New Delhi: The Income Tax Department has made the highest tax collection in the history. This was revealed by Central Board of Direct Taxes (CBDT) chairman J B Mohapatra. As per the report released by the CBDT, the direct tax collection surged by 48% in the current fiscal year, boosted by a 41 percent increase in advance tax payments.
‘In the block of last four years, the net collection numbers are the highest. It beats the previous high by as much as 2.5 lakh crore. This is the highest number of income tax collections thus far in the history of the department’, said CBDT Chairman JB Mohapatra.
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The net collections under direct taxes, which includes income tax on individual income, corporation tax on profits of companies, property tax, inheritance tax and gift tax, in the current fiscal that started on April 1, 2021 is at Rs 13.63 lakh crore. It is 35% higher than the collection of Rs 9.56 lakh crore in 2019-20. Corporate tax comes around 53% of all direct tax collection and personal income tax, including securities transaction tax (STT) on shares is around 47%. Advance tax collections, the fourth instalment of which was due on March 15, rose to Rs 6.62 lakh crore, up by 40.75%.
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