Advance tax collections paid by companies were down 5 percent in the December quarter

New delhi date. 18 December 2019, Wednesday

The recovery of advance taxes paid by companies has been lower in the current financial year as compared to the December quarter of the current fiscal year, when the growth in personal income tax paid in advance was 5.5%. The corporate advance tax collection in the December quarter was Rs 5 crore, compared to Rs 5 crore in the December quarter of last financial year.

The personal income tax paid in advance is Rs 5 crore, compared to Rs 5 crore last year. As of December, Direct Taxes' net receipts have been as high as 5.5%. The target for the entire financial year is Rs 1.8 trillion.

The collection of advanced taxes after the third installment stood at Rs 1.8 trillion, compared to Rs 1.8 trillion in the same period last year, according to available data. Gross Direct Tax Collection stood at Rs 1.8 trillion, up from Rs 1.8 trillion in the same period last year. Net tax collection stood at a modest high of Rs 1.8 trillion, compared to Rs 1.8 trillion.

However, the amount of refunds has increased by 8.5% over last year. The figures obtained indicate that the direct tax collection target should be reduced, especially from the corporate sector, the tax target, said one analyst.

By the end of the current fiscal year, the fiscal deficit has increased by 8.5 percent of the target. Overall tax revenue has been hit. However, it is still unclear how the recession has affected and how much the tax rate has been reduced, sources in the Vera department said.

In September, the government reduced corporate tax to 5 percent, while for new companies the rate was kept at 5 percent. The decision, however, was made after the September 6 advance tax filing date. Many companies still appear to have decided on the new structure.

Advance taxes are paid by the companies till the 7th of the last month of each quarter. Companies that are responsible for paying advance taxes have to pay 5 percent of their tax liability in the first quarter, 3 percent in the second quarter and in the same installment over the rest.