What’s in the news?

• Direct tax collections have surged by 182% over the past 10 years, exceeding ₹19.60 lakh crore in the 2023-24 fiscal year.
• The latest ‘Time Series Data’ released by the Income Tax Department showed that the corporate tax collections more than doubled to more than ₹9.11 lakh crore in 10 years to 2023-24 fiscal. 
• Personal income tax mop up grew close to four-fold to ₹10.45 lakh crore during the period.
• The number of income tax returns filed (including revised returns) increased from more than 4.04 crore in 2014-15 fiscal to more than 8.61 crore in 2023-24.
• Direct tax-to-GDP ratio increased from 5.55% in 2014-15 to 6.64% in 2023-24. 
• Tax buoyancy, which measures revenue mobilisation efficiency with respect to GDP growth, increased from 0.86 to 2.12 in the 10-year period. 
• The number of taxpayers increased from 5.70 crore in Assessment Year (AY) 2014-15 to 10.41 crore in 2023-24 AY.

https://www.thehindu.com/business/direct-tax-collections-jump-182-in-10-years-to-more-than-1960-lakh-crore-in-fy24/article68764582.ece