New Delhi, March 11 -- The government has renamed Personal Income Tax as Non-Corporate Tax (NCT) from FY 2025 26, as the category includes taxes collected from entities other than companies, Minister of State for Finance Pankaj Chaudhary informed the Rajya Sabha.
According to estimates by the Income Tax Department, Non-Corporate Tax collections stood at Rs 12.35 lakh crore in FY 2024 25, registering a growth of 18.23 percent, while Corporate Tax collections were Rs 9.86 lakh crore, growing 8.31 percent during the same period.
The minister said the direct tax system broadly categorises collections into Corporate Tax and Non-Corporate Tax, with the latter covering individuals, Hindu Undivided Families (HUFs), firms, associations of person...