Net direct tax collection swelled 22 per cent so far this fiscal year to Rs 10.60 lakh crore, crossing 58 per cent of the Budget target for the full year, the Income Tax department said on Friday.
The net corporate tax collection grew 12.48 per cent and personal income tax mop up rose 31.77 per cent.
"Direct Tax collection, net of refunds, stands at Rs 10.60 lakh crore which is 21.82 per cent higher than the net collection for the corresponding period of last year.
"This collection is 58.15 per cent of the total Budget Estimates of Direct Taxes for F.Y. 2023-24," the I-T department said in a statement.
Refunds totalling Rs 1.77 lakh crore have been issued between April 1 to November 9, 2023.
On a gross basis, collection from direct tax, which includes corporate and Personal Income Tax (PIT), rose 17.59 per cent to Rs 12.37 lakh crore.
-
Indian Markets Turning Corner After Two Tough Years, Says Sandeep Tandon -
NDTV Profit Ignite 2026: Experts See Opportunity In Equities, Stay Bullish For Long-Term -
Buy Right, Sit Tight Does Not Work for Individual Stocks, Says Dinshaw Irani -
'Worst Is Behind': Quant MF Sees Market Bottom, Flags 'Extreme Euphoria' In Midcaps -
India's Mutual Fund Industry Could Become A $1 Trillion Opportunity, Say Fund Managers -
'Foreign Investors Are Baraatis': Raamdeo Agrawal's Take On LTCG Tax -
Stay Invested Through Market Cycles: Raamdeo Agrawal at NDTV Profit Ignite -
Ramesh Damani Remains Bullish On India For Next 20-30 Years, Sees Bargains Amid Market Weakness -
CAS Came After A Long Consultation Process: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFIT IGNITE -
Aim To Cut FPI Onboarding Time From Mth To Five Days: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFI
The growth rate for corporate income tax (CIT) is 7.13 per cent, while that for PIT is 28.29 per cent.
The 2023-24 budget has pegged direct tax collection at a little over Rs 18.23 lakh crore, a 9.75 per cent higher than Rs 16.61 lakh crore mopped up last fiscal.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.