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Over the past few months, there’s been a lot of brouhaha about the lagging pace of bank deposits in India. Simply put, the rate at which Indians are depositing their hard-earned money in banks has been falling constantly, and some blame the increasing financialization of household savings in the country, or the rising preference of Indians towards mutual funds and shares. So, the hypothesis is that people are choosing to invest more in mutual funds and the Indian equity markets through direct investments, IPOs, or NFOs, the money flowing into Indian banks in the form of deposits is slowing down. But is that really the case? <h2>A crisis or a phase?</h2><keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword> data suggested that for the quarter ended June 2024, bank deposits grew at 11.7%. On the other hand, credit growth has outpaced this at 15%. This means that the outflow from banks as loans is far greater than the inflow into them in the form of deposits in Q1 of FY 2024-25. The situation largely saw cut-copy-paste in the first week of September as well, with loans registering a 13.3% YoY growth during the period, while deposits rose only 11.1%. This gap has only been widening for the last 3 years. Since deposits are how banks gather assets to further lend and earn interest income as a consequence, even a slight dip could set the alarm bells ringing for banks, and rightfully so. And truth be told, mutual funds are indeed taking on bank deposits in a big way. Per a report by <keyword id="20250971" type="General" weightage="20" keywordseo="franklin-templeton" source="keywords">Franklin Templeton</keyword>, in August 2024, the AUM (assets under management) of Indian mutual funds, or the total funds managed by them, stood at 31.3% of total bank deposits in the country, up from 24.20% during the year-ago period. As of August 2024, the AUM of mutual funds stood at Rs 66.17 lakh crore, an all-time high. But all said and done, is this really the reason why the rate of bank deposits is falling behind? SBI has dismissed this to be a “statistical myth”, and experts point out that since equity and fund houses also keep the cash in their respective bank accounts, there’s no cause for concern. So, is financialization really to be blamed for the trailing tempo of deposits? Or is something else happening behind the scenes? We take a closer look: <h2>First, are <keyword id="4000333" type="General" weightage="100" keywordseo="household-deposits" source="Orion">household deposits</keyword> really slowing down? And is that a cause of concern?</h2>Data from Motilal Oswal suggests the contrary. Deposits grew by around 10.4% between March 2020 and August 2024. Data from RBI also highlights that as of August 9, 2024, bank deposits witnessed a YoY growth of 10.8%. The loan-to-deposit ratio for the retail segment, which indicates what percentage of its total deposits the banks lend out as loans, has stayed at 77.5%, above the 77% mark for the tenth straight month. Also, we can’t forego the fact that the share of Indian <keyword id="20319599" type="General" weightage="20" keywordseo="households" source="keywords">households</keyword> in bank deposits has indeed slowed down. However, data from Axis AMC shows that the dip is marginal—from 63% in 2022 to 62% in 2023 and 61% in 2024. What has slowed down even more considerably is the share of government deposits in the aggregate bank deposits, which has dipped from 14% in 2018 to 9% in 2024. So, it's not just household deposits, you see. Moreover, as of March 2024, the collective CASA ratio (current and savings account deposits) of all commercial banks in India stood at 41.00%, down from 43.1% in March 2023 and 45.2% in March 2022, marking a nearly 5% point decline over the past year, while still staying over the 10-year average of 39.2%. This implies that Indian banks are relying more on higher-cost funds (savings accounts), which can limit their profitability. <h2>What is this financialisation of savings we are talking about?</h2>Then again, there is no doubt about the growing affinity of Indians towards mutual funds and stock markets. Recent data from CBDT (<keyword id="19942037" type="General" weightage="20" keywordseo="central-board-of-direct-taxes" source="keywords">Central Board of Direct Taxes</keyword>) highlights that India’s net direct tax collection surged by around 22%, driven exclusively by the significant uptick in the collection of <keyword id="20930760" type="General" weightage="20" keywordseo="securities-transaction-tax" source="keywords">Securities Transaction Tax</keyword> (STT), which doubled to Rs 26,154 crore, from Rs 13,352 crore in the year-ago period. Why does this matter? STT is levied when you buy or sell equity shares on stock exchanges, sell equity mutual funds, and trade in futures and options in the equity segment. Such taxes, including the multiple other taxes in equity market investments, are considered as leakages as the money moves out of the economy into government coffers. Data from a ValueQuest report explains that over the last 20 years, the markets have handsomely rewarded the investors, generating over $900 billion in incremental value for them. This is the major driver behind the dramatic rise in investment flowing towards the equity markets. There’s further proof of this budding romance, if you check the demat pudding. The number of demat accounts, which are a primary requisite for participating in the stock markets, also burgeoned by 42.3 lakh in August 2024, taking India’s total tally of demat accounts beyond 17 crore. To put this in perspective, this is almost equivalent to the population of just 8 nations in the world, including China, the US, Brazil and more. Vivek Iyer, Partner, Grant Thornton Bharat thinks it's rather important, as well. “Financialisation of household savings in India is an indication of deepening capital markets in the market, especially from a retail investor standpoint. Bank deposits with a modest rate of return are no longer the only option for savings for investors. Investors today have more avenues for wealth creation in the form of public capital markets, which have democratized wealth creation and provided equality of opportunity to retail investors”, he says. Yes, Indians are investing more and more in the markets, and in mutual funds. But is it a sin to look out for inflation-beating returns, which the stock markets offer, and vanilla bank deposits don't? After all, the allure of 12-13% annual returns offered by equities can certainly pale the stability offered by good old deposits, which generally do not go beyond 9% when it comes to annual returns. But all of this is not what is behind the slowdown. India is still a toddler in the school of savings financialization, with less than 10% of the population holding a demat account, and less than 5% of us saving in equities. That's a drop in the ocean of deposits, far inadequate to trigger a tsunami. <h2>Tell me why lagging deposits have nothing to do with Indians investing more in mutual funds!</h2>Says Shweta Rajani, Head - Mutual Funds, Anand Rathi Wealth Limited, “Households' equity holdings composition grew from 11.1% in FY 23 to 14.7% in FY 24. This trend reflects a growing awareness of investment options, empowering individuals to take control of their financial futures. Despite this transition towards equities, banks still hold a significant share of household financial savings—33.5% in FY24 compared to 34.9% in FY23”. Also, household savings and their subsequent financialization do not have much to do with deposit creation, which is entirely made by banks. What actually drives increased deposits is credit growth or increased lending. When interest rates are eased, people tend to borrow more and spend more, which circulates more money in the economy. For the past 4 years, RBI has been tightening the screws on interest rates, which raises the cost of borrowings, and makes it more expensive to take loans, putting a dampener on credit growth, but effectively curbing inflationary pressures. The last time RBI cut the repo rate by 40 basis points was back in May 2020, 4 years ago. The lag in deposit growth we’re witnessing is almost 3 years old. Coincidence much, or just good old economics at work? But with the <keyword id="19900043" type="General" weightage="20" keywordseo="fed" source="keywords">Fed</keyword> recently setting a rate cut precedent by slashing 50 bps off its interest rate, RBI is expected to follow suit in the next <keyword id="19918491" type="General" weightage="20" keywordseo="mpc" source="keywords">MPC</keyword> (Monetary Policy Committee) meeting, scheduled for November 2024. A rate cut would ease the aforementioned high cost of borrowing, and increase loan-taking for corporates and institutional investors, thereby stoking consumption in the economy. And then, deposit creation in banks is likely to return to its former glory. If not, then that would be a curious case to unravel! But that worry is for another day.

