#Tax

9 April.New Delhi, Delhi, India
Income tax collection in the previous fiscal stood at Rs 4.71 lakh crore. (Photo Credit: Representational Image/Pixabay)

  • Net direct tax collection for FY 2020-21 stood at Rs 9.45 lakh crore
  • The revised estimate for it in the Union Budget stood at Rs 9.05 lakh crore
  • The net corporate tax collection stood at Rs 4.57 lakh crore

5 April.New Delhi, Delhi, India
US Treasury Secretary Janet Yellen says US is persuading to adopt a global minimum corporate tax. (Photo Credits: Twitter/@SecYellen)

  • Yellen said a collective international effort would end the "race to the bottom" on taxation 
  • President Joe Biden announced the plans to raise corporate taxes to finance a massive $2 trillion infrastructure and jobs program
  • His plan would raise the US corporate tax rate to 28% and the minimum for multinationals to 21%

18 March.Washington D.C., DC, USA
Democratic representatives in the House Ways and Means Committee have already pushed for an extension in the deadline. (Photo Credit: Representational Image/Unsplash)

  • Around 24 million tax return filings are pending with the IRS
  • The new dealine is expected to range between April 15 and May 17
  • An official announcement by the IRS is still awaited

14 March.Washington D.C., DC, USA
US President Joe Biden is yet to give a solid policy for taxes in America (Photo Credit: AFP)

  • Members of the Democratic Party have previously demonstrated support for such tax policies
  • Yellen noted that exceptionally low interest rates have greatly reduced the cost of government borrowing
  • A previous proposal demanded a 2% tax rate for those having more than $50 million