for the financial year 2025-26 rose by 4.86% to Rs 5.45 lakh crore as of June 19, according to the latest figures released by the government. However, net collections saw a marginal decline due to a sharp spike in refunds.The total gross collections which include corporate tax, non-corporate tax, securities transaction tax (STT), and other levies stood at Rs 5,45,207 crore, up from Rs 5,19,936 crore during the same period last year.

There was the 58.04% jump in tax refunds, which soared to Rs 86,385 crore from Rs 54,661 crore a year ago. This surge in refunds likely reflects improved taxpayer services and faster processing.

As a result, net direct tax collection saw a marginal decline of 1.39%, falling to Rs 4,58,822 crore from Rs 4,65,275 crore in the previous year.

Overall advance tax receipts grew by 3.87% to Rs 1,55,533 crore. Corporate advance tax grew by 5.86% to Rs 1,21,604 crore, but non-corporate advance tax slipped 2.68% to Rs 33,928 crore.

The Income Tax Department has recently launched the 'e-Pay Tax' feature on its official online portal, aiming to simplify tax-related procedures for taxpayers, the Central Board of Direct Taxes (CBDT) said.In a broader move to streamline the tax framework, the Union Budget of July 2024 proposed a comprehensive overhaul of the Income-tax Act, 1961. The objective is to make the Act more concise, transparent, and less prone to disputes and litigation.On March 25, Union Finance and Corporate Affairs Minister Nirmala Sitharaman announced that the new Income Tax Bill will be tabled for discussion during the upcoming monsoon session of Parliament. As highlighted in the Budget speech, the revised tax structure offers relief to individuals earning up to Rs 12 lakh annually, with an enhanced rebate of Rs 60,000 effectively eliminating their tax liability.

Prior to this, on March 18, the government had invited suggestions from stakeholders on the draft Income Tax Bill, 2025, which is currently under review by a Select Committee for detailed examination.