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Title : The IT sector has collected the most taxes in its history: CBDT Chairman | Personal Financial News
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The IT sector has collected the most taxes in its history: CBDT Chairman | Personal Financial News

New Delhi: The Income Tax Department has recorded the highest collection in its history, with CPT leader JP Mohaptra on Thursday saying direct tax collection has risen by more than 48 per cent in the current financial year due to a 41 per cent increase in advance tax. Payments.

As of today, the net collection is Rs 13.63 lakh crore, which is Rs 11.18 lakh crore in 2018-19, Rs 10.28 lakh crore in 2019-20 and Rs 9.24 lakh crore in 2020-21.

“Net annual revenue is 48.4 per cent higher today than in 2020-21, 42.5 per cent higher in 2019-20 and 35 per cent higher than in 2018-19. Net collections are the highest in the last four years,” said the Central Board of Direct Taxes (CBDT). Said the leader.

“It has surpassed the previous high of Rs 2.5 lakh crore. This is the highest income tax collection in the history of the sector,” he told PTI.

The CBDT formulates policy for the Income Tax Department.

“Total today is Rs 15.50 lakh crore, which is 38.3 per cent in 2020-21, 36.6 per cent in 2019-20 and 32.7 per cent in 2108-19. We have never crossed Rs 12.79 lakh crore in revenue wise. We have reached .15 lakh, which is a historic increase in the sector, ”he said.

By all accounts, the number of tax collections is at an all-time high in the history of the sector, Mohapatra said.

For the financial year beginning April 1, 2021, net direct tax collection till March 16, 2022 was Rs. 13.63 lakh crore, compared to Rs 9.18 lakh crore in the year-ago period, CBDT said in a statement.

Net collection of direct taxes such as income tax on personal income, corporation tax on corporate profits, property tax, inheritance tax and gift tax is 35 per cent higher than Rs 9.56 lakh collected in the current financial year. In the year preceding the 2019-20 epidemic (April 2019 to March 2020) crore.

The fourth tranche of advance tax collection on March 15 rose by 40.75 per cent to Rs 6.62 lakh crore. read more: TCS receives a multi-year contract from Western Power, Australia

About 53 percent of total direct tax collection came from corporate taxes and 47 percent from personal income tax, including securities transaction tax (STT) on shares. read more: Will the mutual fund account be closed if I invest through Faizabazar? Know the truth

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