Tag: Circulars and Notifications(Income Tax)

The Direct Tax collections up to August, 2017 continue to register steady growth. Direct Tax collection, net of refunds, stands at Rs. 2.24 lakh crore which is 17.5% higher than the net collections for the corresponding period of last year. This collection is 22.9% of the total Budget Estimates of Direct Taxes for the Financial Year 2017-18.

So far as the growth rate for Corporate Income Tax (CIT) and Personal Income Tax (PIT) in terms of gross revenue collections is concerned, the growth rate for CIT is 5.0% while that for PIT (including STT) is 16.0%. However, after adjusting for refunds, the net growth in CIT collections is 18.1% while that in PIT collections is 16.5%. Refunds amounting to Rs. 74,089 crore have been issued during April, 2017 to August, 2017 which are 7.2% lower than the refunds issued during the corresponding period of Financial Year 2016-17.

–          When the PMJDY was launched in August 2014, only 58% people had their bank accounts and 42% were outside the banking network.

–          The number of total bank accounts opened under PMJDY is more than 30 crore

–          The number of zero balance accounts under PMJDY has declined from 76.81% in September 2014 to less than 20% as of now

–          Pradhan Mantra Jeevan Jyoti Bima Yojana (PMJJBY) and accident insurance through Pradhan Mantra Suraksha Bima Yojana (PMSBY):  As on 7th August, 2017, total enrollment was 3.46 crore under the PMJJBY and 10.96 crore under PMSBY. In both schemes, close to 40 percent of the enrollees are women.

–          92% of our people have Aadhar cards

–          Aadhar has helped in targeting the subsidies which, in turn, helped in avoiding wastage of resources