Income Tax Department has provided a major update for ITR filers regarding direct tax collection.

ITR Filing: Direct Tax Collection for FY 2023-24 Reaches 26.05% of Budget Estimate

• In the financial year 2023-24, the Income Tax Department has announced that the direct tax collection has reached 26.05 percent of the total budget estimate, which includes income tax and company tax.
• Net direct tax collection during the financial year 2023-24 has increased by 15.87 percent to Rs 4.75 lakh crore on an annual basis.
• Gross direct tax collection stands at Rs 5.17 lakh crore, marking a 14.65 percent increase compared to the same period last year.

Key Highlights:

In the financial year 2023-24, the net direct tax collection has reached 26.05 percent of the total budget estimate. This collection includes income tax and company tax. Compared to the previous year, the net tax collection has increased by 15.87 percent.

Furthermore, refunds worth Rs 42,000 crore have been issued during the period from April 1 to July 9, 2023. This amount is 2.55 percent higher than the tax refund received during the same period last year.

The gross direct tax collection has increased by 14.65 percent, amounting to Rs 5.17 lakh crore. The budget estimate for net direct tax collection in the financial year 2023-24 is Rs 18.23 lakh crore, a 9.75 percent increase from the previous year.

The figures for the financial year 2022-23 show that the net direct tax collection was Rs 16.61 lakh crore, which marked a 17.63 percent increase from the previous financial year’s collection of Rs 14.12 lakh crore.