Direct taxes up 18% to Rs 10.02 lakh cr in FY18

India Business Journal - - NEWS ROUND-UP -

Direct tax col­lec­tion grew by 18 per cent to cross Rs 10.02 lakh crore in the fi­nan­cial year ended March 2018. The govern­ment had es­ti­mated to col­lect Rs 9.80 lakh crore from direct taxes, which in­clude In­come Tax and Cor­po­rate Tax, in 2017-18. In the re­vised es­ti­mates, the govern­ment had raised the tar­get to an am­bi­tious Rs 10.05 lakh crore. The num­ber of In­come Tax re­turns (ITRs) filed dur­ing the same pe­riod rose to 6.84 crore com­pared with 5.43 crore filed in 2016-17. This rep­re­sents a 26 per cent growth in fil­ing of ITRs.

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