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[ad_1] NEW DELHI: Direct tax collections have increased over 23% to Rs 6,45,239 crore during this financial year up to July 11, driven by a faster rise in personal income tax , the Central Board of Direct Taxes ( CBDT ) said on Saturday. Net collections were 19.5% higher at over Rs 5.7 lakh crore as refunds soared almost 65% to Rs 70,902 crore during the period.On a gross basis, corporate tax collections were 20.4% higher at Rs 2,65,336 crore, while personal income, including securities transaction tax, rose 25.3% to a little under Rs 3.8 lakh crore. "Corporate profits continue to surge significantly, and these are clearly reflected in the first quarter advance tax collections. A booming stock market has also contributed to higher STT [securities transaction tax] collections. Strong collections being the backdrop of the upcoming budget indicate the possibility of the govt reigning in the fiscal deficit," said Rohinton Sidhwa, partner at Deloitte India. So far this yea...

[ad_1] NEW DELHI: More than four crore income tax returns (ITRs) for the 2022-23 financial year have been filed so far and about 7 per cent of these are new or first-time filers, CBDT chairperson Nitin Gupta said on Monday. He said that more than half of these ITRs have been processed leading to 80 lakh refunds till now. The "shortage of manpower at every level was impeding our efforts to give even better results", Gupta said and urged Union Finance Minister Nirmala Sitharaman for a "quick approval" of the department's cadre restructuring proposal. The chairperson was speaking at an event held here to mark the 164th Income Tax Day where Sitharaman was the chief guest. The Central Board of Direct Taxes (CBDT) is the administrative authority for the Income Tax Department . Gupta said direct tax collection, which includes personal income tax and corporate tax among others, has been making "remarkable" strides as the department collected more than...