The Ministry of Finance has informed that Direct Tax collections for the Financial Year 2021-2022 (FY 22) have been recorded at Rs 9,45,276.6 crore as on 16th December, 2021. It represents an increase of 60.8% against Rs 5,87,702.9 crore over the corresponding period of the preceding FY 21.
The Net Direct Tax collections (FY22) include Corporation Tax (CIT) at Rs 5,15,870.5 crore (net of refund) and Personal Income Tax (PIT) including Security Transaction Tax (STT) at Rs 4,29,406.1 crore (net of refund).
The gross collection of Direct Taxes for the FY22 stands at Rs 10,80,370.2 crore as compared to Rs 7,33,715.2 crore in the corresponding period of the preceding financial year.
The gross collection (FY 22) includes Corporation Tax (CIT) at Rs 6,05,652.6 crore and Personal Income Tax (PIT) including Security Transaction Tax(STT) at Rs 4,74,717.6 crore.
Further, Minor head wise collection comprises Advance Tax of Rs 4,59,917.1 crore, Tax Deducted at Source of Rs 4,93,171.7 crore, Self-Assessment Tax of Rs 74,336.2 crore, Regular Assessment Tax of Rs 44,028.7 crore, Dividend Distribution Tax of Rs 6,525.9 crore and Tax under other minor heads of Rs 2390.6 crore.
The cumulative Advance Tax collections (ATC) stand at Rs 4,59,917.1 crore. It comprises Corporation Tax (CIT) at Rs. 3,49,045.4 crore and Personal Income Tax (PIT) at Rs 1,10,871.7crore. Against ATC of Rs 2,99,620.5 crore for FY21, it shows a growth of 53.5%(approx).
However, the data has been recorded on 16th December, 2021, this amount is expected to increase as further information is awaited from Banks. Refunds amounting to Rs 1,36,779 crore have also been issued in the FY22 so far.
Click here for official press release:
HRA May Be Cut from Employees’ Salary Opting Work from Home