A Deposit Dilemma — What's the fuss about a crisis in Indian bank deposits? Are mutual fund investments to blame?

In a post-budget interaction with industry stakeholders today, <keyword id="20419783" type="General" weightage="20" keywordseo="revenue-secretary" source="keywords">Revenue Secretary</keyword> Sanjay Malhotra highlighted that the government aims to comprehensively review the <keyword id="19985623" type="General" weightage="20" keywordseo="Direct-Tax-Code" source="keywords">Direct Tax Code</keyword> within the next 6 months, and it is too early to say whether or not that would entail any significant overhauls. However, "we would like to have a collaborative approach for its implementation, and would certainly present the draft for public opinion” Malhotra added. Buybacks taxed as dividend Starting October 1, 2024, the amount received by the shareholder on buyback of his/her shares by the company will be treated as dividend income, and will be taxable at the hands of shareholders. Also, the cost incurred by the investor to acquire those shares will not be allowed as a deduction against the income, but can be set off as a capital loss, only against other <keyword id="20619608" type="General" weightage="20" keywordseo="capital-gains" source="keywords">capital gains</keyword>, for a maximum of 8 subsequent years Malhotra explained the government's rationale behind this proviso, noting that buyback does not fundamentally alter the company's capital structure, and like dividend distribution, is a way for the company to give out its surplus. Moreover, it is up to the investor, whether or not they want to participate in a buyback or not. Hence, going ahead, funds from buyback will be deemed as dividend income. Credit on TCS paid Previously, in case your employer has already deducted TCS (tax collected at source) from your monthly salary, it would not be accounted for, or considered while calculating your annual tax liability. As a result, it had to be claimed back separately as a refund, resulting in duplication of processes. However, effective April 1, 2025, salaried employees will be able to adjust the TCS they've already, previously paid while calculating their tax due. The Old tax regime heading towards a sunset? While the officials have given no clarity on this, they noted that the idea of taxation is not to push people into investing, saving or buying insurance for the sole purpose of saving taxes as the old regime did. "It is a moral debate on whether tax regimes are supposed to push people towards financial planning measures like buying health or life insurances. However, as we go ahead, the focus will entirely on greater, more deep-rooted focus on how tax filing and compliance can be simplified and transformed into a hassle-free, smooth process. The new tax regime was finding increased grounding amongst both investors and corporates. For the previous assessment year, 2/3rd of total taxpayers had opted for the new tax regime, while 58% of corporate tax flows had come via them. Loss of indexation benefit only psychological Raman Chopra, Joint Secretary, CBDT, <keyword id="19908390" type="General" weightage="20" keywordseo="Ministry-of-Finance" source="keywords" meta.keywordsubtype="org" meta.entityname="Ministry of Finance" meta.hostid="261" meta.entityid="Ministry of Finance">Ministry of Finance</keyword> noted that scrapping away indexation benefits is only psychological, and tax payers will not have to bear any real losses as such. "Indexation was a complicated process. Think of this as the cost of simplification of the tax process. Now, we only have two holding periods across all asset classes, making it easier. While indexation benefits continues for properties purchased before 2001, investors continue to receive rollover benefits in case they find that their tax incidence under the reduced tax rates is high.

Comprehensive review of the IT Act imminent in 6 months, notes revenue secretary

The government has relaxed provisions of <keyword id="19948097" type="General" weightage="20" keywordseo="tds" source="keywords">TDS</keyword>/<keyword id="19950203" type="General" weightage="20" keywordseo="tcs" source="keywords">TCS</keyword> in the event of the death of the deductee/collectee before the linkage of PAN and <keyword id="19898107" type="General" weightage="20" keywordseo="aadhaar" source="keywords">Aadhaar</keyword> card. TDS is Tax Deducted at Source and TCS is Tax Collected at Source in India. The Central Board of Direct Taxes (CBDT), has issued a circular dated August 5, in view of genuine difficulties being faced by taxpayers. Through the circular, the government said it has relaxed the provisions of TDS/TCS, as per the Income-tax Act, in the event of death of deductee/collectee before linking of PAN and Aadhaar. In order to redress the grievances of the taxpayers wherein instances have been cited, of demise of the deductee/collectee on or before May 31, 2024 and before the option to link PAN and Aadhaar could have been exercised, the circular provides that there shall be no liability on the deductor/collector to deduct/collect the tax under the relevant section of <keyword id="19936187" type="General" weightage="20" keywordseo="income-tax-act" source="keywords">income tax act</keyword>, pertaining to the transactions entered into up to March 31, 2024. On April 23, 2024, CBDT extended the date for linking of PAN and Aadhaar May for the taxpayers (for the transactions entered into up to March 2024) to avoid higher TDS/ TCS, as per the income tax act. Under the provisions of the Income-tax Act, 1961, every person who has been allotted a PAN as on July 1, 2017 and is eligible to obtain <keyword id="20030312" type="General" weightage="20" keywordseo="Aadhaar-Number" source="keywords">Aadhaar Number</keyword>, is required to intimate his Aadhaar to the prescribed authority, on payment of a prescribed fee. Failure to do so shall attract certain repercussions under the income tax act. As per government, the PAN of taxpayers who have failed to intimate their Aadhaar, as required, shall become inoperative and the consequences during the period that PAN remains inoperative will be as follows: 1. No refund shall be made against such PANs 2. Interest shall not be payable on such refund for the period during which PAN remains inoperative 3. TDS and TCS shall be deducted /collected at higher rate, as provided in the income tax act.

