Net direct tax mop up rises 23% to Rs 7.04 lakh crore so far this fiscal | The Financial Express

Net direct tax mop up rises 23% to Rs 7.04 lakh crore so far this fiscal

CBDT Chairman Nitin Gupta said the income and corporate tax collections were at a record high of Rs 14.09 lakh crore in 2021-22

Net direct tax mop up rises 23% to Rs 7.04 lakh crore so far this fiscal
July 31 was the last date for filing ITRs for salaried individuals for income earned in the 2021-22 fiscal

The net direct tax collection has increased 23 per cent to Rs 7.04 lakh crore so far this fiscal, the income tax department said on Tuesday.

Central Board of Direct Taxes (CBDT) Chairman Nitin Gupta said the income and corporate tax collections were at a record high of Rs 14.09 lakh crore in 2021-22.

“The momentum of the last fiscal continues in this fiscal with net direct tax collection of Rs 7.04 lakh crore so far, which is a growth of 23 per cent over the same period last fiscal,” Gupta said.

Also Read: Direct tax collections rise 30% till September 8

At the Finance Minister’s Award ceremony for CBDT officers, Gupta said the I-T e-filing portal has stabilised and it has facilitated 5.83 crore tax return filing as of July 31. A record 72 lakh returns were filed on the portal on a single day.

July 31 was the last date for filing ITRs for salaried individuals for income earned in the 2021-22 fiscal.

Also Read: 42% small businesses, startups finding it difficult to file tax return, audit report by Sep 30 deadline: Survey

Gupta said I-T refunds worth Rs 1.41 lakh crore have been issued so far this fiscal, which is an increase of 83 per cent over the same period last year. The CBDT chief said the department is using technology to increase tax collection.

Get live Share Market updates and latest India News and business news on Financial Express. Download Financial Express App for latest business news.