Income Tax Update: After Modi government came to power, there has been a 160 percent jump in direct tax collection in the country. Direct tax collection was Rs 6,38,596 crore in the financial year 2023-14, which has increased to Rs 16,63,686 crore in the financial year 2022-23. Whereas a jump of 173.31 percent has been seen in the gross direct tax collection.
Central Board of Direct Taxes (CBDT) has released the tax collection data till the financial year 2022-23. According to this data, the net direct tax collection in 2013-14 was Rs 6,38,596 crore, which has increased to Rs 16,63,686 crore in the next 9 years in the financial year 2022-23. Gross direct tax collection was Rs 7,21,604 crore in 2013-14, which has increased by 173.31 percent to Rs 19,72,248 crore.
Income Tax Department has released a consolidated Time-Series data upto FY 2022-23 with a focus on placing key statistics related to Direct Taxes in public domain.
Key highlights:
👉160.52% growth in Net Direct Tax Collections from Rs. 6,38,596 crore in FY 2013-14 to Rs.… pic.twitter.com/z752Nj1RWi— Income Tax India (@IncomeTaxIndia) January 23, 2024
CBDT said that the direct to DGP ratio in the country was 5.62 percent in 2013-14, which has increased to 6.11 percent in 2022-23. A total of 3.80 crore income tax returns were filed in the financial year 2013-14, the number of which has increased by 104.91 percent and has increased to Rs 7.78 crore.
By the way, the number of people filing income tax returns for the assessment year 2023-24 by 31 December 2023 has increased to 8.18 crore, which was 7.51 crore in the previous assessment year. 9 percent more income tax returns have been filed in the assessment year 2023-24. The number of taxpayers has increased after the Income Tax Department started the facility of AIS and TIS for taxpayers.
According to CBDT, there were a total of 5,26,44,496 taxpayers in 2013-14, whose number has increased to 9,37,76,869 in 2022-23. According to the data, the cost of collection in the financial year 2013-14 was 0.57 percent of the total collection, which has reduced to 0.51 percent in 2-22-23.
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