Provisions of TDS/TCS, in case of death of deductee or collectee relaxed by govt

About 6 crore <keyword id="19948101" type="General" weightage="100" keywordseo="income-tax-returns" source="keywords">income tax returns</keyword> have been filed for income earned in 2023-24, of which 70 per cent were filed under the new <keyword id="22442211" type="General" weightage="20" keywordseo="simplified-tax-regime" source="keywords">simplified tax regime</keyword> which offers lower rate of tax, Revenue Secretary Sanjay Malhotra said on Tuesday. Addressing the post-budget session of PHD Chamber of Commerce and Industry, Malhotra said there were apprehensions as to whether people would shift to the simplified tax regime. "About 6 crore filed for last year and 70 per cent is under the new income tax regime. The whole move has been towards simplicity with the ultimate purpose being to reduce the <keyword id="20380188" type="General" weightage="20" keywordseo="compliance-burden" source="keywords">compliance burden</keyword>," Malhotra said. For the 2022-23 fiscal, 8.61 crore ITRs were filed. The idea behind comprehensive income tax review as announced in the <keyword id="19936553" type="General" weightage="20" keywordseo="budget" source="keywords">Budget</keyword> is to make the tax law simpler. "We will come up with a draft and then we will seek suggestions," Malhotra said. Currently, India has two <keyword id="20155151" type="General" weightage="20" keywordseo="personal-income-tax" source="keywords">personal income tax</keyword> regimes. In the old income tax regime, the <keyword id="20452955" type="General" weightage="20" keywordseo="tax-rates" source="keywords">tax rates</keyword> are relatively high but taxpayers can claim several exemptions and <keyword id="20385232" type="General" weightage="20" keywordseo="deductions" source="keywords">deductions</keyword>. However, in the <keyword id="19935168" type="General" weightage="20" keywordseo="new-tax-regime" source="keywords">new tax regime</keyword>, tax rates are lower but fewer deductions.

About 6 cr ITRs filed for FY24; 70% under new tax regime

The provisional figures of Direct <keyword id="45031" type="General" weightage="20" keywordseo="tax" source="Orion">Tax</keyword> collections up to February 10, continue to register steady growth. Direct Tax collections up to February 10 showed that gross collections are at ₹15.67 lakh crore which is 24.09 per cent higher than the gross collections for the corresponding period of last year. According to the <keyword id="156153" type="General" weightage="20" keywordseo="Ministry-of-Finance" source="Orion">Ministry of Finance</keyword>, <keyword id="72785" type="General" weightage="20" keywordseo="direct-tax-collection" source="Orion">Direct Tax collection</keyword>, net of refunds, stands at ₹12.98 lakh crore which is 18.40 per cent higher than the net collections for the corresponding period of last year. This collection is 91.39 per cent of the total Budget Estimates of Direct Taxes for F.Y. 2022-23 and 78.65 per cent of the Revised Estimates of Direct Taxes for FY 2022-23. 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 19.33 per cent, while that for PIT (including STT) is 29.63 per cent. After adjustment of refunds, the net growth in CIT collections is 15.84 per cent and that in PIT collections is 21.93 per cent (PIT only)/ 21.23 per cent (PIT including STT). Refunds amounting to ₹2.69 lakh crore have been issued during April 1, 2022 to February 10, 2023, which are 61.58 per cent higher than refunds issued during the same period in the preceding year, said the Ministry. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/kotak-mahindra-bank-acquires-microfinance-institution-sonata-finance-for-537-crore/articleshow/97804274.cms">Kotak Mahindra Bank acquires microfinance institution Sonata Finance for ₹537 crore</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/demand-supply-mismatch-pushes-home-rents-across-india-by-13-5-in-2022-magicbricks/articleshow/97804664.cms">Demand-supply mismatch pushes home rents across India by 13.5% in 2022: Magicbricks</a>

Direct Tax Collections (FY 2022-23) records growth at ₹15.67 lakh cr

<keyword id="128666" type="General" weightage="20" keywordseo="direct-tax-collections" source="Orion">Direct tax collections</keyword>, up to November 10, stood at Rs 10.54 lakh crore, 30.69 per cent higher than the gross collections for the corresponding period of last year. <keyword id="45697" type="General" weightage="20" keywordseo="direct-tax" source="Orion">Direct tax</keyword> collection, net of refunds, stood at Rs 8.71 lakh crore, which was 25.71 per cent higher than the net collections for the corresponding period of last year. This collection is 61.31 per cent of the total budget estimates of direct taxes for 2022-23. So far as the growth rate for Corporate <keyword id="6354751" type="General" weightage="20" keywordseo="income-tax" source="Orion">Income Tax</keyword> (CIT) and Personal Income <keyword id="45031" type="General" weightage="20" keywordseo="tax" source="Orion">Tax</keyword> (PIT) in terms of gross revenue collections is concerned, the growth rate for CIT is 22.03 per cent while that for PIT (including STT) is 40.64 per cent. Refunds amounting to Rs 1.83 lakh crore have been issued during April 1, 2022 to November 10, 2022, which are 61.07 per cent higher than refunds issued during the same period in the preceding year. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/grey-market-premium-what-is-it-and-where-is-it-coming-from/articleshow/95454371.cms">Grey market premium – what is it and where is it coming from</a> <a href="https://www.businessinsider.in/stock-market/news/buy-on-dips-say-analysts-as-indian-markets-bounce-back-smartly-in-october/articleshow/95454116.cms">Buy on dips, say analysts, as Indian markets bounce back smartly in October</a> <a href="https://www.businessinsider.in/stock-market/news/infosys-hcl-tech-tcs-stocks-rally-on-cooling-us-inflation-data/articleshow/95451014.cms">Infosys, HCL Tech, TCS stocks rally on cooling US inflation data</a>

