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Tax dept asks officers to suggest changes in direct tax laws

In a bid to keep nation's tax laws in conformity with changing times, the Income Tax Department has created a permanent mechanism for seeking inputs from its officers for changes required in the direct tax regulations.

PM Modi assures middle class of an end to tax terrorism

PM Modi assures middle class of an end to tax terrorism

"Middle class, upper middle class used to be hassled with I-T officers, more than police. I have to change this situation, I am working on it and will make the change happen," Modi said in his Independence Day address.

Government's tax kitty swells to Rs 4.3 lakh crore in April-July

Government's tax kitty swells to Rs 4.3 lakh crore in April-July

Reflecting an upturn in economic activity, government's revenue collection showed an impressive growth in April-July period of this fiscal, with total direct and indirect tax mop-up rising to Rs 4.3 lakh crore.

Govt aims to make India ''tax paying, not tax evading'' society: Arun Jaitley

Govt aims to make India ''tax paying, not tax evading'' society: Arun Jaitley

Union Finance Minister Arun Jaitley on Saturday said the government`s policy with regard to direct taxation is very clear, adding the ruling dispensation aims to gradually nudge the system to make India a tax paying society and not a tax evading society.

Just 1% of population pay taxes; over 5,000 paid more than Rs 1 crore

Just 1% of population pay taxes; over 5,000 paid more than Rs 1 crore

Taxpayers account for just about one per cent of India's population, but tax outgo was over Rs 1 crore for as many as 5,430 individuals, as per the latest data disclosed by the government for assessment year 2012-13.

Indirect tax mop-up paces up, grows 36% during Apr-Oct 2015

In October 2015, indirect tax revenue collections rose 36.8 percent from a year ago.

Govt will have to forget direct tax of Rs 6.73 lakh crore

A paper presented during the recently held All India Conference of Chief Income Tax Commissioners stated that the department might recover 19% of Rs 8 lakh crore. But there's a rider: even this is going to be a 'tough task'.

Higher tax collections to help improve fiscal deficit: Jaitley

Finance Minister Arun Jaitley on Monday said direct tax collections for the current financial year were likely to increase by 14-15 percent, enabling the government to improve upon its fiscal deficit target of 3.9 percent.

Tax dues from companies at Rs 4.85 lakh crore: Finance Ministry

Corporates owed over Rs 4.85 lakh crore approximately to the exchequer as outstanding tax demands, under direct and indirect taxes, towards the end of fiscal 2014-15, Parliament was informed on Tuesday .

Direct tax collections up 11.38% in Apr-Jan FY'15

Direct tax collections increased by 11.38 percent to Rs 5.78 lakh crore during the April-January period of current financial year.

Direct tax collections up 13% in 9 months of FY'15

The direct tax collection during the first nine months of the current fiscal increased by 12.93 percent to Rs 5.46 lakh crore over the same period a year ago.

Idea of higher tax to run state is 'anti-people': FM

Asserting that government does not subscribe to the ideology of imposing higher taxes to run the state, Finance Minister Arun Jaitley on Friday termed such an idea as "anti-people".

CBDT to hold high-level tax collection meeting next week

The next week's meeting will be chaired by CBDT Chairperson Anita Kapur along with the five members.

Outstanding tax demand up at Rs 5.75 lakh cr in FY'14

The outstanding direct tax demand increased to Rs 5.75 lakh crore in 2013-14, up 18.33 percent over the previous fiscal, the government said Tuesday.

Net direct tax collection up 7% at Rs 2.68 lakh cr

Net direct tax collection has risen only 7.09 percent to Rs 2,68,836 crore in the first six months of the current fiscal.

I-T department to tighten noose around corporate bosses

Expenses incurred on luxury cars, property purchase, coaching centres, earnings on fixed deposits will be closely watched by the I-T department.

Indirect tax collections up 4.6% in April-June

The indirect tax collection target for 2014-15 fiscal stands at Rs 6.24 lakh crore.

'Achieving Rs 6.24 lakh cr in indirect taxes a challenge'

It is a challenge to achieve the budget target of Rs 6.24 lakh crore in indirect taxes in the current financial year, a senior finance ministry official said Monday.

Jaitley to meet state FMs on GST next month

Keen to fast track Goods and Services Tax (GST), Finance Minister Arun Jaitley on Thursday reviewed the progress with regard to the rollout of the new indirect tax regime and decided to hold an early meeting with the state Finance Ministers to sort out pending issues.

CBDT ask officials to ensure M&As do not defraud revenue

As per the procedure, M&As are required to be vetted by the high court concerned.