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.
income
Income Tax Department’s Net Direct Tax Collections Exceeds Estimates Hits Rs 19.58 Lakh Crore, Surging 17.70 pc YOY – Check Details
The Income Tax Department’s net direct tax collections for the fiscal year ending in March 2024 exceeded estimates, reaching Rs 19.58 lakh crore, a 17.7% increase year-on-year.
Gross Direct Tax Collection Hits Rs. 23.37 Lakh Cr
Direct Tax collections for FY 2023-24 are at Rs. 19.58 lakh crore, showing an increase of 17.70% compared to the previous year. Gross collection of Direct Taxes for the same year is at Rs. 23.37 lakh crore, representing a growth of 18.48%. Corporate Tax collection in FY 2023-24 is at Rs. 11.32 lakh crore, with a growth of 13.06%, while Personal Income Tax collection is at Rs. 12.01 lakh crore, showing a growth of 24.26%. Refunds issued in FY 2023-24 amount to Rs. 3.79 lakh crore, an increase of 22.74% over the previous year.
India’s net direct tax kitty surges 17.7% to 19.58 lakh cr in FY24, exceeds revised estimates
India’s net direct tax collections grew by 17.7% in fiscal year 2023-24, reaching ₹19.58 lakh crore, surpassing the revised estimates for the year. Gross direct tax collections for the same period amounted to ₹23.37 lakh crore, showing an 18.48% year-on-year growth. The boost in net tax collections during the final fortnight of the fiscal year was driven by personal income tax and securities transaction tax collections, while net corporate tax collections experienced a slight decrease.
US regional banks seen booking more commercial property losses, loan sales
US regional banks are expected to set aside more money to cover potential commercial real estate (CRE) losses and sell more property loans as the sector remains under pressure a year after the collapse of Silicon Valley Bank and Signature Bank.
Direct Tax Collections Grow 18 Per Cent To Rs 19.58 Lakh Crore In FY24, Beat Revised Estimates
Fact: The direct tax collections for the 2023-24 fiscal year increased almost 18 per cent against the funds collected in the previous fiscal year.
Net direct tax collections exceed 2023-24 target
India’s net direct tax collections grew 17.7% in 2023-24 to hit ₹19.58 lakh crore, with personal income taxes contributing 53.3% and corporate taxes contributing 46.5%. March saw the second-highest gross GST revenue of ₹1.78 lakh crore, lifting FY24 collections to ₹20.2 lakh crore. The gross direct tax kitty for 2023-24 stood at ₹23.37 lakh crore, exceeding the target by 97%. Refunds for tax made in 2023-24 rose 22.74% to ₹3.79 lakh crore.
Don Wooten: Taxes are dues we pay to be part of this society
The author, Don Wooten, reflects on his attitude towards paying taxes and the importance of contributing to society through taxes. He mentions his belief that taxes are necessary for the common good and expresses a willingness to pay them, despite some frustrations with how tax money is sometimes used.
India’s direct tax collection surges 18% to Rs 19.58 lakh crore, exceeds targets
India’s net direct tax collections for the fiscal year ended March 2024 surged by 17.7 per cent to Rs 19.58 crore, exceeding both Budget and revised estimates.
Solving the affordable housing crisis in Cyprus
Fact: The European Investment Bank (EIB) has identified land use regulation as the most important determinant of housing supply with an adverse effect on housing affordability.