Direct tax assortment: The Central Board of Direct Taxes on Friday launched the information on Direct Tax (DT) collections until July 11, 2024, for FY 2024-25. The online direct tax collections have elevated by 24.07% to Rs 5.74 lakh crore. In FY23, the online collections stood at Rs 4.80 lakh crore.
This consists of company taxes of Rs 2.1 lakh crore and private earnings tax of Rs 3.46 lakh crore. The non-public earnings tax determine consists of proceeds from securities transaction tax (STT).
In June, CBDT mentioned the Central authorities has collected Rs 4.62 lakh crore in direct taxes after adjusting for refunds, marking a 20.99% progress yearly.
This included company taxes of Rs 1.8 lakh crore and private earnings tax of Rs 2.81 crore.
India’s web direct tax collections for the fiscal yr 2023-24 skilled a notable progress of 17.7%, amounting to Rs 19.58 lakh crore. This determine marginally exceeded the revised estimates for the yr. The rise was primarily attributed to a big rise in private earnings taxes, which accounted for 53.3% of the overall tax income, marking a rise from the earlier yr’s 50.06%. In the meantime, company taxes noticed a lower in contribution, dropping to 46.5% from 49.6% within the earlier fiscal yr.
The federal government has within the interim finances for FY25 projected a income of Rs 10.4 lakh crore from company tax and a income of Rs 11.56 lakh crore from private earnings tax.