Direct tax revenue increases 15.73% to Rs 6.53 billion

The Income Tax Department has disclosed information about the tax collected so far in this fiscal year since the deadline for submitting income taxes concluded in July.

According to the government, gross direct tax receipts for the current fiscal year as of August 10 increased 15.73% to Rs 6.53 lakh crore.

In this case, the direct tax consists of asset taxes, property taxes, and income taxes.

 

 

According to a statement from the Central Board of Direct Taxes (CBDT), net direct tax revenues after adjusting refunds were Rs 5.84 lakh crore, which is 17.33% more than net collections for the same time last year.

 

“The provisional figures of direct tax collections up to the 10th of August 2023 continue to register steady growth,” it was said.

 

It should be mentioned that the amount collected represents 32.03 percent of the direct tax budget forecasts for the current fiscal year 2023–24.

 

Additionally, as of August 10, refunds of Rs 69,000 crore had been granted, which is 3.73 percent more than what had been done during the same time the year before.

 

According to a poll, 85% of Indian taxpayers chose the old system for submitting their income tax returns this year, with just 15% choosing the new system.

 

In Budget 2020, the government unveiled a new tax structure that adjusted the tax slabs and provided taxpayers with reduced tax rates.

 

The government included a number of incentives in Budget 2023 to promote the adoption of the new system.

 

People who choose the new system are not eligible for a number of exemptions and deductions, including HRA, LTA, 80C, 80D, and others.