Personal Income Tax Overtakes Corporate Tax for the First Time
New Delhi, August 27: In a landmark development for India’s economy, personal income tax collections have for the first time outpaced corporate tax receipts, reflecting a major transformation in the country’s tax system. Analysts attribute this trend to rapid formalisation, stronger digital integration, and improved compliance mechanisms. According to market research estimates, the share of personal income tax in overall direct taxes has surged beyond 53% in FY24, compared to…