Advance Tax Collections Rise Nearly 54% To Rs 4.5 Lakh Crore
Tax collections have risen in the ongoing financial year, reflecting a pick-up in economic activity.
Cumulative advance tax collection for the first three quarters of FY22 is Rs 4,59,917.1 crore as on Dec. 16, the Central Board of Direct Taxes said in a statement. That’s a 53.5% growth over the same period in the preceding year.
Net direct tax collections for the same period rose 60.8% year-on-year to Rs 9,45,276.6 crore. The collections comprise Rs 5,15,870.5 crore of corporation tax and personal income tax, including securities transaction tax, amounting to Rs 4,29,406.1 crore. The amounts are net of refunds.
Gross collection stood at Rs 10,80,370.2 crore.
Category-wise tax collection:
Advance tax: Rs 4,59,917.1 crore.
Tax deducted at source: Rs 4,93,171.7 crore.
Self-assessment tax: Rs 74,336.2 crore.
Regular assessment tax: Rs 44,028.7 crore.
Dividend distribution tax: Rs 6,525.9 crore.
Tax under other minor heads: Rs. 2,390.6 crore.
Advance tax collections includes corporation tax of Rs 3,49,045.4 crore and personal income tax at Rs 1,10,871.7 crore, the statement said. This amount is expected to rise further as information is awaited from banks.
Refunds amounting to Rs 1,35,093.6 crore have been issued, the statement said.