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[ad_1] NEW DELHI: Direct tax collections have increased over 23% to Rs 6,45,239 crore during this financial year up to July 11, driven by a faster rise in personal income tax , the Central Board of Direct Taxes ( CBDT ) said on Saturday. Net collections were 19.5% higher at over Rs 5.7 lakh crore as refunds soared almost 65% to Rs 70,902 crore during the period.On a gross basis, corporate tax collections were 20.4% higher at Rs 2,65,336 crore, while personal income, including securities transaction tax, rose 25.3% to a little under Rs 3.8 lakh crore. "Corporate profits continue to surge significantly, and these are clearly reflected in the first quarter advance tax collections. A booming stock market has also contributed to higher STT [securities transaction tax] collections. Strong collections being the backdrop of the upcoming budget indicate the possibility of the govt reigning in the fiscal deficit," said Rohinton Sidhwa, partner at Deloitte India. So far this yea...

[ad_1] Tax policies were left unchanged, major subsidies on food, fertiliser, and fuel were 8% lower and an allocation for the MGNREGA rural employment scheme was held steady in the 2024 interim budget read out in Parliament by union finance minister Nirmala Sitharaman on Thursday ahead of the Lok Sabha elections due by May. The interim budget is seen as a stop-gap fiscal plan during an election year, aimed at meeting immediate financial needs before a new government is formed. The full union budget will only be released after the elections. “I propose to retain the same tax rates for direct and indirect taxes, including import duties," Sitharaman said. The minister, however, proposed to withdraw outstanding direct tax demands of up to Rs 25,000 till FY09/10 and up to Rs 10,000 for FY10/11 to 14/15, and said it would benefit around one crore taxpayers. Sitharaman said direct collections had more than trebled in the past 10 years, and the number of people filing returns had i...

[ad_1] ITR Filing: About 5.83 crore income tax returns were filed as on July 31 last year, the last day for filing returns for assessment year 2022-23. Acting as consolidated tax credit system, Form 26AS plays an important role in all the tax payments made on your behalf by your employer or clients. Form 26AS is something you should be aware of if you are a person or a business submitting tax returns . Form 26AS, which serves as a unified tax credit system, is essential in all tax payments made on your behalf by your company or clients. It contains important information regarding Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) from various income sources such as banks and employers. What is the significance of Form 26AS, and why should you pay attention to it before completing your income tax returns? Let us dissect it and grasp its significance: Form 26AS is like an annual statement provided to taxpayers by the Income Tax Department. It’s a summary of your tax info...

[ad_1] Millions of Americans worked from home — at least partially — during the coronavirus pandemic years and now many are wondering if they can claim the home office deduction on their federal taxes. The answer depends on what type of an employee you were the year prior, said Julia Glum, a news editor at Money. "Unfortunately, in general, if you are an employee, you do not qualify for a home office deduction," Glum told CBS News.  For the last few years, the only people who qualify for the deduction are self-employed, small business owners, freelancers or other types of independent contractors. The home office deduction allows these workers to subtract the money they paid for home office expenses from their income, thus reducing their overall tax liability for the year. Those who qualify can deduct things like desks, home repairs, office supplies and portions of their mortgage interest and utilities, she added. Homeowner...