Why in the news ?

• Direct tax collections during the first nine  and­ a ­half months of the current fiscal have risen by 18.7% to Rs.6.89 lakh crore.

More on news

• According to the Central Board of Direct Taxes (CBDT), the collections till January 15, 2018, represent over 70% of the Rs. 9.8 lakh crore revenue target from direct taxes.

• There is increase in Gross collections (before adjusting for refunds) by 13.5% to Rs 8.11 lakh crore during April 2017 to January 15, 2018.
• Refunds amounting to Rs. 1.22 lakh crore have been issued during this period.
• “consistent and significant” improvement in the position of direct tax collections during the current fiscal, the CBDT said.
• The growth rate of total gross collections has improved from 10% in Q1, to 10.3% in Q2, to 12.6% in Q3 and to 13.5% as on January 15, 2018. And  the growth rate of total net direct tax collections has climbed up from 14.8% in Q1, to 15.8% in Q2, to 18.2% in Q3 and to 18.7% as on January 15, 2018.

Direct Taxes

• Direct taxes are those which are paid directly to the government by the taxpayer
• It is a tax applied on individuals and organizations directly by the government e.g. income tax, corporation tax, wealth tax etc.
• This tax liability has to be paid by the taxpayer in question and cannot be transferred to any other entity for payment.

CBDT

• The Central Board for Direct Taxes (CBDT) is a statutory authority functioning under the Central Board of Revenue Act, 1963.
• Direct taxation in India is overseen by the Central Board of Direct Taxes or the CBDT.
• The CBDT is a part of the Department of Revenue in the Ministry of Finance and is responsible for the administration of the direct tax laws. It also provides inputs and suggestions for policy and planning of the direct taxes in India.

Source

·         The Hindu, IncomeTaxIndia.