Advance tax collections up 10.44 %

With the figures for the third instalment of the advance tax collection coming, the revenue recorded a growth of 10.44 per cent at Rs.78,226 crore.

Advance tax collections for December 2012 (up to December 20) stood at Rs.78,226 crore against Rs.70,826 crore in the corresponding period a year ago, according to the Finance Ministry. So far in the current financial year (April 1-December 20), advance tax collections grew 7.52 per cent over the corresponding period last year. This includes a 7 per cent growth in corporate tax and 12.3 per cent in personal income-tax, the statement added.

The growth in advance tax collections in December follows government’s stern warning to tax evaders earlier this month to either disclose their correct income and pay advance tax by December 15 or be prepared to face action. “Government would urge all assesses to disclose their true income. There is no advantage in suppressing the true income or avoiding paying income tax that is due,” Revenue Secretary Sumit Bose stated recently.