuals with earnings up to ₹ 12 lakhs will incur no tax liability thanks to the raised rebate of ₹ 60,000. On March 18, the government urged stakeholders to provide their suggestions on the newly introduced Income Tax Bill 2025, which is currently being reviewed by the Select Committee for detailed consideration.
Yahoo
17-02-2025
- Business
- Yahoo
India's ICAI to review Income Tax Bill 2025 to suggest improvements
The Institute of Chartered Accountants of India (ICAI) has been tasked by the Finance Ministry to scrutinise the new Income Tax Bill 2025 and propose enhancements. The Central Board of Direct Taxes (CBDT) has called for feedback on the bill. A five-member team has been established by the ICAI to examine the bill and offer recommendations, as reported by the Economic Times. This initiative is part of a broader effort to overhaul the current tax system and make it more conducive for investors and taxpayers. The ICAI's analysis covers each section of the bill with the objective of simplifying processes for businesses and individuals. The new bill is intended to strike a balance that facilitates smoother business activities while easing the tax burden on individuals. Finance Minister Nirmala Sitharaman recently presented the bill in parliament, signalling a move towards a tax system that is simpler and more appealing to investors. The bill is also undergoing detailed examination by a parliamentary committee. It will replace the Income Tax Act of 1961, introducing the term 'tax year' to replace 'assessment year', with new businesses' tax years starting from their date of incorporation, reported the Press Trust of India. The bill addresses ambiguities in sections 44AD, 44AE and 44ADA, which have implications for professionals. It is set to introduce a refined method for profit computation by defining 'profit claimed to have been actually earned'. In December 2024, the ICAI recommended a specialised tax regime for partnership companies, which are currently taxed at 30%. It also proposed a 12% surcharge on incomes exceeding Rs10m ($115.16m). Last week, the ICAI announced the appointment of Charanjot Singh Nanda as its 73rd president for the term 2025–26. "India's ICAI to review Income Tax Bill 2025 to suggest improvements " was originally created and published by The Accountant, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
