Advance Tax

Advance tax, GST payments leading to tight liquidity; RBI may do more repos

With this, tax collection is 95.2% of Rs 16.5 trillion RE

From linking PAN card and Aadhaar Card to submission of updated income tax return (ITR), failure to meet these deadlines may lead to financial losses

If you miss the date, penalty will be levied at a simple interest rate of one per cent per month or part of a month

Net direct tax collection has grown 19% to over Rs 11.35 trillion

The RBI's Monetary Policy Committee (MPC) is likely to lift the policy repo rate by 35-50 basis points (bps) on September 30, according to a Business Standard poll

Net direct tax collections (net of refunds) for the current financial year have grown at 23 per cent to over Rs 7 trillion between April 1 and September 17

Gross direct tax collections grew 30 per cent to Rs 8.36 lakh crore till September 17 of current fiscal year on increased advance tax mop-up, the finance ministry said on Sunday. The gross collection of direct taxes (before adjusting for refunds) for FY 2022-23 stands at Rs 8,36,225 crore compared to Rs 6,42,287 crore in the corresponding period of preceding financial year i.e. 2021-22, registering a growth of 30 per cent over collections of 2021-22, the ministry said in a statement. The cumulative advance tax collections for April-September stand at Rs 2,95,308 crore as on September 17, up 17 per cent over the year-ago period. Gross collection of Rs 8.36 lakh crore includes Corporate Income Tax at Rs 4.36 lakh crore and Personal Income Tax (PIT), including Securities Transaction Tax at Rs 3.98 lakh crore. After adjusting for refunds, net collections rose 23 per cent to Rs 7,00,669 crore, compared to Rs 5,68,147 crore in the corresponding period of 2021-22.

While NRIs are liable to pay advance tax, senior citizens with pension and interest income are exempted

Direct tax collection, net of refunds, stood at Rs 2.81 trn, according to initial estimates; advance tax collection for the period between April 1 and June 15 was Rs 42,679 cr

Gross mop-up touches record Rs 15.83 trn; exceeds Budget and revised estimates

Almost 53% of all direct tax collection was from corporate tax, while 47% came from personal income tax, including securities transaction tax on shares

GST authorities are now scrutinising BharatPe books of the last four years to see if bogus invoices were issued for services as well

Union Finance Minister Nirmala Sitharaman has authorised the release of an advance instalment of tax devolution to State Governments amounting to Rs 47,541 crore

The finance ministry on Friday said advance tax collection increased by 53.50 per cent to Rs 4.60 lakh crore so far this fiscal year, indicating recovery in the economy. Direct tax collections for 2021-22, as on December 16, show that net collections are at Rs 9.45 lakh crore compared to Rs 5.88 lakh crore over the year-ago period, representing an increase of 60.8 per cent, the ministry said in a statement. "The net collection (as on December 16) in FY22 has registered a growth of 40 per cent over the corresponding period of previous year when the net collection was Rs 6,75,409.5 crore, and a growth of 40.93 per cent over the corresponding period of 2018-19 when the net collection was Rs 6,70,739.1 crore," it said. The cumulative advance tax collections for the first, second and third quarter of 2021-22 stand at Rs 4,59,917.1 crore as on December 16, 2021, against advance tax collections of Rs 2,99,620.5 crore for the corresponding period of 2020-21, showing a growth of about 53.5 p

Reliance Industries and Tata Motors skip payment

Current mop-up 14.6% higher than the 2019-20 level of Rs 2.21 trillion

Collection 28% higher over the same period in 2019-20, brightening economic recovery prospects

Net direct tax mop-up zooms 100% till June 15

Advance tax collections for FY22 stand at Rs 28,780 cr, which shows a growth of approximately 146%, says govt