Nifty99000 100%

Sensex99000 100%

Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
RSS

News

April-August income tax revenue up 17.5% at Rs 2.24 lakh cr

Author: IANS/Tuesday, September 12, 2017/Categories: Tax

April-August income tax revenue up 17.5% at Rs 2.24 lakh cr

New Delhi - The Indian Income Tax Department's collections in the first five months of the current fiscal at Rs 2.24 lakh crore grew 17.5% over the same period last year, an official said.

A Central Board of Direct Taxes (CBDT) statement said the collections for the period April-August amount to 22.9% of the total budget estimates of direct taxes for the current financial year.

"The direct tax collections up to August 2017 continue to register steady growth. Direct tax collection, net of refunds, stands at Rs 2.24 lakh crore which is 17.5% higher than the net collections for the corresponding period of last year," it said.

In terms of gross revenue collections, personal income tax collections (PIT) rose 16%, while corporate income tax (CIT) grew 5%.

"However, after adjusting for refunds, the net growth in CIT collections is 18.1% while that in PIT collections is 16.5%," it said.

"Refunds amounting to Rs 74,089 crore have been issued during April, 2017 to August, 2017, which are 7.2% lower than the refunds issued during the corresponding period of financial year 2016-17," it added. 

The government has targeted collection of Rs 9.80 lakh crore from direct taxes during this fiscal.

Print Rate this article:
No rating

Number of views (261)/Comments (0)

rajyashree guha

IANS

Other posts by IANS
Contact author

Leave a comment

Name:
Email:
Comment:
Add comment

Name:
Email:
Subject:
Message:
x

Videos

Ask the Finapolis.

I'm not a robot
 
Dharmendra Satpathy
Col. Sanjeev Govila (retd)
Hum Fauji Investments
 
The Finapolis' expert answers your queries on investments, taxation and personal finance. Want advice? Submit your Question above
Want to Invest
 
 

Categories

Disclaimer

The technical studies / analysis discussed here can be at odds with our fundamental views / analysis. The information and views presented in this report are prepared by Karvy Consultants Limited. The information contained herein is based on our analysis and upon sources that we consider reliable. We, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and we are not responsible for any loss incurred based upon it. The investments discussed or recommended in this report may not be suitable for all investors. Investors must make their own investment decisions based on their specific investment objectives and financial position and using such independent advice, as they believe necessary. While acting upon any information or analysis mentioned in this report, investors may please note that neither Karvy nor Karvy Consultants nor any person connected with any associate companies of Karvy accepts any liability arising from the use of this information and views mentioned in this document. The author, directors and other employees of Karvy and its affiliates may hold long or short positions in the above mentioned companies from time to time. Every employee of Karvy and its associate companies is required to disclose his/her individual stock holdings and details of trades, if any, that they undertake. The team rendering corporate analysis and investment recommendations are restricted in purchasing/selling of shares or other securities till such a time this recommendation has either been displayed or has been forwarded to clients of Karvy. All employees are further restricted to place orders only through Karvy Consultants Ltd. This report is intended for a restricted audience and we are not soliciting any action based on it. Neither the information nor any opinion expressed herein constitutes an offer or an invitation to make an offer, to buy or sell any securities, or any options, futures or other derivatives related to such securities.