100 percent increase of Net Direct Tax for 2021-22

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New Delhi: For the financial year 2021-22, the net collection of direct tax is Rs.1,85,871 crore compared to Rs. 92,762 crores over the corresponding period of the preceding year, showing an increase of 100.4% over the collections of the preceding year.  The net Direct Tax collections include Corporation Tax (CIT) at Rs. 74,356 crore (net of refund) and Personal Income Tax (PIT) including Security Transaction Tax(STT) is at Rs. 1,11,043 crores (net of refund).

Advance Tax collections for the first quarter of the F.Y. 2021-22 stand at Rs. 28,780 crores against Advance Tax collections of Rs. 11,714 crores for the corresponding period of the previous year. Growth of approximately 146% can be seen during the advance tax collections, where Corporation Tax(CIT) is compromised at Rs. 18,358 crore and Personal Income Tax (PIT) at Rs. 10,422 crores. Further increment of price is expected.

Rs. 30,731 crore refunds have also been issued in the F.Y. 2021-22.

The Direct Taxes(before adjusting for refunds) for the F.Y. 2021-22 stands at Rs. 2,16,602 crores compared to Rs. 1,37,825 crores in the corresponding period of the previous in the Gross collection. Corporation Tax(CIT) at Rs. 96,923 crore and Personal Income Tax (PIT) including Security Transaction Tax(STT) at Rs. 1,19,197 crore is also included in the Gross collection amount.  Advance Tax of Rs. 28,780 crore is included in the minor head collection. Deduction of tax at the Source is Rs.1,56,824 crore, Self-Assessment Tax is Rs. 15,343 crores; Regular Assessment Tax is Rs. 14,079 crores; Dividend Distribution Tax is Rs.1086 crore and Tax under other minor heads amounting to Rs. 491 crores.