MADURAI: The Central Board of Direct Taxes (CBDT) of Government of India has today released some key statistics updated up to fiscal year 2023-24 about direct tax collections and Income Tax Returns filed.
In an important press release from the Union Ministry of Finance on October 16th 2024, the CBDT has informed that net direct tax collections in India increased by 206.95 per cent from Rs.6,38,596 crores in 2013-14 financial year to Rs.19,60,166 crores in financial year 2023-24.
The total number of Income Tax Returns filed in FY 2023-24 stands at 8.61 crores showing an increase by 126.58 per cent as compared to total number of ITRs of 3.8 crore ITRs filed in fiscal year 2013-14., according to a press release received from the Government of India today.
Direct tax to GDP ratio has increased from 5.62 per cent in financial year 2013-14 to 6.64 per cent in FY 2023-24 and there is also a decrease in cost of tax collection.
