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Economy booming, advance tax increased by 41 percent and direct tax by 48%

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new Delhi. With the pick up of economic activities, there has been an increase of 41 percent in advance tax payment in the current financial year 2021-22. Along with this, there has been an increase of more than 48 percent in the net direct tax collection from the income of individuals and companies. This figure shows the continuous improvement in the economy affected by the Corona epidemic. Also, it is more than the revised estimate of the government.

Direct tax collection stood at 13.63 lakh crore

According to the data released by the Central Board of Direct Taxes (CBDT), the direct tax collection till March 16, 2022 stood at Rs 13.63 lakh crore. It was Rs 9.18 lakh crore in the same period of 2020-21 a year ago. The net direct tax collection in the current financial year is 35 percent higher as compared to Rs 9.56 lakh crore in pre-pandemic 2019-20. This category includes tax on personal income, tax on profits of companies, property tax and inheritance and gift tax.

Also read- IT Refund: Income Tax Department sent Rs 1.92 lakh crore to taxpayers, complain here if they do not come

Advance tax reaches 6.62 lakh crore

Similarly, advance tax collection increased by 40.75 percent to Rs 6.62 lakh crore. The last date for depositing its fourth installment was March 15. CBDT has said in the statement that the tax collection has been better than expected. This shows that the income of companies has increased and they are giving new jobs. This is a sign of improvement in the economy after Kovid. This will not only help the government to control its deficit, but will also give relief to the exchequer from the increasing expenditure due to the Russo-Ukraine war.

Tags: direct tax, Tax, tax system, Taxpayer

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