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