So far in the current financial year (2024-25), net direct tax collection has increased by 21 percent to Rs 4.62 lakh crore. The increase in advance collection had a special contribution in this. The first installment of advance tax was due on June 15. Advance tax collection has increased by 27.34 percent to Rs 1.48 lakh crore. This includes corporate tax (CIT) of Rs 1.14 lakh crore and individual income tax (PIT) of Rs 34,470 crore.
What did CBDT say?
The Central Board of Direct Taxes (CBDT) said in a statement that the net direct tax collection of Rs 4,62,664 crore (till June 17, 2024) includes CIT of Rs 1,80,949 crore and PIT (including securities transaction tax) of Rs 2,81,013 crore. ) Are included.
Refunds worth Rs 53,322 crore have also been issued till June 17 in the financial year 2024-25. This is 34 percent more than the refunds issued during the same period last year. During April 1 to June 17 this year, gross collection of direct taxes (before adjustment for refunds) increased by 22.19 percent year-on-year to Rs 5.16 lakh crore.
What do experts say
Rohinton Sidhwa, partner, Deloitte India, said that the increase in advance tax collection is confirming the progress of the Indian economy. He said that there is an increase in both direct and indirect taxes. It is also a sign of the economy becoming more organized and better tax compliance. Gauri Puri, partner, Shardul Amarchand Mangaldas & Company, said that the increase in direct tax collection is the result of India’s growing economy. The collection has also increased due to rapid digitization.
Deadline to file ITR
Let us tell you that the deadline for filing income tax return is till 31st July. Like last time, this time too there is little hope of extending this deadline. In such a situation, you should file the return before the deadline.
