Gross direct tax collections by the government for the current financial year (2024-25) have soared by 24% compared to the same period last year, reaching Rs 8.13 lakh crore, according to data released by the Central Board of Direct Taxes (CBDT) on Monday. The previous year’s figure stood at Rs 6.55 lakh crore.
Net direct tax collections also witnessed robust growth, rising by 22.5% to Rs 6.92 lakh crore from Rs 5.65 lakh crore in the corresponding period. Refunds during this time increased by 33.5% to Rs 1.2 lakh crore from Rs 90,028 crore.
Direct taxes encompass a range of levies, including corporate tax, personal income tax, securities transaction tax, equalization levy, fringe benefits tax, wealth tax, banking cash transaction tax, hotel receipt tax, interest tax, expenditure tax, estate duty, and gift tax.
Record-Breaking Income Tax Returns Filed
Timely compliance by taxpayers and tax professionals has led to a surge in income tax return (ITR) filings, setting a new record of over 7.28 crore ITRs filed by July 31, 2024. This represents a 7.5% increase compared to the previous year’s total of 6.77 crore ITRs.
The Ministry of Finance reported a significant shift towards the New Tax Regime, with 5.27 crore taxpayers opting for it compared to 2.01 crore choosing the Old Tax Regime. This translates to approximately 72% of taxpayers adopting the New Tax Regime.
The final day for filing ITRs, July 31, 2024, witnessed an unprecedented surge of over 69.92 lakh ITRs filed. Additionally, a promising 58.57 lakh ITRs were submitted by first-time filers, indicating a broadening tax base.
Taxpayers are reminded to verify any unverified ITRs within 30 days of filing and to promptly file their returns if they missed the deadline.