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Direct tax revenue increases 15.73% to Rs 6.53 billion

<p>The Income Tax Department has disclosed information about the tax collected so far in this fiscal year since the deadline for submitting income taxes concluded in July.</p>
<p>According to the government, gross direct tax receipts for the current fiscal year as of August 10 increased 15.73% to Rs 6.53 lakh crore.<img decoding=”async” class=”alignnone wp-image-124614″ src=”https://www.theindiaprint.com/wp-content/uploads/2023/08/theindiaprint.com-direct-tax-revenue-increases-15-73-to-rs-6-53-billion-income-tax-pic-pixabay-1-11zon-750×563.jpg” alt=”theindiaprint.com direct tax revenue increases 15 73 to rs 6 53 billion income tax pic pixabay 1 11zon” width=”1393″ height=”1046″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2023/08/theindiaprint.com-direct-tax-revenue-increases-15-73-to-rs-6-53-billion-income-tax-pic-pixabay-1-11zon-750×563.jpg 750w, https://www.theindiaprint.com/wp-content/uploads/2023/08/theindiaprint.com-direct-tax-revenue-increases-15-73-to-rs-6-53-billion-income-tax-pic-pixabay-1-11zon-1024×768.jpg 1024w, https://www.theindiaprint.com/wp-content/uploads/2023/08/theindiaprint.com-direct-tax-revenue-increases-15-73-to-rs-6-53-billion-income-tax-pic-pixabay-1-11zon-768×576.jpg 768w, https://www.theindiaprint.com/wp-content/uploads/2023/08/theindiaprint.com-direct-tax-revenue-increases-15-73-to-rs-6-53-billion-income-tax-pic-pixabay-1-11zon-150×113.jpg 150w, https://www.theindiaprint.com/wp-content/uploads/2023/08/theindiaprint.com-direct-tax-revenue-increases-15-73-to-rs-6-53-billion-income-tax-pic-pixabay-1-11zon.jpg 1200w” sizes=”(max-width: 1393px) 100vw, 1393px” title=”Direct tax revenue increases 15.73% to Rs 6.53 billion 6″></p>
<p>In this case, the direct tax consists of asset taxes, property taxes, and income taxes.</p>
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<p>According to a statement from the Central Board of Direct Taxes (CBDT), net direct tax revenues after adjusting refunds were Rs 5.84 lakh crore, which is 17.33% more than net collections for the same time last year.</p>
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<p>“The provisional figures of direct tax collections up to the 10th of August 2023 continue to register steady growth,” it was said.</p>
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<p>It should be mentioned that the amount collected represents 32.03 percent of the direct tax budget forecasts for the current fiscal year 2023–24.</p>
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<p>Additionally, as of August 10, refunds of Rs 69,000 crore had been granted, which is 3.73 percent more than what had been done during the same time the year before.</p>
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<p>According to a poll, 85% of Indian taxpayers chose the old system for submitting their income tax returns this year, with just 15% choosing the new system.</p>
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<p>In Budget 2020, the government unveiled a new tax structure that adjusted the tax slabs and provided taxpayers with reduced tax rates.</p>
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<p>The government included a number of incentives in Budget 2023 to promote the adoption of the new system.</p>
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<p>People who choose the new system are not eligible for a number of exemptions and deductions, including HRA, LTA, 80C, 80D, and others.</p>
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