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Advance tax collection up 53.50% to Rs 4.59 lakh Cr in Q3 of FY22

Ministry of Finance has said that Advance Tax collections for the first three quarters of the financial year 2021-22 stand at over 4 lakh 59 thousand crore rupees till 16th of December.

The Ministry said that it shows a growth of nearly 53.50 percent against Advance Tax collections of 2 lakh 99 thousand crore rupees for the corresponding period of the immediately preceding Financial Year.

It said, the Advance tax figures of over 4 lakh 59 thousand crore rupees comprises Corporation Tax to the tune of around 3 lakh 49 thousand crore rupees and Personal Income Tax of over one lakh 10 thousand crore rupees. The Ministry said, this amount is expected to increase as further information is awaited from Banks.

The Finance Ministry further added that till 16th December, the figures of Direct Tax collections for this fiscal show that net collections remained at over 9 lakh 45 thousand crore rupees as compared to nearly 5 lakh 87 thousand crore rupees over the corresponding period of the preceding financial year of 2020-21. Thus, the net collections represent an increase of 60.8 percent than the pevious year.

Besides, the refunds amounting to over one lakh 35 thousand crore rupees have also been issued so far during the current financial year.

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