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Income tax collection exceeded corporate tax collection for the first time in 12 years

Income tax collection exceeded corporate tax collection for the first time in 12 years
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Concessional 5% withholding tax continues for debt interest income of FPIs


The Income Tax department on Wednesday said that concessional rate of tax of 5 per cent shall continue for certain interest income of foreign portfolio investors.
Clarifying on reports which said that concessional withholding tax rate of 5 per cent on interest income of FPIs has been withdrawn, the Central Board of Direct Taxes (CBDT) said there is no change in the rate of tax chargeable.
It is hereby clarified that there is no change in the said provision even after amendment of section 115AD vide Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 and the concessional rate of tax of 5% shall continue to be applicable for interest income referred to in section 194LD of the Act, the CBDT said in a statement. ....

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21.5% growth in direct tax revenue for FY22 a realistic goal: CBDT chairman


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Budget 2021 | Government Targets Gross Tax Revenue Of Rs 22.17 Lakh Crore In FY22


Budget 2021 | Government targets gross tax revenue of Rs 22.17 lakh crore in FY22
The Centre s net tax revenue for FY22 has been pegged at Rs 15.45 lakh crore. Corporate tax collection for FY22 has been pegged at Rs 5.47 lakh crore, personal income tax at Rs 5.61 lakh crore and revenue from Goods and Services Tax (GST) at Rs 6.3 lakh crore.
February 01, 2021 / 05:27 PM IST
We propose to divest two PSU banks and one general insurance company in FY22. Further, divestments of BPCL, CONCOR, Pawan Hans, and Air India will be completed in FY22. FY22 Divestment target is at Rs 1.75 lakh crore. We will create new list of companies for divestment. The government will form a special purpose vehicle (SPV) for monetising land owned by state-owned PSUs and will set up separate administrative structure for co-operatives. ....

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