India’s net direct tax collections’ growth accelerated to 22.5% by August 11, from a 19.54% recorded a month ago, led by a 30% spike in Personal Income Tax (PIT) revenues and a 111% surge in Securities Transaction Tax (STT) receipts, even as corporate tax inflows grew a mere 5.9% from last year.Data from the Central … Read more
Simplifying the tax regime for corporate industries, Union Finance Nirmala Sitharaman on Tuesday, proposed new tax structures for charities, foreign shipping companies, rationalisation of capital gains in her 2024 Budget speech. She also reduced corporate tax on foreign companies from 40 to 35%. Ms. Sitharaman’s speech lasted just shy of ninety minutes Also read: Budget … Read more
Net direct tax collection grew 19.54% to over ₹5.74 lakh crore so far this fiscal on higher advance tax payment by corporates. The first instalment of advance tax, which was due on June 15, rose 27.34% to ₹1.48 lakh crore. This includes Corporation Income Tax (CIT) at ₹1.14 lakh crore and Personal Income Tax (PIT) … Read more
Growth in India’s net direct tax collections slowed slightly to 19.54% by July 11, relative to a 21% rise recorded by June 17, with revenues hitting ₹5.74 lakh crore, the Income Tax department said on Friday.Personal income tax (PIT) receipts constituted 60.2% of the net collections at ₹3.46 lakh crore, rising 21.4% year-on-year, while corporate … Read more
The Bharatiya Janata Party-led National Democratic Alliance faced huge setbacks in the Lok Sabha elections in the agrarian belts of the country. The BJP lost in at least 38 seats in five States where the farmers’ movement against the policies of the Narendra Modi government was strong. This government is a continuation of the first … Read more
Direct tax collections are off to a brisk start in the first quarter of this year, with net taxes rising 21% to almost ₹4.63 lakh crore by June 17, from ₹3.82 lakh crore over the same period a year ago, the Finance Ministry said on Tuesday.Personal Income Tax (PIT) and Securities Transaction Tax (STT) inflows … Read more
The Tiruchi Corporation has decided to implement UPI to collect taxes, fines and other charges from the tax payers and citizens. Property tax, professional tax, water charges, underground drainage user charges and cable television fee are among the major sources of revenue of the Corporation.In addition to them, it generates revenue from commercial ventures such … Read more
GameStop Corp. shares more than doubled after a Reddit account posted a 6 million position in the game retailer, driving up the stock price.
Reddit shares soared 14% after strong revenue growth and improving profitability in its first earnings since its market debut.
– During the election campaign, the Congress emphasized social justice and welfare in its manifesto.
– Prime Minister Narendra Modi accused the Congress of having communal intentions with its plans for a caste census and distribution of surplus government land.
– The Congress defended its manifesto, stating that rising wealth inequality in the country needs to be addressed.
– The Finance Ministry released data showing an increase in net tax collections, driven by personal income tax and securities transaction tax.
– The share of corporate tax has been decreasing while personal income tax has been increasing.
– Direct taxes have been decreasing while indirect taxes have been increasing.
– A bulk of those who file personal income tax earn an annual income of ₹1 lakh-₹5 lakh.
– The effective personal income tax rate in India is among the highest compared to other BRICS countries.
– Poorer citizens and the middle-class are shouldering a higher share of the tax burden due to the rising share of personal income tax and indirect taxes.