Net Direct Tax Collection Surges After Reduction Of Corporate Tax Rates: Minister
Since FY 2021-22, the growth in net direct tax collection has been robust, Minister of State for Finance, Pankaj Chaudhary, told the Lok Sabha in a written reply.
The total revenue impact on account of tax benefits extended to companies was Rs 88,109.27 crore and Rs 98,999.57 crore (projected) in FY 2022-23 and FY 2023-24, respectively.
"The above tax benefits have the impact of making the corporates competitive and encouraging investment and, therefore, economic growth," the minister said.
To encourage startups, initiatives taken have resulted in an increase in the number of startups claiming deduction under Section 80IAC of the Income Tax Act from 328 in AY 2022-23 to 877 in AY 2024-25.
Further, the number of companies covered under Section 80JJAA in respect of employment of new employees has increased from 2,838 in AY 2022-23 to 3,644 in AY 2024-25, said Chaudhary.
"The specific incentives are provided in the Income-tax Act through the Finance Bill. The initiatives taken have led to the generation of employment, an increase in tax revenue and overall economic growth," he noted.
In order to create a globally competitive business environment for domestic companies, attract fresh investment and create employment opportunities, section 115BAA and section 115BAB were introduced in the Income Tax Act through the Taxation Laws (Amendment) Act, 2019.
The impact of Section 115BAB is reflected in a significant growth of new manufacturing companies from 2,928 in AY 2022-23 to 7,185 in AY 2024-25, according to the minister.
India's total gross direct tax collections (before adjusting for refunds) have more than doubled in the last five years, reflecting the high economic growth and improved tax compliance in the country, which has been encouraged with the introduction of the new digital technology.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
India.com
11 minutes ago
- India.com
India's most expensive car is not owned by Mukesh Ambani, Gautam Adani or Kumar Mangalam Birla, its price is..., owner is...
Mukesh Ambani eyes major deal! Even Gautam Adani stepped back from race, Reliance to become biggest…, deal is about... Most expensive car of India: We all know about the luxurious lifestyle of India's richest man and the chairman of Reliance Industries, Mukesh Dhirubhai Ambani. From the likes of Rs 15000 crore Antilia to private jets and luxurious car collections, Mukesh Ambani enjoys everything that a rich man in India dreams of. However, do you know the fact that most expensive car of India is not owned by Mukesh Ambani. Yes, contrary to popular belief, Mukesh Ambani does not own the country's most expensive car. Who owns most expensive car of India? It is first worth noting that India's luxury car market is expanding rapidly and is expected to double by 2030. In the world of luxury, there is a car known as Rolls-Royce Phantom EWB, which is known as the most expensive car of India. On a surprising note, the ownership of the most expensive car goes to industrialist Yohan Poonawalla, who owns a highly customised Rolls-Royce Phantom EWB worth Rs 22 crore, featuring a Bohemian Red finish and a solid gold Spirit of Ecstasy. How Rolls-Royce Phantom is special? The Rolls-Royce Phantom comes with luxury features like dual rear infotainment screens, a starlight headliner, ventilated and heated electric seats, and night vision. It is powered by a 6.75-litre twin-turbo V12 engine producing 571 PS and 900 Nm of torque. Who is Yohan Poonawalla? Yohan Poonawalla is the Chairman of Poonawalla Engineering Group viz; Intervalve Poonawalla Ltd, El-O- Matic India Pvt Ltd. Yohan is also a Shareholder in Serum Institute of India Pvt. ltd and Chairman of Poonawalla Financials Pvt Ltd. Other than this, he is also a Director of the Poonawalla Stud Farms and Poonawalla Racing and Breeding. More notably, Yohan is the son of Mr. Zavaray Poonawalla who is the President of the Poonawalla Group. Mr. Zavaray Poonawalla is the co-founder of the Serum Institute of India, which was founded in 1966, as per the official website of Yohan Poonawalla.
Indian Express
11 minutes ago
- Indian Express
Tree Funeral March: AAP protests irregularities in tree cutting in Pune
In a unique show of protest, the Adam Aadmi Party (AAP) organised a symbolic 'Tree Funeral March' on Monday to raise concerns about alleged illegal tree cutting and the lack of transparency in the tree permission process in Pune. The march, featuring participants carrying cut tree branches and saplings wrapped in white cloth, akin to dead bodies, began from JM Road and concluded at the Pune Municipal Corporation (PMC) headquarters. AAP leaders and volunteers accused PMC and other authorities of turning a blind eye to rampant tree felling across the city. 'Between April 2022 and December 2023 alone, official data accessed through the RTI Act shows that permissions were granted to cut 10,502 trees and transplant 11,860 trees,' the party stated in its press release. While agencies were mandated to plant 3.4 lakh compensatory trees and deposited a total of Rs 22.5 crore for the same, AAP alleged that there is no credible or publicly accessible record to confirm whether these plantations have actually taken place. 'The Tree Authority is functioning in a non-transparent manner. Citizens are left in the dark about how decisions are made, where compensatory plantations happen, or if they survive,' said one of the party volunteers during the protest. The party has demanded an immediate halt to illegal tree cutting, a complete audit of past permissions, and the creation of a publicly monitored dashboard to track compensatory plantations.
&w=3840&q=100)
Business Standard
11 minutes ago
- Business Standard
IndusInd Bank appoints Rajiv Anand as MD & CEO for 3 years, effective Aug
IndusInd Bank on Monday announced that its board has appointed Rajiv Anand as the MD&CEO of the bank for a period of three years, effective from August 25, 2025, to August 24, 2028. Anand's appointment has received approval from the Reserve Bank of India (RBI) but is subject to shareholder approval. Anand was one of three candidates recommended by the bank's board to the RBI for the position of MD&CEO. The RBI had given the board until June 30 to submit its list of candidates for the role. Reports had suggested that Anand, Anup Kumar Saha, and Rahul Shukla were the three names sent to the RBI for approval. Prior to this role, Anand was Deputy MD at Axis Bank, where he led the bank's wholesale banking business and was responsible for driving its digital agenda. He joined Axis Asset Management in 2009 as its founding MD&CEO. In subsequent roles, Anand was appointed president of retail banking at Axis Bank and later joined the board as head of Wholesale Banking. Anand holds a degree in Commerce and is a qualified Chartered Accountant. Anand's appointment as MD&CEO follows the resignation of Sumant Kathpalia, the former MD&CEO of the bank, in April, who took moral responsibility for the accounting lapses at the bank. Additionally, former Deputy CEO Arun Khurana also stepped down in April over the same accounting lapses. In Q4FY25, the bank reported a loss of Rs 2,329 crore after ramping up provisions and reversing incorrectly booked revenue and income entries linked to accounting discrepancies in the derivatives and microfinance segments. The bank's Chief Financial Officer and Chief Human Resources Officer also resigned. After the CEO's resignation, IndusInd Bank formed an executive committee to oversee operations, which received a one-month extension last week. IndusInd Bank reported a 72% year-on-year (Y-o-Y) decline in net profit to Rs 604 crore in Q1FY26, due to higher provisions for retail loans and lower income from both core and non-core operations. Following the bank's earnings, IndusInd Bank's Chairman Sunil Mehta stated that the leadership transition is on track. Mehta added that the bank is actively identifying both internal and external candidates for senior management roles.
