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The Central Board of Direct Taxes (CBDT) revealed that net direct tax collection, excluding refunds, has escalated by 19.41% compared to the corresponding period last year
Digital Desk: Net direct tax collection for the fiscal year 2023–24 has witnessed a significant surge, growing by 19% to reach Rs 14.70 trillion, as reported by the income tax department.
This robust collection represents approximately 81% of the government's full-year target. Aiming to gather Rs 18.23 trillion from direct taxes, which include personal income tax and corporate tax, the government's projection stands at 9.75% higher compared to the previous fiscal year's collection of Rs 16.61 trillion.
The Central Board of Direct Taxes (CBDT) revealed that net direct tax collection, excluding refunds, has escalated by 19.41% compared to the corresponding period last year, amounting to Rs 14.70 trillion, which is approximately 80.61% of the total budget estimates for FY 2023–24. Refunds totaling Rs 2.48 trillion have been issued from April 1, 2023, to January 10, 2024.
On a gross basis, direct tax collection as of January 10, 2024, has displayed a steady upward trajectory, reaching Rs 17.18 trillion, marking a 16.77% increase compared to the previous year. Notably, gross Corporate Income Tax (CIT) and Personal Income Tax (PIT) have grown by 8.32% and 26.11%, respectively.
Adjusted for refunds, the net growth in CIT collections stands at 12.37%, while in PIT collections, it stands at an impressive 27.26%. The fiscal year 2023–24 has concluded with India's net direct tax collections surging by a substantial 17.7% year-on-year to Rs 19.58 lakh crore, surpassing both the budget and revised estimates.
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