New Delhi, April 26 -- India's net direct tax income for financial year 2024-25 recorded a 13.57% year-on-year growth to over Rs.22.26 lakh crore, marginally missing the target of Rs.22.37 lakh crore set in the revised estimate (RE) for financial year 2025 due to a 26% jump in refunds. However, the net collection of Rs.22,26,231 crore in the financial year ended March 31 was higher than the original budget estimate (BE) for FY25 of Rs.22,07,000 crore, according to provisional data released by the Central Board of Direct Taxes (CBDT) on Friday.
The net collection missed the revised estimate target by Rs.10,769 crore as refunds jumped over 26% to Rs.4,76,743 crore in FY25 as compared to Rs.3,78,255 crore in FY24. The income-tax department is...