tax collection

Tax reporting transparency reaches a tipping point

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Tax reporting transparency reaches a tipping point

Tax transparency is becoming more common globally, with regulators, investors, and the public demanding greater visibility into corporate tax profiles. Companies are facing new tax reporting and disclosure requirements, such as expanded Financial Accounting Standards Board disclosures in the U.S. and public Country-by-Country Reporting legislation in the EU. Adapting to these changes and investing in suitable technology tools can help companies communicate their tax narrative effectively and enhance trust with stakeholders.

India’s net direct tax kitty at Rs 19.58 lakh cr, exceeds revised estimates by Rs 13k cr

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India's net direct tax kitty at Rs 19.58 lakh cr, exceeds revised estimates by Rs 13k cr

India’s net direct tax collections surged by 17.7 per cent year-on-year to Rs 19.58 crore in the fiscal year ended March 2024, exceeding the revised estimates by Rs 13,000 crore.

Direct tax collections exceed estimates in FY24; jump 18 pc to Rs 19.58 lakh crore

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Direct tax collections exceed estimates in FY24; jump 18 pc to Rs 19.58 lakh crore

India’s net direct tax collections for the fiscal year ended March 2024 surged by 17.7% to Rs 19.58 crore, exceeding both Budget and revised estimates.

India’s direct tax collections surge 17.7% in FY24 to ₹19.58 tn

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India’s direct tax collections surge 17.7% in FY24 to ₹19.58 tn

The Central government has collected ₹19.58 trillion in direct tax revenue in FY24 after adjusting for refunds, showing a 17.7% growth annually.

Direct tax collections jump by 18 per cent to Rs 19.58 lakh crore, exceeds estimates in FY24

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Direct tax collections jump by 18 per cent to Rs 19.58 lakh crore, exceeds estimates in FY24

The gross corporate tax collection (provisional) in FY 2023-24 was up 13.06 per cent to Rs 11.32 lakh crore.

Direct tax collections exceed estimates in FY24; jump 18% to ₹19.58 lakh crore

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Direct tax collections exceed estimates in FY24; jump 18% to ₹19.58 lakh crore

The country’s net direct tax collections surged by 17.7% year-on-year to ₹19.58 crore in the fiscal year ended March 2024, exceeding both budget and revised estimates.

Direct tax collection jumps 17.7% in FY24

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Direct tax collection jumps 17.7% in FY24

Fact: India’s net direct tax collections surged by 17.7% year-on-year to Rs 19.58 crore in the fiscal year ended March 2024, exceeding Budget Estimates by 7.40%.

Direct tax collections shoot past budget target by Rs 1.35 lakh cr in 2023-24 – Greater Kashmir

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Direct tax collections shoot past budget target by Rs 1.35 lakh cr in 2023-24 - Greater Kashmir

The net direct tax collections for the financial year 2023-24 exceeded the Union Budget Estimates by Rs 1.35 lakh crore or 7.4%, reaching Rs 19.58 lakh crore.

As collection soars, govt must focus on widening the tax net

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As collection soars, govt must focus on widening the tax net

Direct tax revenues rose by 18 percent in 2023-24, while goods and services tax collections crossed Rs 20 lakh crore for the first time with a 12 percent growth. The government has been successful in plugging loopholes in the tax system, but needs to widen the tax net to bring more people under it. Personal income tax collection grew by 25 percent, exceeding corporate tax collections in absolute terms. The government should strive for higher collection through both personal income taxes and corporate taxes in the long run. Technology and measures like TCS and TDS have helped bring more people under the tax net, but efforts should not be overzealous.

India income tax collection up 17.7pc in 2023-24 to nearly $235bn

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India income tax collection up 17.7pc in 2023-24 to nearly $235bn

Fact: India’s income tax collection increased by 17.7% in the 2023-24 financial year, reaching nearly 5 billion.