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FY 2019-20: IT Department to ask for a cut of Rs 1 lakh crore

By Indian Mandarins- 11 Nov 2019
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When Prime Minister Narendra Modi is constantly pitching for making India a $5trillion economy, the income-tax department will ask for a cut of at least Rs 1 lakh crore in the target for direct tax collection in 2019-20 because of growth in the segment sliding to 3 per cent as of October 31. This declining growth is largely because of the consumption slowdown and tax rate cuts.

Corporation tax collection, net of refunds, grew by just 0.5 per cent in the first seven months of the financial year, against the year’s expansion target of 15.4 per cent at Rs 7.66 trillion. However personal I-T collection grew by 5 per cent till October.

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Indianmandarins.com, an initiative of New Media Network, is a multi-media initiative for the fast and real-time dissemination of news and information related to civil services, central PSUs and other institutions that play a critical role in governance, administration, corporate governance, and public life in India. We aspire to provide our esteemed readers with news breaks and situation analysis in the above-mentioned domain of operations. Currently, we are available at www.indianmandarins.com. We are now planning to branch off into print publication and few other related business initiatives.