Quick Summary
India's personal income tax collection has seen remarkable growth over the past decade, far outpacing corporate tax collections, according to the latest data released by the Central Board of Direct Taxes (CBDT). Between FY15 and FY24, personal income tax revenue surged by an impressive 294.3%, rising from Rs 2.65 lakh crore to Rs 10.45 lakh crore. By comparison, corporate tax collections grew by 112.85%, increasing from Rs 4.28 lakh crore to Rs 9.11 lakh crore during the same period. This sha
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FAQ :
Personal income tax collection surged by 294.3%, increasing from Rs 2.65 lakh crore in FY15 to Rs 10.45 lakh crore in FY24.
Corporate tax collections grew by 112.85%, rising from Rs 4.28 lakh crore in FY15 to Rs 9.11 lakh crore in FY24.
The sharp rise is credited to improved tax compliance, enhanced tax administration, and a reduction in corporate tax rates.
The number of taxpayers nearly doubled over the last decade, growing from 5.70 crore in FY15 to 10.41 crore in FY24.
Maharashtra, Karnataka, Delhi, Tamil Nadu, and Gujarat were the top five states, contributing over 72% of the total direct tax revenue.
Maharashtra led the way, contributing Rs 7.61 lakh crore, which is nearly one-third of the total direct tax revenue collected in FY24.
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