New Delhi [India], Apr. 2 (ANI): The provisional figures of Direct Tax collections for Financial Year 2017-18 witnessed a 17.1 percent increase compared to net collections for FY 2016-17, the Central Board of Direct Taxes (CBDT) said on Monday.
"2017-18 direct tax collection recorded at Rs 9.95 lakh crore, up by 17.1 percent year-on-year. Nearly 6.84 crore tax returns were filed compared to 5.43 crore, thus registering a 26 percent year-on-year hike," CBDT Chairman Sushil Chandra said here at a press conference.
Gross collections (before adjusting for refunds) in FY 2017-18 increased by 13 percent to Rs.11.44 lakh crore, while refunds amounting to Rs.1.49 lakh crore were issued during 2017-18.
However, he reiterated that the aforesaid figures are provisional and subject to change pending final collation of data of collections.
During FY 2017-18, 6.84 crore Income Tax Returns (ITRs) were filed with the Income Tax Department as compared to 5.43 crore ITRs filed during FY 2016-17, showing a growth of 26 percent. There has been a sustained increase in the number of ITRs filed in the last four financial years. As compared to 3.79 crore ITRs filed in F.Y. 2013-14, the number of ITRs filed during F.Y. 2017-18 (6.84 crore) has increased by 80.5 percent.
During FY 2017-18, the number of new ITR filers has also increased to 99.49 lakh (as on March 30) as compared to 85.51 lakh new ITR filers added during FY 2016-17, which translates into a growth of 16.3 percent. (ANI)