I-T department has made highest tax collection in its history: CBDT chairman – Times of India

NEW DELHI: The Income Tax division has made the “highest” assortment in its historical past, CBDT chairman J B Mohaptra stated on Thursday when the direct tax mop up jumped over 48 per cent within the present fiscal backed by a 41 per cent surge prematurely tax funds.
The web assortment numbers as on right this moment is Rs 13.63 lakh crore which is in opposition to Rs 11.18 lakh crore of 2018-19, Rs 10.28 lakh crore of 2019-20 and Rs 9.24 lakh crore of 2020-21, he stated.
“The year-on-year web collections right this moment is extra by 48.4 per cent over 2020-21, over 42.5 per cent of 2019-20 and 35 per cent over 2018-19. Within the block of final 4 years, the online assortment numbers are the best,” the chief of the Central Board of Direct Taxes (CBDT) stated.
“It beats the earlier excessive by as a lot as Rs 2.5 lakh crore. That is the best variety of revenue tax collections to this point within the historical past of the division,” he instructed PTI.
The CBDT frames coverage for the Revenue Tax division.
“Should you take a look at the gross numbers, it’s right this moment Rs 15.50 lakh crore which is extra by 38.3 per cent of 2020-21, extra by 36.6 per cent of 2019-20, extra by 32.7 per cent of 2108-19. We have now by no means entered gross assortment smart past Rs 12.79 lakh crore. This yr, we’ve got entered into Rs 15 lakh gross numbers which is also a historic excessive for the division,” he stated.
On all counts, Mohapatra stated, the tax assortment numbers are the best to this point within the historical past of the division.
Internet direct tax collections till March 16, 2022, within the fiscal yr that began on April 1, 2021, stood at Rs 13.63 lakh crore in comparison with Rs 9.18 lakh crore in the identical interval a yr again, the CBDT stated in an announcement.
The web collections in direct taxes, which is made up of revenue tax on particular person revenue, company tax on income of firms, property tax, inheritance tax and present tax, within the present fiscal is 35 per cent greater than the gathering of Rs 9.56 lakh crore within the pre-pandemic yr of 2019-20 (April 2019 to March 2020).
Advance tax collections, the fourth installment of which was due on March 15, rose to Rs 6.62 lakh crore, up 40.75 per cent, the assertion stated, including refunds aggregating to Rs 1.87 lakh crore have been issued within the present fiscal.
Virtually 53 per cent of all direct tax assortment was from company tax, whereas 47 per cent got here from private revenue tax, together with securities transaction tax (STT) on shares.

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