Direct tax collection News

The number of income tax returns filed has grown from 3.8 crore in 2013 to 8.89 crore in 2024—a 133% increase, reflecting the growing formalization of India’s economy.  

Securities Transaction Tax (STT) mopped up Rs 21,599 crore, while other taxes (which include equalisation levy and gift tax) earned Rs 1,617 crore. 

Gross Direct Tax collections for FY 2022-23 up to 8th October, 2022 are at Rs. 8.98 lakh crore Net collections at Rs. 7.45 lakh crore, 16.3% higher than net collections for same period last year The Budget had estimated direct tax collection at Rs 14.20 lakh crore this fiscal

Direct tax collections stands at Rs 8.36 lakh crore by 30% growth: Finance Ministry. The data is for current fiscal year till September 17. For April-September, advance tax collection grew 17% to Rs 2.95 lakh crore.

In the financial year 2021-22, the Government of India had received Rs 27 lakh crore as tax. Of these, Rs 14 lakh crore was received by the government in the form of direct tax and Rs 13 lakh crore in the form of indirect tax. But what facilities government has provided in return?

Direct taxes came in at Rs 14.10 lakh crore. Indirect taxes like excise duty stood Rs 1.88 lakh crore higher than the budget estimate. Indirect tax mop-up was Rs 12.90 lakh crore, he said.

The shortfall in direct tax mop-up coupled with lower GST realisation may have implications on fiscal deficit, which the government has pegged at 3.4 percent of the GDP.

Under the Income Tax Act, any assessee, including salaried employee whose estimated tax liability for an year exceeds Rs 10,000 needs to pay advance tax.

The CBDT chief noted that so far the department has given 2.27 crore refunds, which is 50 per cent higher than last year.

In 2018-19 budget, the government had projected a 14.3 percent rise in direct tax collections to Rs 11.5 lakh crore.

Collections for Corporate Income Tax showed a growth of 19.2% and that for Personal Income Tax came at 18.6%.

Refunds totalling Rs 89,507 crore had been made during April-October 2017.

The government has collected over Rs 1.80 lakh crore in direct tax till July 15 in the current fiscal, an increase of 21.4 pre cent year-on-year, "belying" fears of slowdown in economic activities.

The Mumbai income tax zone, which contributes a third of the nationwide direct tax collection, has missed the revenue mop-up target for FY17 by a whisker, a department official has said.

The CBDT has directed the Income Tax department to "scrupulously" monitor tax collection, which it said is slightly less than the target even as the current financial year is nearing an end.

Government's revenue collection from indirect tax grew by an impressive 23.9 percent during the April-January period, while that from direct tax rose by 10.79 percent.

With the current financial year inching towards closure, CBDT has directed the taxman to step up survey operations to check non-deduction of TDS by firms and employers, especially in cases where such payments have dropped by more than 15 percent as compared to last time.

Government's revenue collection in April to November saw indirect tax-mop up growing at an impressive 26.2 percent while that of direct tax came in at 15.12 percent.

Direct tax collection registered a growth of 24.79 percent to Rs 1.24 lakh crore during April- June period, mainly on account of early advance tax mop-up.

Total collection from direct taxes stood at Rs 5.47 lakh crore as on February 13, which is 68.7 percent of the budget target for the fiscal.