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News INCOME TAX

  • Jun 18, 2020
  • Late advance tax payments by corporate heavyweights give govt a breather

    The first quarter advance tax collection from India Inc has been revised upward to Rs 39,880 crore from initial mop up of Rs 8,572 crore as payments by some heavyweight companies have come late due to Covid-19 limitations, said CBDT sources. In some cases, banks are still updating the final figures.

    According to the latest numbers, the corporation advance tax payments showed a dip of 40 per cent as on June 17 over Rs 65,558 cr in the same period a year ago.

    Personal income advance tax payments declined almost 48 per cent at Rs 6,775 crore from Rs 13,025 crore over the same period.

    As such, the rate of fall in the advance tax collections shown till June 15 declined.

    Interestingly, the initial collections reported on Tuesday showed a decline of 76 per cent from the collection from corporate.

    With this, the gross direct tax collection came to Rs 1,73,970 crore, down 24.4 per cent as on June 17 this financial year against Rs 2,30,245 crore of the same period in the previous year.

    Factoring in refunds of Rs 48,903 crore against the Rs 62,813 crore in this period, net direct collections fell by 25.3 per cent to Rs 1,25,065 crore from Rs 1,67,432 crore over the period under review.