Advance tax mop-up falls 25.5% in Q2, led by plunge in company tax: Source

Advance tax mop-up falls 25.5% in Q2, led by plunge in corporate tax: Source

 

Mumbai: Advance tax collections fell 25.5 per cent to Rs 1,59,057 crore within the second quarter of the fiscal, an revenue tax official stated on Thursday. However, there was enchancment over the primary quarter ended June, when advance tax income had plunged 76 per cent to a tepid Rs 11,714 crore as the entire economic system was below a stringent lockdown.

During the year-ago interval to September 15, 2019, whole advance tax assortment had stood at Rs 2,12,889 crore, down from Rs 3,70,652 crore a 12 months in the past.

“Total advance tax assortment within the second quarter fell by 25.5 per cent to Rs 1,59,057 crore from Rs 2,12,889 crore y-o-y. While corporates paid solely Rs 1,29,619.6 crore upfront tax, down by 27.Three per cent within the reporting quarter, private revenue tax assortment stood at Rs 29,437.5 crore, down 15 per cent from Rs 34,632.9 crore.

“However, TDS (tax deducted at source) fared better at Rs 1,38,605.2 crore, down by 5.6 per cent from Rs 1,46,792.4 crore,” a senior revenue tax official from the Mumbai zone advised .

As towards this, advance company tax mop-up had plummeted by 79 per cent to Rs 8,286 crore within the June quarter, from Rs 39,405 crore within the June 2019 quarter.

Advance private revenue tax assortment in Q1 had declined 64 per cent to Rs 3,428 crore from Rs 9,512 crore within the year-ago interval, the official stated.

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