Direct tax assortment rises 13 per cent to Rs 21.26 lakh crore to this point this yr
Advance tax is to be paid earlier than the top of the monetary yr on the revenue that one would have earned that yr.
Internet direct tax assortment surged 13.13 per cent to over Rs 21.26 lakh crore to this point this fiscal, authorities knowledge confirmed on Monday. This surge is aided by increased advance tax mop-up.
Through the yr, the federal government collected Rs 10.44 lakh crore from 4 instalments of advance tax as towards Rs 9.11 lakh crore within the earlier fiscal, registering a development of 14.62 per cent.
The final instalment of the advance tax cost was due on March 15, 2025, for the present monetary yr.
Advance tax assortment below the company tax class rose by 12.54 per cent to Rs 7.57 lakh crore whereas non-corporates witnessed a development fee of 20.47 per cent to Rs 2.87 lakh crore through the monetary yr.
A person whose estimated tax legal responsibility is more likely to be over Rs 10,000 (after contemplating tax deducted and picked up at supply — TDS and TCS) is required to pay advance tax that yr, as per Part 208 of the Revenue-Tax Act.This contains salaried taxpayers.
Advance tax is to be paid earlier than the top of the monetary yr on the revenue that one would have earned that yr.
Advance tax is paid in 4 instalments — June 15, September 15, December 15, and March 15 of the monetary yr.
As per the info launched by the Central Board of Direct Taxes (CBDT), mop up from web non-corporate taxes, which embrace primarily private revenue tax, grew 17 per cent year-on-year to about Rs 11.
01 lakh crore.
Nonetheless, web company tax assortment rose in single digits at 7 per cent to Rs 9.69 lakh crore between April 1, 2024, and March 16, 2025.
Internet collections from securities transaction tax (STT) surged almost 56 per cent to Rs 53,095 crore to this point this fiscal.
Refunds price greater than Rs 4.60 lakh crore had been issued through the interval as towards Rs 3.47 lakh crore within the year-ago interval.
Gross direct tax mop up until March 16 grew 16.15 per cent to greater than Rs 25.86 lakh crore.
Within the revised estimates (RE) for the present fiscal, the federal government has pegged revenue tax collections at Rs 12.57 lakh crore, up from the finances estimate of Rs 11.87 lakh crore.
The gathering from STT is pegged at Rs 55,000 crore on this fiscal in RE, increased than the finances estimate (BE) of Rs 37,000 crore.
The company tax assortment goal was revised decrease at Rs 9.80 lakh crore, down from the finances goal of Rs 10.20 lakh crore.
In whole, the RE pegs direct tax collections at Rs 22.37 lakh crore, increased from Rs 22.07 lakh crore in BE.
With PTI inputs
