Direct Tax Collection: There has been an increase of 7.5 percent in the number of ITRs (ITR Filing 2024) filed this year (till July 31) as compared to last year.
New Delhi:
India’s direct tax collection has increased from Rs 5.59 lakh crore to Rs 20 lakh crore in the last ten years. During this period, the tax-to-GDP ratio has also increased to 6 percent, which was earlier 5.6 percent. Revenue Secretary Sanjay Malhotra gave this information.
In his address on ‘Income Tax Day’, he said that the Income Tax Department should focus on technology and increasing the convenience of taxpayers.
3.92 crore ITRs processed in less than 15 days
The Income Tax Department has been successful in doubling the tax base in the last few years and has also reduced compliance for taxpayers through faceless regime, e-verification and e-filing etc.
Net tax collection increased by 17.7 percent in the last financial year
In the same program, CBDT Chairman Ravi Agarwal said that the focus of the department is on increasing services for taxpayers and reducing compliance for technology. He further said that last financial year there was an increase of 17.7 percent in net tax collection. At the same time, the number of ITRs (ITR Filing 2024) filed this year (till July 31) has increased by 7.5 percent as compared to last year.
72% income tax returns filed under new tax regime
At the same time, 72 percent of income tax returns have been filed under the New Tax Regime. Of these, 58.57 lakh were going to file income tax returns for the first time (Income Tax Return Filing 2024), which shows that the tax base is growing in India.
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