Good news for the government, Income Tax Department collected the highest tax in history

The Income Tax Department has made a record tax collection in the current financial year. According to the CBDT, a jump of 48 percent has been registered in the tax collection.

Tax collection of Rs 13.63 lakh crore so far in the current financial year.

income tax collection ,Income Tax CollectionsGood news has come for the government on the front. Income Tax Department (Income Tax Department) has made the highest tax collection in history in the current financial year. Central Board of Direct Taxes (CBDT) Chairman JB Mohapatra said that the direct tax collection in the country in the current financial year (Direct Tax Collections) has increased by 48 percent. Advance tax collection in this (Advance Tax Collections) has helped. Advance tax payment has increased by 41 per cent in the current financial year. Mohapatra said that the net direct tax collection till date has been Rs 13.63 lakh crore. This is 48 per cent higher than the same period a year ago.

He said that the net collection on an annual basis is 48.4 per cent higher than the corresponding period of 2020-21. It is 42.5% 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.

Tax collection indicates economic recovery

This refers to the continuous economic revival in the economy affected by the corona virus epidemic. According to the official statement, the net direct tax collection in the current financial year till March 16, 2022 stood at Rs 13.63 lakh crore. It was Rs 9.18 lakh crore in the same period of 2020-21 a year ago.

Tax collection before pandemic 9.56 lakh crore

The net direct tax collection in the current financial year is 35 per cent higher than the pre-pandemic 2019-20 Rs 9.56 lakh crore. This category includes tax on personal income, tax on profits of companies, wealth tax and inheritance tax and gift tax. Advance tax collection increased by 40.75 per cent to Rs 6.62 lakh crore. The last date for depositing its fourth installment was March 15.

Where did the money come from?

Corporate income tax was Rs 7,19,035.0 crore in the total direct tax collection, while personal income tax with STT (Security Transaction Tax) was Rs 6,40,588.3 crore. The total direct tax collection for the financial year 2021-22 (up to March 16, 2022) before adjusting the refund was Rs 15,50,364.2 crore. Which was at the level of Rs 11,20,638.6 crore in the corresponding period of last financial year. At the same time, the total collection for the financial year 2019-20 was Rs 11,34,706.3 crore and for the financial year 2018-19 the total collection was Rs 11,68,048.7 crore.

8.36 lakh crore rupees came from corporate tax

The total collection for the current financial year includes corporate income tax of Rs 8,36,838.2 crore and personal income tax of Rs 7,10,056.8 crore, while the total collection includes advance tax of 6,62,896.3, TDS of 6,86,798.7, 1,34,391.1 crore. This includes self-assessment tax of Rs 55,249.5, regular assessment tax and dividend tax of Rs 7,486.6 crore. Others have Rs 3,542.1 crore. The cumulative advance tax collection for the current financial year 2021-22 till March 16, 2022 stood at Rs.6,62,896.3 crore as compared to Rs.4,70,984.4 crore in the corresponding period of the previous financial year.

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