Income Tax Department collects over Rs 6.45 lakh crore in direct taxes for FY 2024-25

The Income Tax Department has amassed over Rs 6,45,000 crore in direct tax collections for the financial year 2024-25, marking a significant increase from the previous year. This collection includes corporate tax, personal income tax, securities transaction tax, and other taxes.

According to the latest figures, the gross collection for FY 2024-25 stands at Rs 6,45,259 crore, reflecting a 23.24 per cent growth compared to the previous year. Corporate tax contributed Rs 2,65,336 crore, personal income tax amounted to Rs 3,61,862 crore, securities transaction tax was Rs 1,426 crore, and other taxes collectively added up to Rs 16,634 crore.

Refunds issued during this period totaled Rs 70,902 crore, showing a 64.49 per cent increase from the previous year. Specifically, corporate tax refunds amounted to Rs 55,063 crore, personal income tax refunds were Rs 15,826 crore, and securities transaction tax refunds were Rs 13 crore.

The net collection, after accounting for refunds, reached Rs 5,74,357 crore. This represents a 19.54 per cent growth in corporate tax, a 12.47 per cent increase in personal income tax, and a 24.07 per cent rise in collections from other taxes.