New Delhi, July 16 (IANS) The Central Board of Direct Taxes (CBDT) has increased the Cost Inflation Index (CII) for the financial year 2026-27 by 2.3 per cent to 384 from the corresponding figure of 376 in the previous financial year.The CBDT notification was issued on July 15, 2026, and will apply from April 1, 2026, onwards for tax calculations.The Cost Inflation Index, or CII, provides for adjusting the purchase price of assets for inflation when calculating long-term capital gains tax after …
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New Delhi, July 14 (IANS) India’s net direct tax collections recorded a robust 16.4 per cent year-on-year growth to Rs 6.51 lakh crore as of July 13 in the current financial year, driven by higher corporate tax, non-corporate tax, and securities transaction tax (STT) collections, according to figures released by the Income Tax Department on Tuesday.Net corporate tax collection grew over 22 per cent to around Rs 2.40 lakh crore, while net non-corporate tax collection recorded an increase of aroun…
New Delhi, May 4 (IANS) India’s net direct tax collections recorded steady growth in the financial year 2025–26, rising 5.12 per cent year-on-year to Rs 23,40,406 crore, according to data released by the Central Board of Direct Taxes (CBDT) on Monday.Gross direct tax collections for the fiscal stood at Rs 28,11,936 crore, registering a 4.03 per cent increase compared to Rs 27,03,107 crore in FY25.The rise was supported by higher inflows from both corporate and non-corporate tax segments, ref…
New Delhi, Jan 22 (IANS) Federation of Indian Export Organisations on Thursday urged the government to use the Union Budget 2026 to tackle cost competitiveness issues faced by exporters through customs duty rationalisation and tax incentives.FIEO proposed five measures ranging from customs duty rationalisation to support for domestic shipping lines and enhanced tax incentives for R&D.The industry body argued targeted fiscal support and policy certainty are essential as India competes for glo…
New Delhi, Jan 20 (IANS) As the government nears the presentation of the Union Budget 2026-27 on February 1, the Finance Ministry on Tuesday reflected on the significant Budget announcements and the progress made under them.The Finance Act 2025 introduced comprehensive changes to the Personal Income Tax structure under the New Tax Regime (NTR), leaving more money in taxpayers’ hands.“These changes are effective from FY 2025-26 (AY 2026-27),” Finance Ministry said in a post on X.The Income …
New Delhi, Jan 10 (IANS) The government should consider enhancing standard deduction for salaried employees, allowing more time for belated tax returns and several measures to improve ease of doing business in the upcoming Union Budget, a report has said.The report from KPMG India said India’s top expectations from the budget include a raise in the standard deduction for salaried employees to Rs 1 lakh and extension of timelines for filing revised or belated returns to help taxpayers with cros…