Net direct tax income for FY24 increases by 20% to Rs 18.9 lakh crore

The Central Board of Direct Taxes (CBDT) announced preliminary numbers on Tuesday that showed net direct tax receipts for the financial year 2023-24 (FY24) increased by 19.88% to Rs 18,90,259 crore from Rs 15,76,776 crore in the equivalent period of FY23.

The total amount collected comprises Rs 9,14,469 crore (net of refund) for corporate tax and Rs 9,72,224 crore (net of refund) for personal income tax (PIT), which includes securities transaction tax (STT).

The preliminary totals for the gross collection of direct taxes (before accounting for refunds) for FY24 were Rs 22,27,067 crore, up 18.74% from Rs 18,75,535 crore during the same time in the previous fiscal year.

CIT, at Rs 10,98,183 crore, and PIT, comprising STT, at Rs 11,25,228 crore, are included in the total collection. Amounts collected under minor headings include advance tax of Rs 9,11,534 crore, tax deducted at source of Rs 10,44,511 crore, tax under other minor heads of Rs 24,177 crore, and tax on self-assessment of Rs 1,73,296 crore.

As of March 17, the preliminary total advance tax receipts for FY24 were reported to be Rs 9,11,534 crore, up 22.31% from the advance tax collections of Rs 7,45,246 crore during the same time in the previous fiscal year. CIT, at Rs 6,72,899 crore, and personal income tax, at Rs 2,38,628 crore, make up the advance tax collection.

In addition, refunds of Rs 3,36,808 crore have been made in the FY24 till March 17. This is a 12.74% increase over the refunds made in the FY23 during the same time. Refunds of Rs 2,98,758 crore were made in the FY23.

At Rs 9,11,534 cr, advance tax receipts are up 22%.

As of March 17, the total advance tax revenues for FY24 were Rs 9,11,534 crore, up 22.31% over the same time in the previous fiscal year (Rs 7,45,246 crore). It consists of personal income tax of Rs 2,38,628 crore and capital gains tax of Rs 6,72,899 crore.