Income Tax collections jump 45 pc to over 3.39 lakh crore

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Income Tax collections jump 45 pc to over 3.39 lakh crore

The Income Tax department said on Friday that net direct tax collections between April and mid-June had jumped 45 per cent to over 3.39 lakh crore, reflecting an uptick in the economy. The improved collections are due to a 47 per cent growth in TDS mop-up and a 33 per cent increase in advance tax realisation for the quarter of April-June. The net tax collection of over 3.39 lakh crore included Corporation Tax CIT of over 1.70 lakh crore and Personal Income Tax PIT, including Security Transaction Tax STT of more than 1.67 lakh crore. Net collections for the financial year 2022 -- 23 as on June 16th, 2022 show that net collections are at Rs 3,39, 225 crore compared to Rs 2,33, 651 crore over the previous year, an increase of 45 per cent over the previous year, according to the Central Board of Direct Taxes CBDT. The collection has a growth of 171 per cent compared to the corresponding period of 2020 -- 21 when it stood at Rs 1.25 lakh crore and 103 per cent over the same period of 2019 -- 20. The gross collections rose by 40 per cent to over 3.69 lakh crore till June 16. The collection last year was over Rs 2.64 lakh crore. The gross collection included refunds of Rs 30,334 crore. The advance tax collections for the first quarter of this fiscal stood at more than 1.01 lakh crore against 75,783 crore in the corresponding period last fiscal, witnessing a growth of more than 33 per cent. This includes CIT at 78,842 crore and PIT at 22,175 crore. The TDS collections at over Rs 2.29 lakh crore were 46 per cent higher than the previous financial year's 1,57, 434 crore. Self-assessment tax collection was recorded at Rs 21,849 crore, 41 per cent higher than the 15,483 crore collected in the year-ago period. India's direct tax collection rose by 49 per cent to 14.10 lakh crore in the last fiscal year, which was the last fiscal year ended March 31, 2022. The government has estimated that it will collect 14.20 lakh crore from direct taxes this fiscal. This includes 7.20 lakh crore from corporate taxes and 7 lakh crore from individual taxpayers.