Late income-tax returns surge slows direct tax mop-up contraction

A surge in filing income-tax returns for the financial year 2019-20 (FY20) before the deadline ended helped narrow the decline in net direct tax collection to 9.2 per cent,  giving a bit of cushion to the government’s deteriorating revenue position a fortnight ahead of the Union Budget. The returns filed crossed 59 million by Sunday, the last day for individuals, compared with 56 million the previous year. Over 3.1 million returns were filed on deadline day for filing ITR for everyone other than companies and tax audit. Direct tax collections, net of refunds, stood at Rs.....

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