Advance Tax Mop-Up Said To Fall 25.5% In Q2 Due To Plunge In Corporate Tax
Advance tax collections fell 25.5% to Rs 1.59 lakh crore in the second quarter of the fiscal, an income tax official said on Thursday.
However, there was an improvement over the first quarter ended June, when advance tax revenue had plunged 76% to a tepid Rs 11,714 crore as the whole economy was under a stringent lockdown.
During the year-ago period to Sept. 15, 2019, total advance tax collection had stood at Rs 2.12 lakh crore, down from Rs 3.70 lakh crore a year ago.
"Total advance tax collection in the second quarter fell by 25.5% to Rs 1,59,057 crore from Rs 2,12,889 crore y-o-y. While corporates paid only Rs 1,29,619.6 crore in advance tax, down by 27.3% in the reporting quarter, personal income tax collection stood at Rs 29,437.5 crore, down 15% from Rs 34,632.9 crore," a senior income tax official from the Mumbai zone told PTI.
"However, TDS (tax deducted at source) fared better at Rs 1,38,605.2 crore, down by 5.6% from Rs 1,46,792.4 crore," they said.
As against this, advance corporate tax mop-up had plummeted by 79% to Rs 8,286 crore in the June quarter, from Rs 39,405 crore in the June 2019 quarter.
Advance personal income tax collection in Q1 had declined 64% to Rs 3,428 crore from Rs 9,512 crore in the year-ago period, the official said.