Direct tax collections register 4.12 % growth in first five months of fiscal
Net direct tax collections during first five months of the present fiscal (up to August 2009) stood at Rs.87,888 crore, up from Rs.84,409 crore in the same period last fiscal, registering a growth of 4.12 percent. Growth in Corporate Taxes was 1.84 percent (Rs.49,339 crore as against Rs.48,450 crore), while Personal Income Tax (including STT, and residual FBT and BCTT) grew at 7.40 percent (Rs.38,491 crore as against Rs.35,840 crore). Lower growth in net collection was mainly on account of higher tax refund outgo of 52.61 percent at Rs.24,639 crore as against Rs.16,145 crore last fiscal.
Net collections during the month of August 2009 remained positive at Rs.13,898 crore compared to Rs.12,761 crore during August 2008; while recovery in Securities Transaction Tax (STT) continued with a growth of 7.13 percent during April-August 2009 (Rs.2,924 crore as against Rs.2,730 crore) compared to the corresponding period last fiscal.
The second instalment of corporate advance tax and the first instalment of non-corporate advance income tax will become due on 15th September 2009. The advance tax liability for both categories of taxpayers, corporate and non-corporate, is 30 percent of the estimated total tax liability for the financial year as reduced by the tax to be deducted / collected at source (TDS / TCS). Taxpayers are advised to correctly compute their tax liability and pay the advance tax instalment within the due date to avoid penal consequences.
Advance tax can be deposited through Challan No. ITNS-280, or paid electronically through net banking, in any authorized bank. ITNS-280 is available on the web site of the Income Tax department at http://incometaxindia.gov.in