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India’s net direct tax collection up by 15.7% to Rs 4.89 lakh crore: CBDT
Oct-23-2018

The Central Board of Direct Taxes (CBDT), the policy-making body for the Income Tax Department (ITD), in its latest data showed that the net direct tax collection in India grew by 15.7 percent on year-on-year basis to reach Rs 4.89 lakh crore in the current fiscal till third week of October. This marks over 42% of the full-year direct tax collection target of Rs 11.5 lakh crore for the fiscal ending March 31, 2019.

According to the latest data, the number of taxpayers getting refunds is up by 62% from 1.22 crore refunds in the corresponding period of the last fiscal. In terms of the refund amount, there has been a surge of 31.7% from Rs 83,000 crore refunded to taxpayers in the corresponding period last year. The department received 5.8 crore IT Returns (ITRs) till October 21 as compared to 3.6 crore returns during the same period of last fiscal. This is an increase of about 61%.

The CBDT has given a target to the income tax department to add 1.25 crore new people by end of the current fiscal, as part of its efforts to widen and deepen the taxpayer base in the country. Moreover, 1.06 crore new income tax assesses were added in last year. The present taxpayer base in the country is over 6.26 crore.

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