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News INCOME TAX

  • Feb 12, 2024
  • Direct tax collection reaches 80% of revised FY24 target at Rs 15.60 trn

    Net direct tax collection so far in current fiscal grew 20 per cent year-on-year to Rs 15.60 trillion, which is 80 per cent of revised budget estimates for full fiscal year.
    "The provisional figures of direct tax collections continue to register steady growth. Direct tax collections up to 10th February, 2024 show that gross collections are at Rs 18.38 trillion, which is 17.30 per cent higher than the gross collections for the corresponding period of last year," Central Board of Direct Taxes (CBDT) said in a statement.This collection is 80.23 per cent of the total revised estimates of direct taxes for 2023-24.
    Refunds amounting to Rs 2.77 trillion have been issued during April 1, 2023 to February 10, 2024.
    Gross revenue collections for Corporate Income Tax (CIT) and Personal Income Tax (PIT) also showed a steady growth.
    Growth rate for CIT was 9.16 per cent while for PIT, it was 25.67 per cent (PIT only).
    After adjustment of refunds, the net growth in CIT collections was 13.57 per cent and that in PIT was 26.91 per cent (PIT only), it added.