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A direct tax is a levy that you directly pay on your income or earnings. This includes various sources, such as the income you earn from your job, the rent generated from a property, and the proceeds from the sale of real estate.

Budget 2024: What is direct tax and why is it important 

A direct tax is a levy that you directly pay on your income or earnings. This includes various sources, such as the income you earn from your job, the rent generated from a property, and the proceeds from the sale of real estate.

In the landscape of the Budget, direct taxes take centre stage, impacting individuals and businesses alike.
A direct tax is one that you pay directly on your income or earnings. This encompasses various streams, from the income you receive through your job to the rent generated from a property and the proceeds from selling real estate.
What makes direct taxes unique is their progressive structure &ndash; the more you earn, the higher the amount you contribute to the government coffers.&nbsp;
A direct tax is made without any intermediaries. It is levied and directly paid by the individuals or entities to the government.

The Central Board of Direct Taxes (CBDT) emphasized that this collection milestone represents an impressive 86.68% of the overall budget projections for direct taxes in the fiscal year 2022-23.

India's net direct tax collection surges by 19% to ₹14.71 lakh crore in FY24

The Central Board of Direct Taxes emphasized that this collection milestone represents an impressive 86.68% of the overall budget projections for direct taxes in the fiscal year 2022-23.

India has witnessed a significant surge in net direct tax collection, with figures reaching ₹14.71 lakh crore in the ongoing fiscal year, marking a noteworthy 19% increase, according to an announcement by the income tax department on Thursday.
Comparing this to the corresponding period last year, the gross collection has shot up by 24.58%, showcasing a robust performance in revenue generation. The net direct tax collection, after factoring in refunds, stands at ₹12.31 lakh crore, reflecting a substantial 19.55% uptick compared to the same period in the previous fiscal year.
The Central Board of Direct Taxes (CBDT) highlighted that this collection achievement constitutes a remarkable 86.68% of the total budget estimates for direct taxes in FY 2022-23.
Breaking down the growth rates, Corporate Income Tax (CIT) witnessed a 19.72% rise, while Personal Income Tax (PIT), including Securities Transaction Tax (STT), recorded an impressive growth rate of 30.46%.
Factoring in refunds, the net growth in CIT collections reached 18.33%, while PIT collections surged by 21.64% for PIT only and 20.97% for PIT, including STT.
Additionally, the income tax department revealed that refunds totaling ₹2.40 lakh crore have been issued from April 1, 2022, to January 10, 2023, reflecting a substantial 58.74% increase compared to the previous fiscal year during the same period.
The government's ambitious budget target for direct taxes stands at ₹18.23 lakh crore, a noteworthy increase from the ₹16.61 lakh crore collected in the preceding fiscal year, underlining a positive trend in the country's fiscal health. Also Watch: <a href="https://www.editorji.com/business-news/nasa-s-mars-sample-return-mission-hit-by-budget-cuts-lays-off-100-employees-1704966398118">NASA's Mars sample return mission hit by budget cuts, lays off 100 employees</a>

Budget 2023: Fiscal deficit, direct & indirect tax; Key terms including fiscal deficit, direct tax and indirect tax, explained 

Budget 2023: Fiscal deficit, direct & indirect tax; Key terms explained 

With Budget 2023 round the corner, here are some key terms explained.&nbsp;

Budget 2023: Here are some key budget terms explained&nbsp; What is fiscal deficit?&nbsp; The govt has various sources of income &ndash; called as govt revenue. For example, taxes, profits from companies that are owned by the govt etc. The govt spending a lot as well, for example on roads, infrastructure, salaries of govt employees, interest costs, administrative costs etc. Most of the time the govt ends up spending more than its earning. So, this difference between what the govt spends and what it earns, when it spends more than it earns, is called as the FISCAL DEFICIT. What is a direct tax?&nbsp; A direct tax is a tax that you pay on your income or earnings. For example, the salary that you earn, you pay income tax on that. If you have a house on rent, the rental income is taxed. If you sell a house, the income you get for that will also be taxed. Essentially, it is that portion of your income that goes directly from you to the govt in the form of tax. Direct taxes are structured in such a way, that the more you earn, the higher the amount of tax you pay is.&nbsp;
What is an indirect tax?&nbsp; Earlier, we had several kinds of indirect taxes, which have now all been merged into the GST or the goods and services tax. Whenever you go and buy anything or pay for any service, whether its buying shoes or clothes or going for a movie or to a restaurant or stay in a hotel. You are paying a small part of this GST or indirect tax. Why is it indirect? Because it goes from you to the seller, that&rsquo;s whoever you&rsquo;re buying that particular good or service from&hellip;and the seller then passes it on to the govt. So its not going directly from you to the govt like in the case of a direct tax, but from you to the seller to the govt. The tax here is built into the price, its included in what you have to pay. Any tax that you pay on your expenses is known as indirect taxes.

The government's total net direct tax collection, which includes advance tax, dropped 17.6% year-on-year in&nbsp;FY21 till December 15,&nbsp;Moneycontrol&nbsp;reported on Wednesday quoting government sources.
The direct tax collections up to December 15 stood at ₹4.95 lakh crore as against ₹6.01 lakh crore in the corresponding period a year ago.&nbsp;
According to the report, corporate tax collected till December 15 stood at ₹2.26 lakh crore and personal income tax stood at ₹2.57 lakh crore.

Govt's FY21 direct tax revenue till Dec 15 drops 17.6%: reports

The government's total net direct tax collection, which includes advance tax, dropped 17.6% year-on-year in&nbsp;FY21 till December 15,&nbsp;Moneycontrol&nbsp;reported on Wednesday quoting government sources. The direct tax collections up to December 15 stood at ₹4.95 lakh crore as against ₹6.01 lakh crore in the corresponding period a year ago.&nbsp;According to the report, corporate tax collected till December 15 stood at ₹2.26 lakh crore and personal income tax stood at ₹2.57 lakh crore.

The government's total net direct tax collection, which includes advance tax, dropped 17.6% year-on-year in&nbsp;FY21 till December 15,&nbsp;Moneycontrol&nbsp;reported on Wednesday quoting government sources.
The direct tax collections up to December 15 stood at ₹4.95 lakh crore as against ₹6.01 lakh crore in the corresponding period a year ago.&nbsp;
According to the report, corporate tax collected till December 15 stood at ₹2.26 lakh crore and personal income tax stood at ₹2.57 lakh crore.

direct tax

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