India's direct tax collections, FY 2026-27: ₹14.42 lakh crore net by 10 November, up 11.76%

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India's direct tax receipts are on course for a record year, but the mix behind the headline is shifting. Companies are paying markedly more, individuals modestly more, refunds are moving faster and a tax on market trades has become a meaningful revenue line in its own right. This report reads the Income Tax Department's official provisional table for 10 November 2026 line by line, sets it against the full-year FY 2025-26 outcome and the Union Budget 2026-27 target, and explains what it means for businesses and taxpayers.

1. The headline numbers

Between 1 April and 10 November 2026 the Income Tax Department collected ₹17.50 lakh crore in gross direct taxes, refunded ₹3.08 lakh crore and kept ₹14.42 lakh crore net. Every figure in this report comes from the department's TINMIS table for that date unless stated otherwise. All figures are provisional.

Put another way, the exchequer has taken in an average of about ₹6,437 crore of net direct tax every day of the financial year so far.

2. Who is paying: corporate, non-corporate and STT

Direct taxes are reported under four heads. Corporate tax is paid by companies. Non-corporate tax covers individuals, HUFs, firms, associations of persons, bodies of individuals, local authorities and artificial juridical persons, which is why it is a broader category than personal income tax. Securities transaction tax is levied on trades in listed securities. Other taxes are small residual levies.

• Non-corporate tax52.4%
• Corporate tax43.8%
• Securities transaction tax3.8%

Source: Income Tax Department, Direct Tax Collections for FY 2026-27 as on 10.11.2026 (TINMIS, provisional)

Securities transaction tax51.56%

Corporate tax17.84%

Total11.76%

Non-corporate tax5.30%

Source: Refogo Research calculations from the Income Tax Department tables above

Non-corporate taxpayers still contribute the larger share, 52.4% of net receipts, but corporate tax contributed almost two thirds of the growth. Net corporate tax rose by ₹95,674 crore against ₹38,023 crore for non-corporate tax and ₹18,396 crore for STT.

3. Gross versus net: the refund story

The gap between 14.02% gross growth and 11.76% net growth is explained by refunds. The department returned ₹3.08 lakh crore, or 17.6% of everything it collected, compared with 16.0% a year earlier.

Corporate FY26₹1,54,725 cr

Corporate FY27₹1,69,512 cr

Non-corporate FY26₹90,127 cr

Non-corporate FY27₹1,38,771 cr

Source: Income Tax Department, Direct Tax Collections for FY 2026-27 as on 10.11.2026 (TINMIS, provisional)

Non-corporate refunds rose 53.97%, from ₹90,127 crore to ₹1,38,771 crore. Much of that is a base effect. In 2025 the due date for non-audit individual returns moved from 31 July to 15 September, which pushed refund processing later into the year. By 10 November 2025 non-corporate refunds were 37.7% lower than a year before. In 2026 refunds have flowed on a more normal schedule, so the comparison flatters refund growth and depresses net non-corporate growth.

4. The STT surge

Securities transaction tax collections rose from ₹35,681.88 crore to ₹54,077.90 crore, an increase of 51.56%. The Finance Act 2026 raised STT on futures and options with effect from 1 April 2026, so FY 2026-27 is the first year collected at the higher rates. STT is never refunded, which is why its gross and net figures are identical.

73%

At this run rate STT is likely to exceed its Budget estimate comfortably. Market volumes, not just rates, drive this line, so it is also the most volatile of the four heads.

5. The year so far, and momentum

Growth has been strong all year but is easing from its early peak. Net collections were up 16.4% by 13 July and 13.21% by 14 October, before settling at 11.76% by 10 November.

13 July 202616.40%

14 October 202613.21%

10 November 202611.76%

Source: Income Tax Department data as on 13.07.2026, as reported by Free Press Journal, 14 July 2026

The slowdown is visible in the latest four weeks. Between 14 October and 10 November 2026 net collections rose by ₹1,04,112 crore, slightly less than the ₹1,08,417 crore added in the same weeks of 2025. Larger refund outgo in October and November explains most of the difference.

6. Against the Budget target

The Union Budget 2026-27 set a direct tax target of ₹26.97 lakh crore, made up of ₹12.31 lakh crore of corporate tax and ₹14.66 lakh crore of personal income tax. That is 15.2% more than the ₹23.40 lakh crore actually collected in FY 2025-26.

