Net direct tax collections for the Financial Year 2023-24 reached Rs 18,90,259 crore by March 17, 2024, marking a significant increase from the Rs 15,76,776 crore collected during the same period in the preceding fiscal year, according to the Income Tax Department. This represents a growth of 19.88 percent.
Of the total collections, Corporation Tax (CIT) amounted to Rs 9,14,469 crore (net of refund), while Personal Income Tax (PIT), including Securities Transaction Tax (STT), stood at Rs 9,72,224 crore (net of refund).
Gross collection figures for direct taxes (before refunds) for FY 2023-24 stood at Rs 22,27,067 crore, showing an 18.74 percent increase compared to FY 2022-23. Within this, CIT amounted to Rs 10,98,183 crore and PIT, including STT, totaled Rs 11,25,228 crore.
Detailed breakdowns of minor head-wise collections include Advance Tax of Rs 9,11,534 crore, Tax Deducted at Source of Rs 10,44,511 crore, Self-Assessment Tax of Rs 1,73,296 crore, Regular Assessment Tax of Rs 73,548 crore, and Tax under other minor heads of Rs 24,177 crore.
Advance Tax collections for FY 2023-24 reached Rs 9,11,534 crore by March 17, 2024, marking a notable increase of 22.31 percent from the corresponding period in the previous fiscal year. This comprises CIT at Rs 6,72,899 crore and PIT at Rs 2,38,628 crore.
Refunds issued during FY 2023-24 amounted to Rs 3,36,808 crore by March 17, 2024, showing a 12.74 percent increase from the refunds issued during the same period in FY 2022-23, which totaled Rs 2,98,758 crore.
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