« Top Headlines » Open DEMAT Account in 24 hrs  How To File ITR Online - Step by Step Guide to Efile Income Tax Return, FY 2023-24 (AY 2024-25)  Old or new tax regime for TDS on salary? This post-election 2024 event will impact your tax planning  What Are 5 Heads Of Income Tax?  Income Tax Dept releases interim action plan for FY25 on tax collection, refund approvals   Income Tax Return: 5 lesser-known tax-saving tips from Section 80  Income Tax Return: 5 lesser-known tax-saving tips from Section 80  Why you need not rush to file your ITR immediately  Income tax returns: ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing  Section 80DDB tax benefits for specified illnesses: 5 things to know  Income tax slabs FY 2024-25: Five tips to help taxpayers decide between old and new income tax regimes  ITR-1, ITR-2, ITR-4 forms for FY 2023-24 (AY 2024-25) available now on e-filing income tax portal «  UP introduces Value Added Tax... Donations can keep taxman away... » Direct taxes up 40%, FM non-committal on tax moderation January, 02nd 2008 Finance Minister P Chidambaram today parried questions on moderating taxes in the next budget even as direct tax collections this fiscal are set to cross Rs 300,000 crore, a 12 per cent jump over budget estimates. "Let me recall what I said. If voluntary compliance (in taxes) increases there is a case for moderation. That does not mean the case has been accepted. You make a case for moderation instead of writing imaginary stories," Chidambaram told a press conference. He was replying to a question on his earlier statement that there was a case for moderation of taxes if voluntary compliance raised tax collection. During April-December period, direct tax collections after paying refunds crossed Rs 2,05,000 crore. registering a growth of 42.36 per cent. For the first time, direct tax collections would surpass indirect tax collections, Chidambaram said. Corporate tax collections grew 39.84 per cent to Rs 1,27,683 crore, while personal income tax, including security transaction tax, fringe benefit tax and banking cash transaction tax, grew by 50.06 per cent to Rs 77,380 crore. Chidambaram also announced setting up a Directorate of Human Resources for direct tax department aimed at restructuring of department for enhancing voluntary tax compliance.