\"Real GDP is likely to print 4.3 per cent YoY in 3Q vs 2Q's 5 per cent, nearing the trough for this cycle,\" DBS said in its daily economic report.

Data released by the income tax department also showed that the number of people filing return in 2018/19 jumped 16 per cent to 6.33 crore compared to 5.45 crore in the previous year

Corporates accounted for about 1.6 per cent of total taxpayers, as per the tax returns for assessment year 2017/18 but they contributed over 55 per cent to income taxes during the same year

The report said that corporate direct tax as a percent of the profit before tax (PBT) more than doubled from 23.8 per cent in 2005-06 to 55.4 per cent in 2017-18

How exactly the department is collating and using data? A look at the income tax department's action plan for 2019-20 gives an insight

He also said that the government can only think of further \"lowering\" corporate tax rates once the exemptions and deductions in this sector are phased out.

The onus is on Modi 2.0 is thus to put the wheels into motion again so that the economy rides back on the growth path sooner.

The government has always found it difficult to dilute the provisions of MAT as it has been a way to expand India's direct tax base and also fetch some additional revenues

Since becoming prime minister in 2014, Modi succeeded in improving public finances, trimming the fiscal deficit to 3.4% of gross domestic product (GDP) from 4.5% in 2013/14, mostly through subsidies cuts and fuel taxes

Slipping fiscal discipline would hurt the \"credibility\" of the budget and in turn hit investment, the bond market and the rupee, analysts say

Demonetization had a phenomenal positive impact on the widening of tax base and direct tax collections, CBDT said

The slow growth in direct tax collection has unsettled government's fiscal math. The targets, which were revised upwards by Rs 50,000 crore, are now unlikely to be achieved

Scrambling to meet fiscal and revenue targets the government has already been leaning on PSUs to pay more interim dividends, and now wants state-owned banks to deposit tax ordinarily payable in April before the end of the month

The income tax department is reportedly moving to lift stay orders obtained by taxpayers from Income Tax Appellate Tribunals that go beyond six months

Despite the call for large-scale disinvestment, PSUs continue to bail out the government.

The spending involved in implementing Budget proposals will throw the fiscal position off track.

The Interim Budget has tied up the final threads of a much-needed basic social security net.

Finance Minister Piyush Goyal: Fiscal deficit has come down to 3.4 per cent in revised estimate of 2018-19; current account deficit expected to be 2.5 per cent this year.

In a statement, PHD Chamber of Commerce and Industry President Rajeev Talwar said it looks forward to a \"dynamic, inclusive and pragmatic budget\" on February 1.