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Personal Income Tax (PIT) collection is set to exceed Corporate Income Tax (CIT) for the second successive year in a row, data from Income Tax department showed. It also showed that fiscal year (FY) 2023-24 is also likely to see the share of direct taxes higher than indirect taxes in overall tax collection.
Read more at: The Hindu business line
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Finance Minister Nirmala Sitharaman, while introducing the Bill in the Lok Sabha, had said that “substantial changes” have been made in the Bill. The number of words has been halved from 5.12 lakh, and the number of chapters also has been halved to 23 from 47 currently. Following the introduction, the Bill was referred to the select committee of the Lok Sabha that is mandated to submit its report by March 10.
The Income Tax Department conducted searches at the corporate offices of Googee Properties and Developers, as well as Anvita Builders, early Thursday morning.
FM asked CBDT to further explore ways to pace up their scale and review the strategy for disposing of pending tax appeals, warning that it could take “a century” to clear the backlog of pending 5.4 lakh appeals.