Direct tax collections UPDATE: BIG RISE! Rs 1.86 lakh cr - What taxpayers should know

The direct tax collections for FY22, as of June 15, 2021, show that net collections are at Rs 1.86 lakh cr as compared to Rs 92,762 crore over the corresponding period of the preceding year, representing an increase of 100.4 per cent over the collections of the preceding year.

See Zee Business Live TV Streaming Below:

The net direct tax collections include Corporation Tax (CIT) at Rs 74,356 crore (net of refund) and Personal Income Tax (PIT) including Security Transaction Tax (STT) at Rs 1.11 trillion (net of refund), said the Ministry of Finance on Wednesday.

Net Direct Tax collections for FY 2021-22 at Rs. 1.86 lakh crore, show growth of over 100% over collections of corresponding period in preceding yr.
Advance Tax collections for the first quarter of FY 2021-22 are at Rs. 28,780 crore &show a growth of 146% over same period last yr pic.twitter.com/fgUCmVuO1j

— Income Tax India (@IncomeTaxIndia) June 16, 2021

The gross collection of direct taxes (before adjusting for refunds) for FY22 stands at Rs 2.16 trillion, compared to Rs 1.37 trillion in the corresponding period of the preceding year. This includes Corporation Tax (CIT) at Rs 96,923 crore and Personal Income Tax (PIT), including Security Transaction Tax (STT), at Rs 1.19 trillion.  

The minor head wise collection comprises Advance Tax of Rs 28,780 crore, Tax Deducted at Source of Rs 1.56 trillion, Self-Assessment Tax of Rs 15,343 crore; regular assessment tax of Rs 14,079 crore; dividend distribution tax of Rs 1,086 crore and tax under other minor heads of Rs 491 crore.

"Despite extremely challenging initial months of the new fiscal, the Advance Tax collections for the first quarter of the FY22 stand at Rs 28,780 crore as against advance tax collections of Rs 11,714 crore for the corresponding period of the immediately preceding financial year, showing a growth of approximately 146 per cent.  

This comprises Corporation Tax (CIT) at Rs 18,358 crore and Personal Income Tax (PIT) at Rs 10,422 crore. This amount is expected to increase as further information is received from banks," the ministry said.

Refunds amounting to Rs 30,731 crore have also been issued in FY22.