Key Points
The number of individuals filing income-tax returns more than doubled in the past 10 years to 77.8 million in 2022-23, helping direct tax-to-GDP ratio to climb to 6.11% from 5.62% during the same period, official data released on Tuesday showed...
It was as high as 1.36% of the total collections in 2000-01 but has steadily declined over the years, mainly on account of use of technology...
The total number of I-T returns filed in FY 2023 was 104.91% more than 38 million returns filed in FY 2014, as per the time series data released by the Central Board of Direct Taxes..
The tax deducted at source (TDS) emerged as the largest component of direct taxes at 8.17 lakh crore in FY23, almost double of 4.12 lakh crore in FY18...
In the last 10 years, the overall net direct tax collections rose 160.52% to 16.63 lakh crore in FY23 from 6.38 lakh crore in FY14...
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