« Top Headlines » Open DEMAT Account in 24 hrs  Tax planning for 2025: How to maximise your savings before March 31 deadline  New income tax bill reaches Parliament: Finance Minister Nirmala Sitharaman tables I-T Bill 2025 in Lok Sabha  5 major changes in the last 6 months every taxpayer should know!  Good news for taxpayers: ITR forms updated to allow 87A tax rebate claims, but there's a catch  Top 10 income tax changes from 2024 to look out for while filing ITR in 2025 «  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.