Income Tax Dept warns public against cash dealings of Rs 2 lakh or more saying that the receiver of the amount will have to cough up an equal amount as penalty. CBDT further extends the time for Linking PAN with Aadhaar till 30th June, 2018.

Direct tax kitty grows 19% to Rs 6.95 lakh cr in Apr-Jan

The government's direct tax kitty swelled to Rs 6.95 lakh crore during the April-January period of the current fiscal, a growth of 19.3 per cent over the year-ago period.

The net direct tax collections represent 69.2 per cent of the revised estimates of Rs 10.05 lakh crore for direct taxes in 2017-18.

"The provisional figures of Direct Tax collections up to January, 2018 show that net collections are at Rs 6. 95 lakh crore which is 19.3 per cent higher than the net collections for the corresponding period of last year," a finance ministry statement said.

The net collections for Corporate Income Tax (CIT) showed a growth of 19.2 per cent and for Personal Income Tax (PIT) at 18.6 per cent. Refunds amounting to Rs 1.26 lakh crore have been issued during 10-month period of the current fiscal.

Refer:www.moneycontrol.com

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