The provisional figures of Direct Tax collections up to 10 February continue to register steady growth.

These collections till 10 February show that gross collections are at Rs 15.67 lakh crore which is 24.09 per cent higher than the gross collections for the corresponding period of last year. Direct Tax collection, net of refunds, stands at Rs 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 2022-23 and 78.65 per cent of the Revised Estimates of Direct Taxes for 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 the adjustment of refunds, the net growth in CIT collections is 15.84% and that in PIT collections is 21.93 per cent (PIT only)/ 21.23 per cent  (PIT including STT).

Refunds amounting to Rs. 2.69 lakh crore have been issued from 1 April 2022 to 10 February 2023, which are 61.58 per cent higher than refunds issued during the same period in the preceding year.

Prime Minister Narendra Modi will inaugurate the 14th edition of Aero India 2023 at Air Force Station, Yelahanka in Bengaluru on Monday.

According to Prime Minister’s Office (PMO), the theme of Aero India 2023 is “The Runway to a Billion Opportunities”. The event will focus on displaying indigenous equipment and technologies and forging partnerships with foreign companies. The event will showcase the country’s progress in design leadership, growth in UAVs Sector, Defence Space and futuristic technologies.

Further, the event will promote export of indigenous air platforms like Light Combat Aircraft (LCA)-Tejas, HTT-40, Dornier Light Utility Helicopter (LUH), Light Combat Helicopter (LCH) and Advanced Light Helicopter (ALH).

The event will also help in integrating domestic MSMEs and start-ups in the global supply chain and attract foreign investments including partnerships for co-development and co-production, said PMO statement.

Aero India 2023 will witness participation by more than 80 countries. Ministers of about 30 countries and 65 CEOs of global and Indian OEMs are likely to participate in Aero India 2023.

Aero India 2023 exhibition will witness the participation of more than 800 Defence companies including around 100 foreign and 700 Indian companies.

The Indian companies participating in the exhibition include MSMEs and start-ups, which will showcase the advancement of niche technologies, growth in aerospace and defence capabilities in the country. Major exhibitors in Aero India 2023 include Airbus, Boeing, Dassault Aviation, Lockheed Martin, Israel Aerospace Industry, BrahMos Aerospace, Army Aviation, HC Robotics, SAAB, Safran, Rolls Royce, Larsen & Toubro, Bharat Forge Limited, Hindustan Aeronautics Limited (HAL), Bharat Electronics Limited (BEL), Bharat Dynamics Limited (BDL) and BEML Limited.

NEW DELHI, Feb 11: Finance Minister Nirmala Sitharaman today again reiterated that the new tax regime will benefit the middle class.

While talking to reporters after the customary post-Budget address to the central board of RBI, she said that the new regime will benefit the middle class as it will leave more money in their hands. She further said that it is not necessary to induce individuals to invest through government schemes but give him an opportunity to make a personal decision regarding investments.

The new tax regime will be effective from the next fiscal. As announced in the Union Budget, no tax would be levied on income up to Rs 3 lakh under the new regime. Income between Rs 3-6 lakh would be taxed at 5 per cent; Rs 6-9 lakh at 10 per cent, Rs 9-12 lakh at 15 per cent, Rs 12-15 lakh at 20 per cent and income of Rs 15 lakh and above will be taxed at 30 per cent.

Earlier Sitharaman had said that taxpayers are free to choose between the old and new tax regime.

Answering a question on the Adani Group crisis, the minister said, “Indian regulators are very, very experienced and they are experts in their domain. The regulators are seized of the matter and they are on their toes as always not just now.”

On regulating cypto assets, she India is in discussion with G20 nations for designing a common framework.

Responding to a query on price rise, RBI Governor Shaktikanta Das said retail inflation is expected to be around 5.3 per cent in 2023-24 and may fall further if crude prices remain benign.

Das said RBI has assumed USD 95 per barrel rate of crude for inflation projection for the next fiscal.

On pricing of loans, Das said market competition will decide rates on lending and deposit sides as it has been a de-regulated segment.

NEW DELHI, Feb 11: The Directorate General of Civil Aviation (DGCA) imposed a financial penalty of ₹20 lakh on Air Aisa for violation of applicable DGCA Civil Aviation Requirements.
The DGCA said that a few mandatory exercises of the pilots of Air Asia were not done during Pilot Proficiency Check as per schedule.
A Financial Penalty of ₹3 lakh each has also been imposed on 8 designated examiners of Air Asia for failing to discharge their duties as per applicable DGCA Civil Aviation Requirements, it said. (Agencies)