Official data showed that the government’s advance tax revenue rose 2.9% a year ago to Rs 4.49 crore on September 17. Last year, during this period, the collections were 4.36 crore.
In advance taxes, corporate tax revenue rose 6.1% year-on-year to Rs 3.52 crore, while revenue from non-business tax collections fell to 7.3% to Rs 9678,39 crore, showing data released by the income tax department of the Weibo website (former Twittertitter).
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IT departments publish direct tax collection data based on YTD.
The amount of personal income tax collection in the Ministry of Finance fell by 6.1%.
In the same period last year, the total direct tax rate rose by 3.4% to Rs 1,243 crore.
Refunds worth Rs 1.61 crore have been issued, reflecting a year-on-year decline of 23.9%.
Considering the refund, the net worth of direct tax kittens is Rs 10.83 crore, up 9.2% from the same period last year.
Here are the answers to some FAQs (FAQs) on this topic:
What is the total income from direct taxes?
Direct taxes are the total amount of taxes collected by the government before a refund is issued to the taxpayer.
What is the difference between total tax and net tax?
Net direct taxes are still there after payment of refunds. This makes it clearer how much government actually retains it.
Why is the government releasing data now?
These figures are shared shortly after the extended ITR application deadline, giving a more comprehensive view on advance payments and refunds.
How does the refund affect the final collected figures?
Net collections drop when tax officers pay more with refunds. This is simply because more money is running out of money in the total collection.
On the other hand, the numbers of online people look even stronger when refunds are paid for less money.
Why do analysts keep track of these numbers?
These figures are early indicators of company revenue, personal income trends, and government fiscal status.
What role does CESS play in direct taxation?
CESS (such as health and education taxes) are collected at the highest income tax. It adds to the total collection, but is specifically for specific expenses.
