Monday, March 17, 2025

Creating liberating content

For 95 days, Máximo Napa Castro, 61, was alone and

WASHINGTON: A US judge Monday ordered Trump administration officials to

Related News

For 95 days, Máximo Napa Castro, 61, was alone and lost at sea, praying to God and clinging to the hope that he would one day see his mother again.

WASHINGTON: A US judge Monday ordered Trump administration officials to explain whether the administration violated his order when they deported hundreds of Venezuelan gang members over the weekend and potentially

Ether may not hit a new record this year after all, according to Standard Chartered. The firm expects ether’s recent weakness to continue this year, and although it sees its

The mystery of Sudiksha Konanki’s disappearance is far from being resolved. Joshua Riibe, the 22-year-old Iowa man who was last seen with Sudiksha Konanki before her mysterious disappearance from the

NEW DELHI: The central government has directed the Delhi Traffic Police to enforce parking rules in the Central Vista area, particularly around the Patiala House Court and the Delhi high

Each year 36 million trees fall due to decay, disease, natural disasters or clearing for new development. The vast majority of those trees are either burned, sent to a landfill

Trending News

Foreign portfolio investors (FPIs) are on track for the worst-ever annual equity selloff in FY25 in rupee terms, driven by sustained outflows since October 2024. In the first two weeks

Top stocks to buy (AI image) Stock market recommendations: According to Motilal Oswal Financial Services Ltd, the top stock picks for the week (starting March 17, 2025) are HPCL and

MUMBAI: IndusInd Bank may have overstated its net interest income in preceding quarters, research reports by brokerage houses said. As a result, the lender will take a significant hit in

NEW DELHI: India has achieved self-sufficiency in solar module manufacturing. But the feat has rendered domestic producers of polysilicon, wafers and ingots – the building blocks for modules – vulnerable

New Delhi: India and New Zealand decided to relaunch negotiations for a free trade agreement on Saturday after a gap of 10 years, a move aimed at deepening economic ties

Mumbai: A host of global and domestic factors are expected to weigh on investors’ sentiment when Dalal Street opens for trading on Monday. The escalating global tariff war between the

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