Advance direct tax collections from the primary installment within the present monetary 12 months 2025-26 grew by 3.87 per cent to Rs 1.56 lakh crore as on June 19 this 12 months, slower than the expansion of 27.34 per cent seen in the identical interval a 12 months in the past, knowledge launched Saturday by the Revenue Tax Division confirmed.
Whereas advance tax collections throughout April 1-June 19 for company tax grew 5.86 per cent to Rs 1.22 lakh crore, private revenue tax or non-corporate tax collections recorded a slowdown, with advance collections falling by 2.68 per cent to Rs 33,928.32 crore.
The advance tax collections for private revenue at Rs 33,928.32 crore are decrease than the primary installment collections of Rs 34,863.78 crore seen within the earlier monetary 12 months 2024-25 (as on June 19, 2024).
The slower progress upfront tax collections for private revenue tax appears to be extra pronounced, a potential indication of the affect of the revenue tax cuts undertaken within the Finances in addition to slowing revenue progress.
Non-corporate tax contains taxes paid by people, Hindu Undivided Households (HUFs), corporations, Affiliation of Individuals (AoPs), Physique of People (Bols), native authorities, synthetic juridical individuals. Each particular person, whose estimated tax legal responsibility for the monetary 12 months is Rs 10,000 or extra, is required to pay his or her taxes upfront within the type of “advance tax”. The advance tax needs to be paid in 4 installments throughout the 12 months.
The primary installment needs to be paid on or earlier than June 15 with cost of not lower than 15 per cent of the advance tax. The second installment needs to be paid on or earlier than September 15 with 45 per cent advance tax as decreased by the quantity paid within the earlier installment. The third installment requires 75 per cent to be paid on or earlier than December 15, adopted by 100 per cent cost on or earlier than March 15.
General, progress in internet direct tax collections thus far till June 19 additionally slipped into destructive territory, declining 1.39 per cent to Rs 4.59 lakh crore from Rs 4.65 lakh crore within the corresponding interval of the earlier monetary 12 months. The online collections had been decrease as refunds elevated by 58 per cent to Rs 86,385 crore till June 19 this 12 months. Gross direct tax collections, nonetheless, rose 4.86 per cent to Rs 5.45 lakh crore this fiscal.
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Internet company tax collections slowed to Rs 1.73 lakh crore, down 5.13 per cent from the year-ago interval. Private revenue tax or non-corporate tax collections elevated marginally by 0.7 per cent to Rs 2.73 lakh crore. Securities Transaction Tax (STT) elevated by 12 per cent to Rs 13,013 crore throughout the interval.
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