Advance Tax Collection Rises 20% To Rs 6.25 Lakh Crore
Refunds amounting to Rs 2.25 lakh crore have been issued till Dec. 17 this fiscal.
Provisional advance tax collections, till Dec. 17, increased 20% year-on-year to Rs 6.25 lakh crore, after the third installment in FY24.
Out of this, advance corporate tax was at Rs 4.81 lakh crore, while personal tax stood at Rs 1.43 lakh crore. Collections over the corresponding period last year were at Rs 5,21,302 crore, according to data from the Central Board of Direct Taxes.
The window for paying the third installment of advance tax ended on Dec. 15.
Advance tax is paid in four installments through the year, with the third installment amounting to 75% of the total evaluated tax liability for the particular fiscal.
Meanwhile, gross direct tax collections, as of Dec. 17, stood at Rs 15.95 lakh crore, as compared with Rs 13.63 lakh crore last year, registering a 17% increase.
Net direct tax collections rose 21% to Rs 13.7 lakh crore, as compared with Rs 11.36 lakh crore in the corresponding period last year.
Refunds amounting to Rs 2.25 lakh crore have been issued till Dec. 17 this fiscal.
Earlier this year, CBDT Chairman Nitin Gupta had told NDTV Profit that if the collection trend maintains pace, the direct tax collections would exceed the budgetary estimates of Rs 18.23 lakh crore. Of this, Rs 9.2 lakh crore is expected from corporate tax, while Rs 9 lakh crore will be from personal income tax.
Categorywise Tax Collection
Gross direct tax: Rs 15,95,639 crore (17% YoY growth).
Net direct tax: Rs 13,70,388 crore (net of refund).
Refunds: Rs 2,25,251 crore.
Advance tax (third installment): Rs 6,25,249 crore (growth of 19.94% YoY).
Advance corporate tax share: Rs 4,81,840 crore.
Advance personal tax share: Rs 1,43,404 crore.
Gross corporate tax: Rs 7,90,049 crore.
Gross personal income tax: Rs 8,02,902 crore (including securities transaction tax).
Tax deducted at source: Rs 7,70,606 crore.
Self-assessment tax: Rs 1,48,677 crore.
Regular assessment tax: Rs 36,651 crore.
Tax under other minor heads: Rs 14,455 crore.