Direct tax collections rise 31% to ₹10.54 lakh crore in FY23 so far

<div type="image" title="For the unversed, trading in futures and options can be akin to setting their hard-earned money on fire" height="900" width="1200" msid="114064202" hostid="261" caption="&amp;lt;p&amp;gt;For the unversed, trading in futures and options can be akin to setting their hard-earned money on fire&amp;lt;/p&amp;gt;"></div> Once upon a time, there thrived a wild, wild land. Here, it was all about super high monetary stakes, lightning-fast trade deals, and bucketloads of money shifting hands every single second. This wilderness lured millions of individuals with the promise of super duper high returns. But, at what cost? Welcome to the unforgiving, ultra-risky wild west of <keyword id="19991165" type="General" weightage="20" keywordseo="Indian-equity-markets" source="keywords">Indian equity markets</keyword> called the <keyword id="145718" type="General" weightage="100" keywordseo="Futures-and-Options" source="Orion">futures and options</keyword>. Here, everyone seems to just fly right through the bright red-flagged warnings of financial risks to earn even a fraction of these promised returns. Most burn themselves in the process, but carry on nevertheless, as if nothing ever happened. <h2>Chasing the cloudy profits</h2>The data conclusively proves that every 9 out of 10 individuals only lost their hard-earned money in this land. But hey, what do the numbers know? Some hide their losses out of shame, some out of fear. The proponents, meanwhile, proudly boast unusually high returns on their investments, some open social media channels while others encourage their friends and family to take the plunge. Naturally, news of this unstoppable and humongous en-masse migration to the F&amp;O (futures and options) town has reached sheriff <keyword id="19901201" type="General" weightage="20" keywordseo="SEBI" source="keywords" meta.keywordsubtype="org" meta.entityname="SEBI" meta.hostid="261" meta.entityid="SEBI">SEBI</keyword>, galvanising them into action. After all, it was time to put a leash on this madness and save the common man. The inhabitants of this town doubled in the last 2 years, from 51 lakh in FY22 to 96 lakh in FY24—99.8% of whom were small and mid-income traders. But profits? Well, that's a different, rather completely absent story. <h2>Que Sera Sera, much?</h2>A recent report by SEBI (Securities and Exchange Board of India) that studied profits and losses made by traders in the equity derivatives segment between FY22-24 exposed the mad mania of futures and options trading in India, especially since the pandemic. Per the report, 91.1% of individual traders, or about 73 lakh traders had only lost money trading in futures and options in FY24. Between FY 22-24, over 1 crore traders, or about 92.8% of individual traders, had lost Rs 2 lakh each. But once bitten, twice shy? Well, not in this case. More than 75% of individuals, who had only made losses trading in F&amp;O in FY22 and FY23, continued to trade vigorously in FY24 as well, without any changes in the bottom line, which remained deep in red and negative. So, then all these traders must be uber-rich, with tons of cash and not much care to spare? Nope. 76% of traders in the F&amp;O space in FY24 had an annual income of less than Rs 5 lakh. 2 years ago, their share stood at 71%. And their choice of poison? Options! In FY24, 60% of traders made losses trading in futures, but a whopping 91.5% burnt their funds trading in options. Mind you, futures are riskier than options. With futures, which require significant capital investment, the buyer and seller both are contractually bound to adhere to the pre-determined strike price of the futures or options contract, irrespective of whether the prevailing prices are higher or lower (and thus, resulting in losses for either the buyer or seller). With options, since this adherence ain't necessary, individuals end up taking debt to take highly leveraged positions while trading here. <h2>Scale of the explosion</h2>Anyone who trades even infrequently will tell you that a demat account is the mitochondria or powerhouse of the trading cell. As of August 2024, India had over 17.1 crore <keyword id="20957284" type="General" weightage="20" keywordseo="demat-accounts" source="keywords">demat accounts</keyword>, which are a prerequisite for trading in the markets. India is the 9th biggest country in the world, in terms of total demat accounts. Did you know that our demat accounts are at par with the entire population of Bangladesh? Talk about scale! Just 4 years ago, in March 2020, this number was a mere 4 crore. Naturally, the total F&amp;O turnover on both <keyword id="20004725" type="General" weightage="20" keywordseo="NSE" source="keywords" meta.keywordsubtype="org" meta.entityname="NSE" meta.hostid="261" meta.entityid="NSE">NSE</keyword> and BSE has hit the roof, and also broken it. As of October 4, 2024, the total futures and options turnover on NSE stood at a massive Rs 4,78,27,27,750.30 crore. Good luck counting the thousands! <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Year </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total Turnover (Both Futures and Options) (In Rs Crore) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2020-21 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">64,36,03,951.51 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2021-22 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,69,52,33,134.47 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2022-23 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3,82,23,26,468.06 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2023-24 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7,99,27,67,152.43 </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Source : NSE Another metric that underlines the meteoric growth of trading in India is the collection of STT or <keyword id="20930760" type="General" weightage="20" keywordseo="Securities-Transaction-Tax" source="keywords">Securities Transaction Tax</keyword>. As of September 2024, India's STT mop-up had gone past Rs 26,000 crore. Traders have to pay STT whenever they buy or sell any security in the market. So, more trading brings in more STT, and hence, more revenue for the government, so they're not really complaining. After all, this is certainly what they'd call enviable growth. As of August 2023, our STT collection stood at about Rs 21,599 crores. And in FY20-21, India's STT collection had been Rs 16,000 crore. If only our salaries also managed to grow at this rate! <h2>So, what's happening?</h2>Two things. One, it's the big bulls who are raking in all the moolah. And it's the younger lot (those aged under 30) who are propping them up for this. In FY24, 43% of individual traders in the market were less than 30 years of age. In just one year, this number has swelled by 12 percentage points from just 31% of individual traders. But who says ageing is bad? Wrinkles and silver hair seemingly have a propensity of incurring lesser losses in the market. In FY24, only 79% of traders aged above 60 years made losses, as compared to 93% of those aged below 30. Small and mid-income traders, which make up 98% of the total trader base, witnessed average losses per person of Rs 65,000 and Rs 1.5 lakh in FY24 in futures and options, respectively. The winner here? Clearly, the big bulls, who declared an annual income of over Rs 1 crore, ended up with average profits of Rs 96,000 per person this year. <h2>What’s the sheriff up to?</h2>The government has finally swung into action, hiking the STT rate for F&amp;O during this year’s budget. Effective October 1, 2024, the STT on futures stands at 0.02%, up from 0.0125%. For options, it was upped to 0.1% versus 0.0625% previously. Small margins, but huge impact oncoming. Says Puneet Sharma- CEO and Fund Manager at Whitespace Alpha, “SEBI aims to enhance market stability while safeguarding investor interests, reflecting the regulator's intent to balance risk management with market participation”. But this might come with its own share of challenges, too. “Stricter norms around leverage, transparency, and capital adequacy could limit the ability of investors to determine their own risk appetite, thereby stifling innovation in trading strategies. Over-regulation in an environment that thrives on strategic flexibility and creativity could dampen the market’s dynamism, affecting India's competitiveness in the global derivatives landscape”, he observes. SEBI recently came out with a set of guidelines that aim to thwart <keyword id="19972907" type="General" weightage="20" keywordseo="retail-investors" source="keywords">retail investors</keyword>' participation in futures and options and hinder them from taking undue risks. Here's a quick recap of what's to come for the residents of the F&amp;O town Margin Requirements: To battle the high volatility and chaos which is generally seen on expiry days(i.e the last mandated date, post which an option becomes invalid), SEBI will put in place an extreme loss margin (ELM) of 2% for all open short options on the day of expiry. Translation? Traders will need to pony up more cash upfront, leaving them with fewer funds to take on risky bets. It ain't a choice: No more of one expiry every single day! Going ahead, an exchange like BSE or NSE will just be able to offer weekly expiries, that too, only on one benchmark index, as opposed to an entire buffet it currently offers. At present, NSE offers weekly options contracts for its financial index, bank and midcap indices. But say goodbye to this, and hello to derivatives on only 1 index per exchange. Raising the bar: Effective November 30, 2024, the minimum contract value for index derivatives will be upped to Rs 15 lakh, from the present Rs 5-10 lakh. The hope is that by making it ultra-expensive to enter these trades, investors will be dissuaded from taking on risky trades. Pay upfront: Starting February 2025, those trading in options will have to pay the entire options premium upfront, even before their trades are executed. This is because options generally carry very high leverage, and paying a significant sum upfront can force traders to think twice. Invigilation Pro Max: Starting April 1 2025, to make sure that the number of positions for equity index derivatives does not slyly slip over the mandated limit, especially on expiry days when trade volumes are huge, the exchanges will have to take a minimum of 4 position snapshots randomly. The question is, will these injections of sobriety be enough to calm down the steroid-fed bull of the futures and options market in India? Well, only time and market turnover will tell! For more insights into the financial markets and business news, stay tuned to our site and social media handles. And don’t forget to subscribe to Business Insider India’s newsletters for your weekly dose of Simply Put! Disclaimer: The content on this website is for informational purposes only and should not be construed as investment advice. We recommend readers consult certified, qualified and registered advisors for professional and personalised financial advice.

