Advance tax collection for FY22

India’s net direct tax collections doubled to more than ₹1.85 lakh crore this fiscal so far, the government stated on Wednesday. The income tax receipts in the corresponding period for the last fiscal came at ₹92,762 crore.

The net Direct Tax collections include Corporation Tax (CIT) at Rs. 74,356 crore (net of refund) and Personal Income Tax(PIT) including Security Transaction Tax(STT) at Rs. 1,11,043 crore (net of refund), the Ministry of Finance said in a statement.

The gross collection of Direct Taxes (before adjusting for refunds) for the FY22 stands at ₹2,16,602 crore compared to ₹1,37,825 crore in the corresponding period of the preceding year. This includes Corporation Tax (CIT) at ₹96,923 crore and Personal Income Tax (PIT) including Security Transaction Tax(STT) at Rs. 1,19,197 crore.

Minor head wise collection comprises Advance Tax of Rs. 28,780 crore, Tax Deducted at Source of Rs.1,56,824 crore, Self-Assessment Tax of Rs. 15,343 crore; Regular Assessment Tax of Rs. 14,079 crore; Dividend Distribution Tax of Rs.1086 crore and Tax under other minor heads of Rs. 491 crore, the ministry stated.

Despite extremely challenging initial months of the new fiscal , the Advance Tax collections for the first quarter of the FY22 stand at ₹28,780 crore against Advance Tax collections of ₹11,714 crore for the corresponding period of the immediately preceding Financial Year, showing a growth of approximately 146%,” it stated. This comprises Corporation Tax(CIT) at Rs. 18,358 crore and Personal Income Tax (PIT) at Rs. 10,422 crore. This amount is expected to increase as further information is received from Banks. Refunds amounting to Rs. 30,731 crore have also been issued in the F.Y. 2021-22.

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