The current financial year is drawing to a close in less than 2 weeks and this has been a year of robust tax collections for the government. After a gap of three years, direct tax collections have exceeded budget estimates. Sample this -- corporate tax collections were up 51 percent till the third quarter, advance tax up 54 percent and personal income tax up 41 percent.

Overall direct tax collections were close to Rs 7 lakh crore till the third quarter. This was nearly 68 percent of the total collection in FY21. The government is expecting to collect Rs 12.5 lakh crore in direct taxes this year.

Speaking to CNBC-TV18, JB Mohapatra, Chairperson of Central Board of Direct Taxes (CBDT), said, “Total ITRs which have been filed as on March 15th 2022 is 6.63 crore, which is (an increase of) 16 lakh corresponding to the last year.”

He added, “The net collection number is 13.63 lakh crore against a target of 12.50 lakh crore. Advance tax numbers for this year on this day is Rs 6.62 lakh crore, which is more by 40.7 percent against 2021 and our TDS collections Rs 6.79 lakh crore — up by 37.7 percent over 2021. Corporate tax numbers is 7.19 lakh crore.”

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First Published:Mar 17, 2022 5:33 PM IST