SIMPLY PUT: SEBI is on a mission to take on the wild, wild west of futures and options in India. Here’s why, what, and how

My grandparents' vacation cabin in Lake Tahoe is the stuff of legend.In the '90s, when my parents were just friends, my dad "accidentally" invited himself on a ski trip with my mom and her parents. It was an epic winter when the blizzards created berms as tall as the houses. By the time spring came, my parents were dating.My grandparents' little house in South Lake Tahoe, which they bought for $113,000 in 1984, quickly became a haven for my family.I dreamed of getting married there and taking my own kids to the cabin someday. But in May, my mom called to tell me this could be the last year we have the home.A tax on vacation home-owners might make our place in Tahoe too costly to keep.A measure on the ballot today proposes an annual tax on every property occupied less than 51% of the year. If it passes, second-home owners would owe $3,000 in 2026 and $6,000 every year after.In ski towns and cities across the US, home prices have skyrocketed, and young people struggle to pay rent or buy a house. Meanwhile, the wealthy have flocked to mountain retreats where they can vacation and work from home. One of the measure's architects told BI that it will combat this trend by incentivizing second-home owners to rent to local residents, bringing down the cost of housing by increasing the available supply.Supporters project city revenue gains of $4 million to $8 million in the first year and $10 to $20 million every year after that. The money would go toward rebuilding roads, creating more public transit, and paying the administrative costs of implementation.Framers of the Tahoe tax measure took inspiration from Berkeley, California, which adopted a vacancy tax this year. The Hawaiian island of Oahu and the Colorado ski towns of Aspen, Vail, and Breckenridge are also considering vacancy taxes.But some say it's unclear whether the tax will actually lower housing prices for locals.<div type="image" title="View of the mountains around South Lake Tahoe" height="3279" width="4896" msid="114990171" hostid="261" sizebytes="935262"></div>The opposition in South Lake Tahoe is made up of some of its institutionalized powers, including the local Chamber of Commerce, the South Tahoe Association of Realtors, and the restaurant and lodging associations. In interviews, they told BI that a tax would drive second-home owners away, depriving local businesses of their spending while having no impact on housing affordability for locals. The city's report on the economic outcomes of the tax said it may not actually incentivize homeowners to rent or sell to locals.Some long-timers feel squeezed: How do they afford to live in these places, and what measures would actually fix the problem? Is it a tax — or is it, say, zoning changes that allow more homes to be built?Similar battles over housing affordability are happening across the country. I just happen to have a front-row seat to this one.Since the city of South Lake Tahoe was incorporated in 1965, it's been populated by a healthy mix of year-round and seasonal residents.Middle- and upper-middle-class mountain enthusiasts from the Bay Area flocked to the city, which, with 21,000 residents per the most recent census data, is more densely populated than any other town around the lake.This part of Tahoe has long been a relatively more affordable alternative to the ski havens of Colorado and Utah. As of October 2024, the median sales price for homes in South Lake Tahoe was $750,000, according to Realtor.com. By comparison, it was $958,000 in Park City, Utah, $1.4 million in Aspen, and $1.6 million in Vail."It's one of these places where you have folks from really different socioeconomic backgrounds," said Amelia Richmond, who favors the tax and leads a group of other supporters called Locals For Affordable Housing. "It's one of the reasons I think mountain towns are so cool."But that environment doesn't exist without both year-round and seasonal residents in town. Fifty-six percent of Tahoe's 9,125 housing units are filled by renters, while 44% are owner-occupied, according to the US Census' American Community Survey.Because Measure N will appear on the local ballot, most second-home owners directly affected by the tax can't vote. Nearly half of the property-owning population — my family included — is left watching debates over the tax play out among local residents, who are split on where they stand.<h2 id="90a60f06-f278-4362-9ebf-345a4dac61c6">Locals are divided on the tax</h2>Steve Teshara, who has held several roles, including CEO, at the Tahoe Chamber of Commerce, said the tax would hurt the local economy by driving out second-home owners.He pointed to evidence from a previous measure, which banned Airbnbs and other short-term rentals in certain parts of town. That measure was also intended to stabilize area home prices and rents."It has an immediate effect when visitors are not able to spend as much money or when visitors just aren't here anymore," Teshara said.The previous measure effectively reduced the supply of Airbnbs from 3,350 units in January 2018 to 2,635 units in July 2024, according to the short-term rental data company AirDNA. However, it didn't make the expected dent in housing costs, data from the Realtors' Association shows. Median sale prices continued to increase overall, from $440,000 in 2018 to $750,000 in 2024.