Page 3 - Direct Tax Collections

Direct tax receipts soar 17.5% in April-August

Collections at Rs 2.24 lakh crore higher than government estimates

Direct tax revenue grows 17.5% to Rs 2.24 lakh cr in Apr-Aug

This collection is 22.9% of the total Budget Estimates of direct taxes for FY18

Direct taxpayers doubled in 3 years, 300 mn bank accounts added: Amit Shah

Said they not believe in taking decisions that 'look good to people', but that are 'good for people'

Demonetisation effect: Direct tax mop-up grows 15% to Rs 1.42 lakh cr in Q1

Advance tax paid by individuals recorded 40 per cent growth in the first quarter (April-June) of the financial year.This could be an after-impact of the demonetisation of high value currency, with more non-corporate entities recording higher incomes. Overall direct tax collection after refunds expanded by 14.8 per cent to Rs 1.42 lakh crore over the corresponding period in 2016. "The government has benefited from demonetisation, as people have started reporting higher income," Sushil Chandra, chairman of the Central Board of Direct Taxes, told Business Standard. Overall advance taxes, both personal and corporate, grew by 11.9 per cent to Rs 58,783 crore. Advance tax is paid within a specified period after the money is earned, rather than waiting for the end of the financial year.Electronic filing if income tax returns up to June for 2016-17 grew by 18 per cent, suggesting that more people regularised their unaccounted income. "People are aware now that the income tax department is ..

Nearly 15% growth in direct tax collections for FY18: CBDT

Net growth in CIT collections was 22.4% while that of PIT was of 8.5%