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News INCOME TAX

  • Nov 11, 2023
  • Direct tax collections up 22% on year

    The government’s direct tax collections, net of refunds, came in at Rs 10.60 trillion up to November 9 in the current fiscal year, a release issued by the finance ministry said on Friday. The collections during the period were 21.8% higher year-on-year and constitute 58.2% of the Budget estimates for Direct taxes in FY24.

    A growth rate of 21.8% is sharply higher than 11.6% growth rate pegged in the Budget. The Budget has estimated total direct tax collections, which includes Corporate Income Tax and Personal Income Tax, at Rs 18.23 trillion.