<div type="image" title="View of Highway 50 in South Lake Tahoe with a light dusting of snow" height="4153" width="5538" msid="114990167" hostid="261" sizebytes="1763634"></div>Teshara believes the housing crisis must be solved in the long term, pointing to the local government's <a target="_blank" class="" href="https://www.cityofslt.us/2332/Affordable-Housing-Properties-Other-Deve">affordable housing construction projects</a>. He is a fan of indirect measures currently in place, like vanpooling, which shuttles people who live further away — where prices are lower — through the mountains to work.Richmond, the pro-tax organizer, said that business from year-round residents is more important to many shops and restaurants than purchases from occasional visitors."How many beers do you have to buy to make up that difference when you're up just once a quarter?" she said. "Local economies are actually robust when you have a healthy middle class that can spend small amounts of money on a regular basis."<h2 id="139d1f43-575b-4368-9419-52d99a68446e">Taxing second home-owners may not make them rent to locals</h2>The city of South Lake Tahoe conducted an independent study on the tax's economic outcomes if it were to go into effect.The findings supported Richmond's assertion that the measure could modestly boost sales tax revenue if second homes vacated by owners were converted into permanent residences or long-term leases.But the report also cautioned that the measure's impact on housing availability will depend largely on how second-home owners react if the tax is adopted — behavior that's nearly impossible to predict.Second-home owners could sell their properties, like my family is considering. But because of current home prices, buyers would likely be people who don't see an additional $6,000-a-year expense as a deterrent. While the city could collect additional tax revenue from a wealthier population of second-home owners, that wouldn't make it any easier for locals to buy.Homeowners could also decide to rent and become landlords instead of selling, as Richmond hopes. But that may be a longer shot, the city report found.Based on the previous leasing programs in the area, "it appears that financial incentives are not particularly effective to motivate owners of vacant property in South Lake Tahoe to rent out their homes for longer terms," the report said.<div type="image" title="A view of South Lake Tahoe in 1974" height="3458" width="5142" msid="114990163" hostid="261" sizebytes="1062714"></div>Some second-home owners told Business Insider they would refuse to rent to tenants.Sherri Maslyar, who has owned a home in South Lake Tahoe with her husband since 2013 and visits monthly, said she heard a horror story about a neighbor's long-term tenant who defied the landlord's no-pets rule and ruined parts of the house. She said she would rather pay the tax than risk renting her home to someone untrustworthy."That's not what we bought the house for," she said.<h2 id="534b0195-f639-4a7b-8fb1-9c677eca426d">Tahoe's character — and prices — have changed over the years</h2>The median income in South Lake Tahoe grew 65% from $40,972 to $67,686 between 2000 and 2022, according to census data. In the same period, median home prices in the area ballooned by 288%, from $189,000 to $732,500.Zillow's rent data, which only goes back to 2020, shows that typical rents in South Lake Tahoe grew from $2,101.52 in October 2020 to $2,653.05 in October 2023. The typical rent as of September 30 was $2,682.50.The neighborhood where our family's cabin sits was once populated by eclectic A-frames and modest one-story structures, whose kitschy exteriors tended to match the eccentricities of their owners. Now, vaguely chic rustic McMansions with smooth angles and wood finishing are common.<div type="image" title="Line of wooden bears carrying &quot;howdy&quot; and &quot;welcome&quot; signs" height="3435" width="5617" msid="114990174" hostid="261" sizebytes="1760630"></div>Part of why building more houses or apartments — which might stabilize prices — has been so difficult is due to strict development laws. In Lake Tahoe, all development projects must be approved by the Tahoe Regional Planning Association (TRPA), whose primary objective is conservation, not housing construction.Jeff Cowen, TRPA's public information officer, told BI the agency's main goals were environmental, adding that "we have to consider community impacts of our regulations." It doesn't have a stance on the tax.One thing opponents and proponents of Measure N agree on: TRPA's mandate has made it difficult to build new housing in Tahoe to address the housing shortage. But they disagree on whether radical and rapid changes should be made to make Tahoe affordable right now.<h2 id="7b8ad7f8-c9b9-4a00-b5a4-14745b01c7cc">It might be the end of Tahoe as we know it</h2>A place that was once accessible as a seasonal destination for a middle-class family risks becoming a playground for the very rich if changes in the Tahoe market continue to make buying a home there relatively unaffordable.I am benefiting from generational wealth stemming from my grandparents' choices, and I will always be grateful for the investment they made.My family isn't sure what we'd do if the tax passes. One option is to rent to a long-term tenant, but we'd likely lose the freedom to come and go seasonally. Another is to sell the house.<div type="image" title="A middle-aged Asian American couple and their 10-year-old daughter standing in front of an old car in a ski resort parking lot." height="537" width="800" msid="114990172" hostid="261" sizebytes="23164"></div>Either way, we'd be saying goodbye to the home as we've known it for the past four decades.It's hard to imagine giving up my ties to a place that has such emotional value — that is very much the second home my grandparents intended it to be. And if the tax doesn't do what proponents hope it will, I'd be losing Lake Tahoe for nothing.All I can do now is wait and see.

