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Direct tax collection, net of refunds, moderately exceeded the revised estimates (RE) for the financial year 2023-24 (FY24) on the back of personal income tax revenues, but corporation tax receipts fell short of the RE. Net direct tax collection stood at Rs 19.58 trillion in FY24, surpassing the RE of Rs 19.45 trillion by Rs 13,000 crore, or 0.7 per cent. The government had revised up FY24 projections for personal income tax by 13.5 per cent over the Budget estimates (BE) of Rs 9 trillion, at Rs 10.22 trillion.

India's FY 2023-24 net direct tax collections of ₹19.58 lakh crore exceeded estimates, aiding fiscal deficit target achievement. Corporate and personal income tax growth contributed to the positive outcome.

Rules provide mechanism to arrive at fair market value for Compulsorily Convertible Preference Shares

The Indian government has issued final valuation rules for overseas investments in startups, aimed at reducing disputes related to angel tax and addressing money laundering concerns. The rules include a mechanism for determining the fair market value of investments made through compulsorily convertible preference shares (CCPS). Effective from September 25, the rules offer investors the flexibility to choose from five valuation methods.

The Income Tax Department has notified new angel tax rules that comprise a mechanism to evaluate the shares issued by unlisted startups to investors.