53.47%

FY 2024-25 actual₹22.26 lakh cr

FY 2025-26 actual₹23.40 lakh cr

FY 2026-27 to 10 Nov₹14.42 lakh cr

FY 2026-27 at current pace₹26.16 lakh cr

FY 2026-27 Budget target₹26.97 lakh cr

Source: Income Tax Department, Direct Tax Collections for FY 2025-26 as on 31.03.2026 (Pr.CCA, CBDT, provisional)

Two scenarios frame the rest of the year. In FY 2025-26 the department collected ₹10.50 lakh crore after 10 November. To reach ₹26.97 lakh crore it must now collect ₹12.55 lakh crore in the same window, which means growing 19.5% on last year. If the remaining months grow at the year-to-date rate of 11.76% instead, FY 2026-27 would close near ₹26.16 lakh crore. That is about 97% of the target and roughly ₹81,000 crore short.

A definitional note. The Budget's ₹26.97 lakh crore covers corporate and personal income tax, with STT estimated separately at ₹73,700 crore. The department's collection table includes STT. On a like-for-like basis, corporate and non-corporate net collections of ₹13.88 lakh crore equal 51.5% of the ₹26.97 lakh crore target. The commonly quoted 53.47% compares the full net figure, including STT, with the target.

7. The full-year baseline: FY 2025-26

FY 2025-26 closed with net direct taxes of ₹23,40,406 crore, up 5.12% on FY 2024-25's ₹22,26,375 crore. Gross collections were ₹28,11,936 crore and refunds ₹4,71,531 crore. That outcome fell short of the revised estimate of ₹24.21 lakh crore, which is why the 15.2% growth built into the FY 2026-27 target is ambitious.

Non-corporate tax was flat in FY 2025-26, the first full year of the higher rebate and wider slabs under the new tax regime introduced in Budget 2025-26. FY 2026-27 shows it growing again at the gross level, while corporate tax continues to do the heavy lifting.

8. What it means for businesses and taxpayers

• Advance tax matters more than ever. The 15 December and 15 March instalments decide whether the year meets its target, so expect closer scrutiny of under-estimated instalments, which attract interest for short payment.
• Refunds are moving faster. Taxpayers with excess TDS or advance tax should file accurate returns early and keep bank accounts pre-validated on the e-filing portal to receive refunds quickly.
• TDS and TCS compliance is under the spotlight. Deducted-at-source taxes are a large share of non-corporate collections, and mismatches between Form 26AS, AIS and returns drive notices.
• Active traders now pay materially more STT. The tax is not deductible for most investors, so it should be built into the cost of every futures and options strategy.
• Companies should plan the year-end. Strong corporate tax growth reflects higher profits and better compliance; boards should review provisions before the March instalment.

1. 15 December 2026Third advance tax instalment

   75% of the year's estimated tax must be paid by this date.

2. 31 January 2027Q3 TDS returns

   TDS statements for October to December are due.

3. 15 March 2027Final advance tax instalment

   100% of estimated tax must be paid. This is the single biggest collection day of the year.

4. 31 March 2027Year end

   Final provisional figures are usually published in early April.

9. Method and limits

All FY 2026-27 figures are provisional and are taken from the Income Tax Department's table Direct Tax Collections for FY 2026-27 as on 10.11.2026, sourced from TINMIS. FY 2025-26 full-year figures are from the department's provisional table as on 31 March 2026. Growth rates for individual heads, shares, run rates and the year-end scenarios are Refogo Research calculations from those tables. The year-end scenarios are illustrations, not forecasts. Budget figures are as reported by PTI from the Union Budget 2026-27. Figures for 10 November 2025 in the department's latest table differ slightly from those reported a year ago because provisional data is revised.

Related services

Income Tax Return FilingTDS Return FilingTAN RegistrationOutsourced Accounting ServicesIncome Tax Notice Reply

Sources

• Income Tax Department, Direct Tax Collections for FY 2026-27 as on 10.11.2026 (TINMIS, provisional)
• Income Tax Department, Direct Tax Collections for FY 2025-26 as on 31.03.2026 (Pr.CCA, CBDT, provisional)
• Union Budget 2026-27 tax estimates, PTI, 1 February 2026
• Income Tax Department data as on 13.07.2026, as reported by Free Press Journal, 14 July 2026
• Income Tax Department collection data as on 14.10.2026, as reported by TaxGuru
• Finance Act 2026: STT on futures and options raised from 1 April 2026, Business Today, 26 March 2026
• Business Standard, 11 November 2025: refunds fell on extended ITR due dates

General information only and not legal or tax advice. Figures are taken from the sources listed on the dates shown.