theIASHub | 12 Feb, 2024
Context: India’s net direct tax collections picked up pace over the past month to rise 20.25% year-on-year by February 10, compared to a 19.4% uptick on the same date in January, as per data released by the Finance Ministry
Direct Tax
oThe responsibility for levying and collecting direct taxes, as well as formulating other policies related to direct taxes, lies with the Central Board of Direct Taxes (CBDT).
oIncome Tax: Income tax is a tax charged on the annual income of an individual or business earned in a financial year.
oCorporation Tax: A corporate tax, also called corporation tax or company tax, is a direct tax imposed by a jurisdiction on the income or capital of corporations or analogous legal entities.
oDividend Distribution Tax (DDT): Dividend signifies the allocation of profits to a company's shareholders.
üThis tax is a specific tax imposed on the dividends disbursed to shareholders by the corporation.
oSecurities Transaction Tax: It is a tax on gains made on the domestic stock exchange on securities such as equities, options, and futures.
oAlternate Minimum Tax: It is a direct tax applied to the buying and selling of securities listed on recognized stock exchanges in India.
oMinimum Alternate Tax: MAT is a provision in Direct tax laws to limit tax exemptions availed by companies, so that they pay at least a minimum amount of corporate tax to the government.
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