The gross tax collection for the quarter stood at Rs 7,33,715 crore, while the total mop-up stood at Rs 5,87,605, the CBDT source told PTI on Thursday.(income tax)


                                         




Advance tax (income tax)payments from companies have shown a 49 per cent growth for the third quarter of this fiscal (FY2021)(income tax), clocking Rs 1,09,506 crore.

A source from the Central Board of Direct Taxes revealed the development, which shows an overall improvement indirect tax collections; the dip in the collections stands at 13 percent as of now, as against 22 percent at the start of November.

The recovery can be attributed to the low base last fiscal of FY2020 when the government had cut corporate tax rates to a record low of 25 percent in the third quarter, leading to lower tax payout by companies. During the corresponding quarter last fiscal (Q3FY2020), corporate advance taxes stood at Rs 73,126 crore.

The gross tax collection for the quarter stood at Rs 7,33,715 crore, while the total mop-up stood at Rs 5,87,605, the CBDT source told PTI on Thursday.(income tax)


The net advance corporate tax has amounted to Rs 2,39,125 crore so far this year, down almost 5 percent from Rs 2,51,382 crore in the year-ago period. This decrease can be attributed to the first two-quarters of FY2021 being disrupted due to coronavirus-mandated lockdown.

Advance tax collections under personal income taxes, however, lie in the negative zone. Advance personal income tax has declined 5.6 percent Y-o-Y to Rs 31,054 crore from Rs 32,910 crore, while for the fiscal it has come down by 10.4 percent on annual basis to Rs 60,491 from Rs 67,542. This is generally attributed to the loss of jobs and incomes for many individuals starting in March 2020.