Tuesday, March 18, 2025

Creating liberating content

80,000 files regarding JFK’s assassination will be released today. Ahead

Hamas has already felt the strength of our hand in

MUMBAI: India’s nuclear programme crossed a significant milestone at 2.37am

Spencer Platt | Getty Images Individual investors, whose assets are

Related News

80,000 files regarding JFK’s assassination will be released today. Ahead of the much-awaited release of the 80,000 files related to the assassination of John F Kennedy, White House deputy press

Hamas has already felt the strength of our hand in the past 24 hours, Benjamin Netanyahu said. Jerusalem: Prime Minister Benjamin Netanyahu on Tuesday said that a wave of deadly

MUMBAI: India’s nuclear programme crossed a significant milestone at 2.37am on Monday when the seventh unit of the Rajasthan Atomic Power Station (Rapp-7) at Rawatbhata was connected to the northern

Spencer Platt | Getty Images Individual investors, whose assets are more tied to the stock market than ever, have abandoned their tried-and-true dip-buying mentality as the S&P 500 recently fell

File photo of US President Donald Trump and Russian President Vladimir Putin (Pic credit: AP) Russian President Vladimir Putin, notorious for keeping world leaders waiting, appeared in no rush to

Bullish sentiment for stocks cratered in historic fashion this past month as President Donald Trump’s haphazard rollout of tariffs rattled markets and raised concerns about economic growth, according to the

Trending News

Gold prices surged by Rs 500, reaching a record high of Rs 91,250 per 10 grams in the national capital on Tuesday. This increase was driven by continued buying from

MUMBAI: RBI has pumped in over Rs 5 lakh crore into the banking system since mid-Jan through bond purchases, forex swaps and early-April maturity repos. To ensure that liquidity remains

Top stocks to buy (AI image) Stock market recommendations: According to Somil Mehta, Head – Alternate Research, Capital Market Strategy, Mirae Asset Sharekhan, Trent and Bharat Forge are the top

NEW DELHI: India’s trade deficit has narrowed to a 42-month low of $14 billion in Feb 2025, thanks primarily to imports slowing to $51 billion, data released by the commerce

US President Trump with PM Modi NEW DELHI: Amid US President Donald Trump’s tariff threats, India is engaging with the US to find ways of increasing trade and discussing the

Bajaj to buy out Allianz’s stakes in insurance joint ventures MUMBAI: In the biggest insurance sector deal in India, Bajaj group will buy out Allianz’s 26% stakes in their life

India’s direct tax collections rise by 16.15% to reach Rs 25.86 lakh crore till March 16

Word Count: 721 | Estimated Reading Time: 4 minutes


India's direct tax collections rise by 16.15% to reach Rs 25.86 lakh crore till March 16

India’s net direct tax collections have surged by 13.13% to over Rs 21.26 lakh crore so far this fiscal year, according to government data released on Monday.
This growth is largely attributed to higher advance tax collections, with the government collecting Rs 10.44 lakh crore from four instalments of advance tax, compared to Rs 9.11 lakh crore in the previous fiscal—estimating a growth of 14.62%.
The final instalment of advance tax payment was due on March 15, 2025, for the current financial year.
Advance tax collection breakdown

  • Corporate Tax: Advance tax collections under the corporate tax category rose by 12.54%, reaching Rs 7.57 lakh crore.
  • Non-Corporate Tax: Non-corporate tax collections, including personal income tax, saw a more significant increase of 20.47%, totalling Rs 2.87 lakh crore during the fiscal year.

Under Section 208 of the Income Tax Act, individuals with an estimated tax liability over Rs 10,000 (after accounting for tax deducted at source – TDS and TCS) are required to pay advance tax. This includes salaried individuals.
Tax payment schedule
Advance tax is paid in four instalments: June 15, September 15, December 15, and March 15 of the financial year.
Non-corporate tax collections up by 17%
According to data released by the Central Board of Direct Taxes (CBDT), the total mop-up from net non-corporate taxes, primarily personal income tax, grew by 17% year-on-year to approximately Rs 11.01 lakh crore.
In contrast, net corporate tax collections grew at a slower pace, rising by 7% to Rs 9.69 lakh crore between April 1, 2024, and March 16, 2025.
Securities Transaction Tax (STT)
Net collections from securities transaction tax (STT) saw a remarkable surge of nearly 56%, reaching Rs 53,095 crore so far this fiscal year.
Refunds and gross tax collection
Refunds issued during this period amounted to more than Rs 4.60 lakh crore, up from Rs 3.47 lakh crore in the previous year. Gross direct tax collections till March 16 grew by 16.15%, totalling over Rs 25.86 lakh crore.
Revised estimates for direct tax collections
For the current fiscal year, the government has revised its income tax collection estimate to Rs 12.57 lakh crore, higher than the initial budget estimate of Rs 11.87 lakh crore. The STT collection estimate has also been revised upward to Rs 55,000 crore, from the budget estimate of Rs 37,000 crore.
However, the corporate tax collection target has been revised lower to Rs 9.80 lakh crore, down from the budget target of Rs 10.20 lakh crore.
In total, the revised estimates (RE) for direct tax collections stand at Rs 22.37 lakh crore, slightly higher than the budget estimate of Rs 22.07 lakh crore.





Source link

Most Popular Articles

Sign In

Welcome ! Log into Your Account