Tax collections from personal and corporate income saw a 50 per cent rise in 2021-22, the highest collection in the Income Tax department history. Besides, there was a 40 per cent increase in advance tax payments, underscoring a healthy economic recovery from the pandemic spanning two waves of coronavirus infections.
The report was revealed by the Central Board of Direct Taxes (CBDT) Chairman J B Mohapatra on Thursday, March 17.
Direct Tax Collection
The net collections under direct taxes, which includes income tax on individual income, corporation tax on profits of companies, property tax, inheritance tax and gift tax, in the current fiscal are 35 per cent higher than the collection of ₹ 9.56 lakh crore in 2019-20.
Nearly 53 per cent of all direct tax collection was from corporate tax, while 47 per cent came from personal income tax, including securities transaction tax (STT) on shares.
Increase In Year-On-Year Collection
For now, the net collection is Rs 13.63 lakh crore, as against 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, the chairman informed.
"The year-on-year net collections today is more by 48.4 per cent over 2020-21, over 42.5 per cent of 2019-20 and 35 per cent over 2018-19. In the last four years, the net collection numbers are the highest," the chief was quoted as saying by NDTV.
Advance tax collections were up 40.75 per cent to Rs 6.62 lakh crores. Nearly 53 per cent of all direct tax collection was from corporate tax, while 47 per cent came from personal income tax, including securities transaction tax (STT) on shares.
The collection beats the previous record by Rs 2.5 lakh crores, the highest number of income tax collections in history.