Gross collection of personal income tax rises 19 %

Net direct tax collections went up by 10.37 per cent to Rs.1.17 lakh crore during the April-July period of the current fiscal year as against Rs.1.06 lakh crore mopped up during the same four months of 2012-13.

The growth in gross direct tax collections, however, was higher with a rise of 13.27 per cent to Rs.1.57 lakh crore during April-July this fiscal, up from Rs.1.38 lakh crore garnered in the same period of the previous fiscal.

According to a Finance Ministry statement here on Wednesday, gross collection of corporate taxes during the four months of 2013-14 was 9.75 per cent higher at Rs.92,115 crore as compared to Rs.83,932 crore mopped up in the like period a year earlier.

Personal income tax

Significantly, the gross collection of personal income tax saw a 19.32 per cent increase at Rs.63,583 crore in the first four months of the current fiscal as compared to a total of Rs.53,289 crore garnered in the same period during the previous fiscal.

As for the other direct taxes, the mop-up by way of Securities Transaction Tax (STT) during the April-July period this fiscal stood at Rs.1,267 crore while the wealth tax collection witnessed a growth of 38.62 per cent to Rs.201 crore from Rs.145 crore. Meanwhile, electronic filing of tax returns jumped by 68 per cent as compared to last year with over 1.23 crore taxpayers filing e-returns during the current filing season which closed on August 5.

Income tax return

According to the Central Board of Direct Taxes (CBDT), the latest data after the August 5 deadline for filing of income tax returns showed that more than 87 lakh salaried taxpayers filed their returns online this year, posting an overwhelming rise of 85 per cent in this category of tax filers as compared to last year.

“Up to 5th August, 87,13,493 returns were e-filed under ITR 1 and ITR 2 which is 85.8 per cent higher than the 46,90,279 returns e-filed under ITR 1 and ITR 2 in the corresponding period last fiscal,” the CBDT statement said.

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