Tax

India’s direct tax revenue has witnessed a robust 9% growth, reaching Rs 10.82 lakh crore in the current fiscal, reflecting strong compliance and economic resilience. Analysts attribute the increase to higher corporate profits, improved tax administration, and effective policy measures encouraging voluntary compliance. The rise in collections underscores the government’s capacity to fund development initiatives while sustaining fiscal stability. Sector-wise, IT, manufacturing, and financial services contributed significantly to the surge.

The Income Tax Department has officially clarified that September 15 will remain the deadline for filing income tax returns (ITRs) for specific categories of taxpayers. This confirmation brings clarity amid speculation of potential extensions, ensuring individuals, professionals, and businesses prepare accordingly. The department’s communication underscores the government’s intent to enforce compliance while streamlining the tax administration system.