My family bought a vacation home in Lake Tahoe for $113,000. A new tax could push us out. 

<keyword id="19896016" type="General" weightage="20" keywordseo="new-delhi" source="keywords">New Delhi</keyword>, <keyword id="20791743" type="General" weightage="20" keywordseo="gross-goods-and-services-tax" source="keywords">Gross Goods and Services Tax</keyword> (<keyword id="19951327" type="General" weightage="20" keywordseo="gst" source="keywords">GST</keyword>) revenue collections for February rose by a robust 12.5 per cent year-on-year in February to Rs 1,68,337 crore, according to figures released by the <keyword id="19900485" type="General" weightage="20" keywordseo="finance-ministry" source="keywords">Finance Ministry</keyword> on Friday. The growth was driven by a 13.9 per cent rise in GST from domestic transactions and 8.5 per cent increase in GST from import of goods. GST revenue net of refunds for February 2024 is Rs 1.51 lakh crore which is a growth of 13.6 per cent over that for the same month last year. As of February 2024, the total gross GST collection for the current fiscal year stands at Rs 18.40 lakh crore, which is 11.7 per cent higher than the collection for the same period in FY 2022-23. The average monthly gross collection for FY 2023-24 works out Rs 1.67 lakh crore, exceeding the corresponding figure of Rs 1.5 lakh crore for the previous year. GST revenue net of refunds as of February 2024 for the current fiscal year is Rs 16.36 lakh crore which is a growth of 13.0 per cent over that for the same period last year. Breakdown of February 2024 Collections: *Central Goods and Services Tax (CGST): Rs 31,785 crore *State Goods and Services Tax (SGST): Rs 39,615 crore *Integrated Goods and Services Tax (IGST): Rs 84,098 crore, including Rs 38,593 crore collected on imported goods *Cess: Rs 12,839 crore, including Rs 984 crore collected on imported goods.

GST collections in February rise 12.5% to cross ₹1.68 lakh crore

The <keyword id="6354872" type="General" weightage="100" keywordseo="economic-survey" source="Orion">Economic Survey</keyword>, which was tabled earlier today by Finance Minister <keyword id="129243" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> estimated that in 2022-23, India's total workforce stood at nearly 56.5 crore. However, as data from the recent Periodic Labor Force Survey (PLFS) notes, their distribution is highly skewed, with over 45% of them engaged in agriculture, followed by 28.9% in services, 13% in construction, and 11.4% in manufacturing. At the same time, while the agriculture sector has grown at about 4.18% at constant prices over the last 5 years, India's service sector is estimated to have grown by around 7.6% in just the last financial year, as provisional estimates suggest. As such, the continued dominance of the agriculture sector as an employer, particularly when it comes to women, is concerning, especially as India's service sector, which contributes about 55% to the total size of economy, demands increasingly more workers, who possess specific, focused skill sets (think blockchain, AI, machine learning, 3D printing, web development and more). <h2>Encouraging trends</h2>The unemployment rate amongst youth, or those aged between 15-29 has come down sharply to 10% in 2022-23, from 17.8% in 2017-18. Nearly 75% of all new subscribers on EPFO payroll, a gauge for formal employment generation, are aged between 18 and 28. But while our economy keeps pace with employing young population, a staggering 57.3% of this workforce is self-employed, while another 18.3% work as unpaid laborers in households. The most prominent participant in both these categories happen to be women. As for regular wage or salaried workers, they constitute merely 20.9% of the workforce. Casual labor, characterized by sporadic, intermittent terms of employment, makes up for 21.8% of the workforce. Its not as if female labor workforce participation (FLFPR) is dwindling. In fact, as the survey notes, it has been rising for the last 6 years, with rural FLFPR inching up by 16.9 percentage points between 2017-18 and 2022-23. But the same rise is not to be seen in urban FLFPR, which inched up a meagre 5% to 25.4% in 2022-23. Pan-India, women participation in workforce jumped to 37%, largely driven by the thrust in rural FLFPR. The growth in terms of wages per worker in rural areas between FY15-22 was also higher in rural areas at 6.9%, as compared to 6.1% in urban areas. So, what can be done to rationalize this lopsidedness in employment? <h2>Developing the care economy </h2>In order to cater to the requirements of the growing workforce, the survey estimated that India will have to annually generate around 78.5 lakh non-farm jobs annually till 2030. And with India's care needs set to grow significantly in the next 25 years, it is time to develop India's care economy. Consider this-by 2050, the population of those aged between 0-14 years will decline to 18%, or 30 crore people, while those aged above 60 will swell to 20.8%, or a massive 34.7 crore person. Both these segments will need considerable care, which is currently an unpaid job both employed and unemployed women already undertake. Per NSO’s time use statistics for 2019, working-age women in India spend 5.6 hours per day on unpaid work, as opposed to just 30 mins for men. Even employed women end up spending 6x more time on unpaid care, compared to their male counterparts. As it is, studies notes that an additional hour of caregiving per day reduces women’s labor market participation by 20 percentage points, while having no effect on men. A recent report by CII pegged the economic value of women's unpaid domestic and care work to be a staggering 15-17% of GDP. As it is, care economy is one of the fastest growing sectors, expected to generate around 475 million jobs globally. In India, an investment of just 2% of GDP could lead to 11 million new jobs, 70% of which will go to women, accelerating their participation in labor force, the survey revealed. As such, developing India's care economy, both for catering to its young and silver dividend, will become a cornerstone for employment related policies in the times to come.

Economic Survey 2023-24: Where does India stand on the employment, and what's next?

