Over 7 per cent of the tax returns filed in this assessment year 2023-24 (FY 2022-23) were from 53 lakh new taxpayers. This, along with technology interventions and enhanced disclosures by taxpayers in income tax returns, has aided the growth in personal income tax collections, Central Board of Direct Taxes (CBDT) Chairman Nitin Gupta said Tuesday. Gross direct tax collections have grown by 17.95 per cent to Rs 11.07 lakh crore so far this fiscal during April 1-October 9, while net direct tax mop-up, which factors in refunds, rose 21.82 per cent year-on-year to Rs 0.57 lakh crore.
The CBDT Chairman underlined that the tax department will “surpass” its Budget targets when asked about concerns being raised about a lower rate of growth in corporate tax revenue compared with the personal income tax revenue growth. “For the corporates, the tax rates have come down…but despite that we are getting good numbers. The growth is in PIT (Personal Income Tax) more than the corporates. On net basis, corporate is around 7.3 per cent and PIT is around 29.5 per cent,” Gupta said.
Register to continue reading this story
Google
Facebook
Email
Already have an account? Sign in