Direct Tax

Direct Tax Collections Jump 182% In 10 Years To Over Rs 19.60 Trn In FY24

Direct tax collections have soared by 182% over the past decade, exceeding ₹19.60 trillion in the fiscal year 2023-24 under Prime Minister Narendra Modi's administration. According to the latest "Time Series Data" released by the income tax department, corporate tax revenues have more than doubled, reaching over ₹9.11 trillion, while...

India’s Net Direct Tax Collection Rises 18.3% to Reach Rs 11.25 Trillion by October

As of October 10, India’s net direct tax collection has shown a strong 18.3% growth, reaching Rs 11.25 trillion. This growth indicates healthy economic activity, reflecting an increase in both personal and corporate tax collections. According to government data, here is the division of the tax collected so far: Personal...

India’s direct tax revenue surges by 20% to reach ₹18.9 trillion

The Central Board of Direct Taxes (CBDT) announced that the Center's direct tax collection after adjusting for refunds has increased by 19.88% annually to ₹18.9 trillion. CBDT said in a statement it is according to provisional figures until Sunday. This growth contrasts with ₹15.76 trillion collected in the corresponding period...

India cuts all windfall tax on crude oil

According to a government notification, the central government has withdrawn all windfall taxes on crude oil with immediate effect. This comes as global crude oil prices rose after a group of oil-producing countries agreed to cut output in May of this year. Oil producers in the Organization of Petroleum Exporting...