<ul><li>Fast processing of income tax returns (ITRs), with almost 93 per cent of duly verified ITRs were processed. </li><li>Net direct tax collections stood at ₹ 7.01 lakh crore for the current fiscal till September 17. </li><li>Cumulative advance tax collections were at ₹ 2.95 lakh crore till September 17 in 2022-23, a growth of 17 per cent from 2021. </li></ul> Gross direct tax collections till 2022-23 as on September 17 stood at ₹ 8.36 lakh crore, witnessing a growth of 30 per cent over collections of corresponding period of last year. Net direct tax collections stood at ₹ 7.01 lakh crore for the current fiscal till September 17, showing a 23 per cent rise over the corresponding period of last year. Cumulative advance tax collections were at ₹ 2.95 lakh crore till September 17 in 2022-23, a growth of 17 per cent over the corresponding period of last year, according to the data released by the <keyword id="47209" type="General" weightage="80" keywordseo="finance-ministry" source="Orion">Finance Ministry</keyword>. Refunds amounting to ₹ 1,35,556 crore were issued up to September 17, up by 83 per cent over last year. Fast processing of income tax returns (ITRs), with almost 93 per cent of duly verified ITRs were processed till Saturday. Faster issue of refunds were initiated, which saw an almost 468 per cent increase in the number of refunds issued in 2022-23, the statement said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/chinas-chip-output-shrinks-as-india-us-ramp-up-local-manufacturing/articleshow/94281093.cms">China's chip output shrinks as India, US ramp up local manufacturing</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/idbi-trustee-asks-rcap-administrator-to-withdraw-allegations-of-breach-of-confidentiality/articleshow/94280808.cms">IDBI Trustee asks RCap administrator to withdraw allegations of breach of confidentiality</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/domestic-discord-addiction-the-top-causes-of-suicides/articleshow/94269978.cms">Domestic discord, addiction the top causes of suicides</a>

Gross direct tax collections rise 30%

Gross <keyword id="45697" type="General" weightage="20" keywordseo="direct-tax" source="Orion">direct tax</keyword> collections stood at Rs 6.48 lakh crore till September 8, which is 35.46 per cent higher than the gross collections for the corresponding period of last year. In the year-ago period, direct <keyword id="487578" type="General" weightage="20" keywordseo="tax-collections" source="Orion">tax collections</keyword> stood at Rs 5.29 lakh crore, which was 30.17 per cent higher than the net collections for the corresponding period of the previous year. The present collections are 37.24 per cent of the total budget estimates for 2022-23, an official statement by the Finance Ministry said. Refunds amounting to Rs 1.19 lakh crore have also been issued between April 1, 2022 and September 8, 2022, which is 65.29 per cent higher than the refunds issued during the same period of last year. "As the economy continues to recover from the Covid downturn, the efforts at nudging tax-payers to better compliance through a combination of technology intervention and data reporting are paying off, and tax collections continue on their upward trajectory. It's expected that a clearer picture will be available by the calendar year-end as filings come in for corporate tax returns," said Rohinton Sidhwa, Partner, Deloitte India. "The increase in direct taxe collections is encouraging and indicative of the robust economic growth. The growth rate of corporate <keyword id="6354751" type="General" weightage="20" keywordseo="income-tax" source="Orion">income tax</keyword> indicates buoyancy in the profitability of India Inc," said Amit Singhania, Partner, Shardul Amarchand Mangaldas &amp; Co.

Direct tax collections surge 35% but fall short of estimates

<ul><li><keyword id="45697" type="General" weightage="20" keywordseo="direct-tax" source="Orion">Direct tax</keyword> collection, net of refunds, stood at ₹ 7.45 lakh crore. </li><li>This collection is 52.46 per cent of the total budget estimates of Direct Taxes for 2022-23.</li><li>Refunds amounting to ₹ 1.53 lakh crore have been issued between April 1 and October 8. </li></ul> Direct Tax collection up to October 8 stood at ₹ 8.98 lakh crore, which is 23.8 per cent higher than the gross collection for the corresponding period of last year. Direct tax collection, net of refunds, stood at ₹ 7.45 lakh crore, which is 16.3 per cent higher than the net collection for the corresponding period of last year. This collection is 52.46 per cent of the total budget estimates of Direct Taxes for 2022-23. Refunds amounting to ₹ 1.53 lakh crore have been issued between April 1 and October 8, which are 81 per cent higher than refunds issued during the same period in the preceding year. So far as the growth rate for Corporate Income Tax (<keyword id="6678365" type="General" weightage="80" keywordseo="cit" source="Orion">CIT</keyword>) and <keyword id="35542" type="General" weightage="50" keywordseo="personal-income-tax" source="Orion">Personal Income Tax</keyword> (<keyword id="69256" type="General" weightage="80" keywordseo="pit" source="Orion">PIT</keyword>) in terms of gross revenue collections is concerned, the growth rate for CIT is 16.73 per cent, while that for PIT (including STT) is 32.30 per cent. After adjustment of refunds, the net growth in CIT collections is 16.29 per cent and that in PIT collections is 17.35 per cent. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/apple-watch-detects-pregnancy-before-clinical-test-report/articleshow/94738384.cms">Apple Watch detects pregnancy before clinical test: Report</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/zuckerberg-sets-for-meta-connect-amid-quality-issues-with-vr-project/articleshow/94737865.cms">Zuckerberg sets for 'Meta Connect' amid quality issues with VR project</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/gambian-cough-syrup-issue-384-people-arrested-after-462-samples-found-spurious/articleshow/94737827.cms">Gambian cough syrup issue: 384 people arrested after 462 samples found spurious</a>

You Searched For "FY 2022 23 direct tax collection" and got 13 results

A Deposit Dilemma — What's the fuss about a crisis in Indian bank deposits? Are mutual fund investments to blame?

Ira Alok Puranik

Comprehensive review of the IT Act imminent in 6 months, notes revenue secretary

Ira Alok Puranik

Provisions of TDS/TCS, in case of death of deductee or collectee relaxed by govt

ANI

About 6 cr ITRs filed for FY24; 70% under new tax regime

PTI

Direct Tax Collections (FY 2022-23) records growth at ₹15.67 lakh cr

IANS

Direct tax collections rise 31% to ₹10.54 lakh crore in FY23 so far

IANS

SIMPLY PUT: SEBI is on a mission to take on the wild, wild west of futures and options in India. Here’s why, what, and how

Ira Alok Puranik

My family bought a vacation home in Lake Tahoe for $113,000. A new tax could push us out.

Amanda Yen

GST collections in February rise 12.5% to cross ₹1.68 lakh crore

IANS

Economic Survey 2023-24: Where does India stand on the employment, and what's next?

Ira Alok Puranik

Gross direct tax collections rise 30%

IANS

Direct tax collections surge 35% but fall short of estimates

IANS

Direct tax collection grows 23.8% to ₹ 8.98 lakh cr till Oct 8

IANS

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