income tax collection news: In the current financial year, the Income Tax Department has made the highest tax collection in its history. CBDT chairman has given startling information related to income tax collection.
Income Tax Collection: Chairman of the Central Board of Direct Taxes (CBDT), J B Mohapatra has said that the Income Tax Department has recorded the ‘high’ tax collection in its history..
There has been an increase of 48 percent in the direct tax collection in the country in the current financial year. This has been helped by the statistics of advance tax collection. Advance tax payment has increased by 41 percent in the current financial year.
✅ Net Direct Tax collections for the F.Y. 2021-22 at Rs. 13,63,038 crore showing a growth of over 48.4%⁰
Read more ➡️ https://t.co/lAL2Gi0Uzr(1/2) pic.twitter.com/mpLCLwNNc7
— Ministry of Finance (@FinMinIndia) March 17, 2022
Largest tax collection in history
Mohapatra said that the net direct tax collection till date has been Rs 13.63 lakh crore. This is 48 percent more than the same period a year ago. He said that the net collection on an annual basis is 48.4 percent higher than the same period of 2020-21. It is 42.5 percent higher than 2019-20 and 35 percent higher than 2018-19. Mohapatra said, ‘This is Rs 2.5 lakh crore more than the previous highest figure. This is the highest figure of income tax collection in the history of the department. CBDT makes policy for Income Tax Department.
✅ Net Direct Tax collections for the F.Y. 2021-22 at Rs. 13,63,038 crore showing a growth of over 48.4%⁰
Read more ➡️ https://t.co/lAL2Gi0Uzr(1/2) pic.twitter.com/mpLCLwNNc7
— Ministry of Finance (@FinMinIndia) March 17, 2022
35% increase in direct tax collection
In the current financial year, there has been a growth of 35 percent in direct tax collection. This is 35 percent more than the Rs 9.56 lakh crore of pre-pandemic 2019-20. This includes tax on personal income, tax on profits made by companies, wealth tax and inheritance tax and gift tax. Direct tax collection is much more than the target of Rs 11.08 lakh crore set in the budget for 2021-22. Not only this, the revised estimate in the budget for 2022-23 presented on February 1 is more than 12.50 lakh crores.
Advance tax collection up by 40.75 percent
Advance tax collection increased by 40.75 percent to Rs 6.62 lakh crore. The last date for depositing its fourth installment was March 15. At the same time, a total of Rs 1.87 lakh crore has been released as tax refund in the current financial year.
