2017-18 Direct Tax Collection Exceeds Budget Expectations, Rises 17 Per Cent To Rs 9.95 Lakh Crore

Direct tax collection in the just concluded fiscal year 2017-18 has exceeded the targets and budgetary expectations with a record Rs 9.95 lakh crore net tax collection, Income Tax (IT) officials said today (2 April).

Direct tax collections in 2017-18 stood at Rs 9.95 lakh crore, exceeding the revised budgetary target of Rs 9.8 lakh crore. Also, 6.84 crore income tax returns were filed in the year against 5.43 crore in the previous year signalling a rise of 26 per cent, CBDT Chairman Sushil Chandra told reporters.

A net of 99.5 lakh new assessees were also added to the tax net in the period.

CBDT chairman further said that net collection from corporate tax went up 17.1 per cent while that from personal income tax rose 18.9 per cent.