Direct tax collections 24 pc higher at Rs 8.1 lakh crore
Aug 12, 2024
New Delhi [India], August 12 : The gross direct tax collections by the government so far in 2024-15 were 24 per cent higher on a yearly basis at Rs 8.13 lakh crore, data released by the Central Board of Direct Taxes (CBDT) showed on Monday. During the same period last year, the gross tax collections were Rs 6.55 lakh crore.
Coming to net direct tax collection, it rose 22.5 per cent to Rs 6.92 lakh crore from Rs 5.65 lakh crore.
Refunds for the period rose 33.5 per cent to Rs 1.2 lakh crore from Rs 90,028 crore.
Direct taxes included here are corporate tax, personal income tax, securities transaction tax, equalization levy, fringe benefits tax, wealth tax, banking cash transaction tax , hotel receipt tax, interest tax, expenditure tax, estate duty, and gift tax.
In other news, the taxpayers and tax professionals made their compliances in time, leading to a surge in the filing of Income-tax Returns (ITRs), which resulted in a new record of ITRs filed till July 31, 2024.
July 31 was the last due date for filing the income tax returns. The total number of ITRs for assessment year 2024-25 filed till July 31, 2024 is more than 7.28 crore, which is 7.5 per cent more than the total ITRs for assessement 2023-24 (6.77 crore) filed, a Ministry of Finance release stated earlier.
An increasing number of taxpayers have opted for the New Tax Regime this year, the finance ministry said.
Out of the total ITRs of 7.28 crore filed, 5.27 crore have been filed in the New Tax Regime compared to 2.01 crore filed in the Old Tax Regime. Thus, about 72 per cent of taxpayers have opted for the New Tax Regime, while the rest 28 per cent continue to be in the Old Tax Regime.
The filing of ITRs peaked on July 31, 2024 (due date for salaried taxpayers and other non-tax audit cases) with over 69.92 lakh ITRs being filed on a single day.
A total of 58.57 lakh ITRs from first time filers were reported, a fair indication of widening of tax base.
Taxpayers are also requested to verify their unverified ITRs if any, within 30 days of filing the ITR. Taxpayers are urged, who for any reason, missed filing their ITR within the due date, to complete their filing expeditiously.
