"corporate-tax"

The Income Tax Act, 2025, will come into effect from April 1, replacing the 1961 law. The new legislation simplifies tax provisions, introduces a single 'tax year', and allows refunds even after delayed filings. The overhaul aims to reduce litigation and make tax compliance easier for individuals and corporates.

India’s net direct tax collection rose 8 per cent to Rs 17.04 lakh crore till December 17, driven by higher corporate advance tax payments and slower refunds. Corporate tax revenues outpaced non-corporate collections, official data showed

New Delhi: Finance Minister Nirmala Sitharaman on Friday said that corporate tax reduction has helped the economy. Replying to the debate on the Finance Bill, the minister told the Lok Sabha that corporate tax collections stood at Rs 7.3 lakh crore so far this fiscal. Besides, Sitharaman pointed out that the Central government did not […]

India had in September 2019 slashed corporate taxes for domestic companies to 22 per cent and to 15 per cent for new domestic manufacturing units.

The government must lead the investment cycle but focus on completing the several projects that are underway and not start new ones.

The I-T department did not specify the financial year for the refunds. However, it is believed that the refunds are for tax returns filed for the 2019-20 fiscal.

The collection for just concluded 2020-21 fiscal was 5 per cent higher than the RE, but was 10 per cent lower than the mop up in 2019-20.