As the last date of Income Tax filing has ended in July, the Income Tax Department has released data for…
(File representations photo)
As the last date of Income Tax filing has ended in July, the Income Tax Department has released data for the tax collected so far in this fiscal. .
As per the department, Gross direct tax collection grew 15.73 per cent to Rs 6.53 lakh crore till August 10 in the current fiscal.
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Here, the direct tax comprises income taxes, property taxes, and taxes on assets.
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Net direct tax collection after adjusting refunds stands at Rs 5.84 lakh crore, which is 17.33 per cent higher than the net collections for the corresponding period of last year, the Central Board of Direct Taxes (CBDT) said in a statement.
“The provisional figures of direct tax collections up to 10th August 2023 continue to register steady growth,” it added.
It is to be noted that the collection is 32.03 per cent of the total budget estimates of direct taxes for the current fiscal 2023-24.
Also, the refunds amounting to Rs 69,000 crore have been issued till August 10, which are 3.73 per cent higher than refunds issued during the same period in the preceding year.
According to a survey, for this time’s Income Tax Returns filing, 85% of India’s taxpayers still opted for the old regime with only 15% going for the old regime of filing tax returns.
The government introduced a new tax regime in Budget 2020 wherein the tax slabs were altered, and taxpayers were offered concessional tax rates.
In Budget 2023, the government introduced various incentives to encourage the adoption of the new regime.
Those who opt for the new regime cannot claim several exemptions and deductions, such as HRA, LTA, 80C, 80D, and more.
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