'Net direct tax collection grows 15.7% to Rs 4.89L cr'

NEW DELHI: The net direct tax collection in the nation grew through 15.7 in keeping with cent on year-on-year basis to achieve Rs four.89 lakh crore in the current fiscal till third week of October, a senior respectable on Monday quoting from the newest data. This marks over 42 in keeping with cent of the full-year direct tax collection goal of Rs 11.5 lakh crore for the fiscal ending March 31, 2019.

The CBDT respectable also the income tax division issued about 2 crore refunds for an amount of about Rs 1.09 lakh crore, till last week.

The Central Board of Direct Taxes (CBDT) is the policy-making frame for the Income Tax Department (ITD).

As in keeping with the newest data, the choice of taxpayers getting refunds is up through 62 in keeping with cent from 1.22 crore refunds in the corresponding period of the last fiscal. In phrases of the refund amount, there has been a surge of 31.7 in keeping with cent from Rs 83,000 crore refunded to taxpayers in the corresponding period last year.

The division, the respectable stated, received 5.eight crore I-T returns (ITRs) till October 21 as in comparison to 3.6 crore returns throughout the similar period of last fiscal.

"This is an increase of about 61 per cent," the respectable stated.

As part of its efforts to widen and deepen the taxpayer base in the nation, the CBDT has given a goal to the income tax division so as to add 1.25 crore new other folks through finish of the present fiscal, the respectable stated.

Last year, 1.06 new income tax assesses were added, he added.

The present taxpayer base in the nation is over 6.26 crore.

The division sent about 1.85 crore emails and SMSes to assessees and taxpayers throughout the last quarter of the last fiscal 2017-18 (January-March), asking them to record their ITRs and pay taxes in accordance with their tax historical past or some new information received through the taxman about their transactions, he stated.
'Net direct tax collection grows 15.7% to Rs 4.89L cr' 'Net direct tax collection grows 15.7% to Rs 4.89L cr' Reviewed by Kailash on October 23, 2018 Rating: 5
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