Net direct taxes reach an all-time high in FY21-22

More than 7.14 crore Income Tax Returns (ITRs) were filed during FY 20-21 as of March 31st, 2022 on the new e-filing portal

April 28, 2022

Net direct tax collections reached INR 14.09 lakh, marking the highest growth in FY21-22

Gross collections in FY21-22 grew by 32% as compared to FY19-20

Approximately 2.43 crores refunds were issued in the last financial year

The net direct tax collection has risen by 49.02% in FY21-22

Net direct tax collections reached INR 14.09 lakh marking the highest growth in the FY21-22 as against INR 9.45 lakh crore collected last year, stated J.B. Mohapatra, Chairman, Central Board of Direct Taxes (CBDT)… 

The net direct tax collection has risen by 49.02% in FY21-22 while registering a growth of 34.16% in FY21-22 over the collections of 2019-20 amounted to INR 10,50,680.56 crore, and a growth of 23.90% over FY18-19 when the net collections were INR 11,37,718.48 crore

He also mentioned that gross collections during FY21-22 grew by 32% as compared to FY19-20 and by 25.84% over FY18-19, when the gross collections were at INR 12,34,258.42 crore and INR 12,98,797.32 crores, respectively. 

Gross direct tax collections for FY21-22 (before adjusting for refunds) grew by 32.75% and reached INR 16,34,454.95 crore as compared to INR 12,31,270.52 crore in  FY20-21. 

Over the last financial year, 2.43 crore refunds were issued as compared to 2.37 crore in FY20-21 This also includes the 2.01 crore refunds from assessment year (AY) FY21-22. 

More than 7.14 crore ITRs were filed during AY20-21 as of March 31st, 2022 on the new e-filing portal as against 6.97 crores filed during FY20-21, indicating an increase of 2.4%