look news india
Advance Tax Payment: Net direct tax collection in the current financial year (2024-25) has increased by 19.54 per cent to over Rs 5.74 lakh crore so far due to increase in advance tax payment by corporate companies. The first installment of advance tax increased by 27.34 per cent to Rs 1.48 lakh crore. It is to be paid on June 15. This includes corporate income tax (CIT) of Rs 1.14 lakh crore and personal income tax (PIT) of Rs 34,470 crore.
According to data released by the Central Board of Direct Taxes (CBDT) on Saturday, the net direct tax collection till July 11, 2024 is Rs 5,74,357 crore. This includes CIT of Rs 2,10,274 crore and PIT of Rs 3,46,036 crore. It said that Securities Transaction Tax (STT) contributed Rs 16,634 crore to direct tax collection. Net direct tax collection in the same period last year was Rs 4,80,458 crore.
In the current financial year, till July 11, refunds of Rs 70,902 crore have been issued, which is 64.4 percent more than the refunds issued in the same period last year. The gross collection of direct taxes (before refund adjustment) from April to July 11 was Rs 6.45 lakh crore, while in the same period a year ago it was Rs 5.23 lakh crore, i.e. an increase of 23.24 percent. In the interim budget, direct tax collection for the entire financial year has been estimated to be Rs 21.99 lakh crore.