Direct tax collections jump over 100% so far in FY22 despite COVID-19 led economic disruption

Corporation Tax (CIT) at Rs 74,356 crore (net of refund) and Personal Income Tax (PIT) including Security Transaction Tax (STT) at Rs. 1,11,043 crore (net of refund) compromise the net direct tax for FY22.

New Delhi: The Income Tax Department on Wednesday (June 16) announced that the direct tax collections for the financial year 2021-22 have jumped by over 100%. So far, the department has collected Rs 1,85,871 crore as compared to Rs 92,762 crore in the same period last year. 

Corporation Tax (CIT) at Rs 74,356 crore (net of refund) and Personal Income Tax (PIT) including Security Transaction Tax (STT) at Rs. 1,11,043 crore (net of refund) compromise the net direct tax. 

Moreover, the gross collection of direct taxes, which is before adjusting the refunds, stood at Rs 2,16,602 crore for FY 2021-22. In comparison, the gross collection of direct taxes stood at Rs 1,37,825 crore in the corresponding period last financial year. 

The gross collection for FY22 includes Corporation Tax(CIT) at Rs 96,923 crore and Personal Income Tax (PIT) including Security Transaction Tax (STT) at Rs. 1,19,197 crore. 

The collection for FY22 also includes an Advance Tax of Rs. 28,780 crore, Tax Deducted at Source of Rs 1,56,824 crore, Self-Assessment Tax of Rs 15,343 crore, Regular Assessment Tax of Rs 14,079 crore, Dividend Distribution Tax of Rs1086 crore and Tax under other minor heads of Rs 491 crore, according to a statement by the department. Also Read: New Income Tax portal glitch: Infosys responds after FM Sitharaman flags issue

The department said that the Advance Tax collections for the first quarter of FY21 stood at Rs 28,780 crore, a 146% year-on-year growth, despite India facing extremely challenging initial months of the new financial year. The CIT stood at Rs 18,358 crore and PIT at Rs 10,422 crore. 

The Advance Tax collections in the similar period last year stood at Rs 11,714 crore. The department is expecting an increase in the figures as and when further information is received from banks.  

In the ongoing fiscal year, the Income Tax Department has also issued refunds amounting to Rs 30,731 crore. Also Read: 5 major sources of income that are tax free in India