New Delhi: The Central government’s net direct tax collections touched Rs 18.37 lakh crore between April 1 and January 11 of the current financial year (2025-26), according to data released by the Income Tax Department on Monday.
The figure represents an 8.82 per cent increase over the next direct tax collections in the same period of the previous year.
Net corporate tax collections till January 11 stood at Rs 8.63 lakh crore, which represents a robust 12.41 per cent over the same period of the previous year.
Net non-corporate tax collections, which include personal income tax and securities transaction tax, stood at Rs 9.29 lakh crore, which translates toa 6.39 per cent rise over the corresponding figure of the previous year.
The lower increase reflects the tax concessions announced in the Budget for 205-26 for the middle class, which exempted all those earning an income of Rs 12 lakh a year from paying tax. This limit works out to Rs 12.75 lakh for salaried taxpayers, due to the standard deduction of Rs 75,000.
The new structure was aimed to substantially reduce the taxes of the middle class and leave more money in their hands, boosting household consumption, savings and investment to boost economic growth.
The limits for Tax Deducted at Source (TDS) have also been raised for various sections, such as on interest for senior citizens to Rs 1 lakh from Rs 50,000 and on rent to Rs 6 lakh annually from Rs 2.40 lakh.
The data released on Monday also shows that refunds stood at Rs 3.11 lakh crore between April 1 and January 11. This is lower by 16.91 per cent as compared to the same period of the last fiscal. Between April-January 11 FY25, refunds stood at Rs 3.75 lakh crore.
The gross direct tax collection for the current financial year so far stands at Rs 21.49 lakh crore, which is 4.14 per cent higher than the corresponding figure over the same period of the previous year.
(IANS)
