The Income Tax Department said on Wednesday that the net direct tax collection so far in the current financial year has more than doubled to Rs 1.85 lakh crore. The main reason for this is the increase in personal income tax and advance tax payment. The corporate income tax (CIT) collection included in the net direct tax collection stood at Rs 74,356 crore while the personal income tax collection including securities transaction tax (STT) stood at Rs 1.11 lakh crore.
The Central Board of Direct Taxes (CBDT) said in a statement that net direct tax collections, excluding refunded tax amount, stood at Rs 1,85,871 crore between April 1 and June 15 as against Rs 92,762 crore in the corresponding period last year. That is, it has increased by 100.4 percent as compared to last year. “Taxes of Rs 30,731 crore have been refunded so far in the current financial year.
The gross direct tax collection so far in the current financial year stood at Rs 2.16 lakh crore as against Rs 1.37 lakh crore in the same period last year. According to the statement, gross corporate income tax collection stood at Rs 96,923 crore while personal income tax stood at Rs 1.19 lakh crore.
Advance tax collection stood at Rs 28,780 crore while tax deducted at source (TDS) stood at Rs 1,56,824 crore. Self-assessed tax stood at Rs 15,343 crore and regular assessment tax at Rs 14,079 crore.
CBDT said, “Despite the extremely challenging opening months of the new financial year, advance tax collection for the first quarter of FY 2021-22 grew by nearly 146 per cent to Rs 28,780 crore as against Rs 11,714 crore in the corresponding period of the previous financial year,” the CBDT said. crore was Rs.
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