Direct tax collections exceed estimates in FY24

Net direct tax collections experienced a significant increase of 17.7% year-on-year, reaching Rs 19.58 crore in the fiscal year that ended in March 2024, the tax department reported on Sunday. This figure surpassed the revised estimates by a substantial margin. “The provisional Direct Tax collections (net of the refunds) have exceeded the Budget Estimate by 7.40% and Revised Estimates by 0.67%,” the statement added.