Net direct tax collections up to March 16, 2022 in the fiscal year started April 1, 2021 were Rs 13.63 lakh crore, compared to Rs 9.18 lakh crore in the same period a year ago, an official statement said.
India’s tax collection on personal and business income rose by more than 48 percent in the current fiscal year following a 41 percent increase in tax prepayments, reflecting continued economic recovery in a year of two waves of coronavirus infections.
Net direct tax collections up to March 16, 2022 in the fiscal year started April 1, 2021 were Rs 13.63 lakh crore, compared to Rs 9.18 lakh crore in the same period a year ago, an official statement said.
The net collections in direct taxes, which consist of income tax on individual income, corporate income tax on corporate profits, property tax, inheritance tax and gift tax, are 35 percent higher in current tax than the collection of Rs 9.56 lakh crore in the pre-pandemic year 2019-20 (April 2019 to March 2020).
Withholding taxes, the fourth installment of which was due on March 15, rose to Rs 6.62 lakh crore, an increase of 40.75 percent.
This post Withholding taxes jump 41 pc; net direct taxes mop-up rises 48 pc
was original published at “https://www.financialexpress.com/economy/advance-tax-collections-jump-41-pc-net-direct-tax-mop-up-soars-48-pc/2463670/”
