Direct tax collection exceeds target in 2017-18

NEW DELHI: Direct tax collection in the fiscal year just ended has exceeded the targets with a record 6.84 crore income tax returns being filed, officials said today.

Direct tax collections in 2017-18 at Rs 9.95 lakh crore, exceeded the revised budgetary target of Rs 9.8 lakh crore. Also, 6.84 crore income tax returns 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 added to the tax net.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.