Political contribution deductions require assessee-specific proof before cash-back allegations can justify disallowance or unexplained-money additions...
Direct tax collection for 2024-25 fiscal narrowly achieved target, reaching Rs 22.26 lakh crore with 13.57% growth. Despite issuing record refunds of Rs 4,76,743 crore (26.04% increase), net collections were 100.78% of initial budget target. Corporate tax net collection grew 8.30% to Rs 9,86,719 crore, while non-corporate tax net collection increased 17% to Rs 11,82,875 crore. Tax buoyancy factor improved marginally from 1.54 to 1.57, indicating stable revenue performance relative to GDP growth. Provisional figures suggest potential minor adjustments may occur during final reconciliation.
Direct tax collection for 2024-25 fiscal narrowly achieved target, reaching Rs 22.26 lakh crore with 13.57% growth. Despite issuing record refunds of Rs 4,76,743 crore (26.04% increase), net collections were 100.78% of initial budget target. Corporate tax net collection grew 8.30% to Rs 9,86,719 crore, while non-corporate tax net collection increased 17% to Rs 11,82,875 crore. Tax buoyancy factor improved marginally from 1.54 to 1.57, indicating stable revenue performance relative to GDP growth. Provisional figures suggest potential minor adjustments may occur during final reconciliation.
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