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News INCOME TAX

  • Sep 17, 2022
  • Q2 advance tax collections up 22%: Report

    The Centre’s advance direct tax collections grew by about 22% on year to Rs 1.81 trillion in the second quarter of the current financial year, CNBC TV18 reported.

    A senior revenue department official, however, told FE that the data was ‘premature’ as it was still being tallied. The due date for advance tax for September quarter was 15th of the month.
    The government’s advance direct tax collections from companies, LLPs and individuals in the first quarter (June quarter) was up 33% on year at about Rs 1.01 trillion.

    The Centre’s direct tax collections (post-refunds) grew by a robust 30% on year till September 8 of the current financial year even as refunds rose sharply by 65% during the period.

    Both personal income tax (PIT) and corporate income tax (CIT) performed much better than anticipated, thanks to higher compliance and a favourable base effect.

    The Centre’s direct tax collections are expected to exceed the FY23 Budget target of Rs 14.2 trillion by a substantial amount, as the target for the year is at par with actual receipts of last fiscal.