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Direct Tax Collection: Direct tax collection of Rs 7.04 lakh crore with 23% jump

Direct Tax Collection: In the financial year 2022-23, there is a great boom in Direct Tax Collection. Direct tax collection in the current financial year has been Rs 7.04 lakh crore, which is 23 per cent higher than the corresponding period last year. Finance Minister Nirmala Sitharaman said that direct tax collection has been very good but it can be improved even further.

Addressing the award ceremony of CBDT officers, the Finance Minister said that the use of technology in the faceless system has helped in reducing discriminatory behavior among taxpayers. He said that the three R’s in which Refund, Return and Redressal need to be given priority.

CBDT Chairman Nitin Gupta said that the total income tax and corporate tax collection in 2021-22 has been Rs 14.09 lakh crore, which is a record till date. He told that for the assessment year 2022-23, 5.83 crore taxpayers have filed ITR (Income Tax Return) till July 31. In which 72 lakh returns were filed in a day. He said that a refund of Rs 1.41 lakh crore has been issued.

The CBDT chairman said that the Income Tax Department is continuously increasing the use of technology these days to increase the collection of tax.

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