Team Adda247 and BankersAdda are here with a Current Affairs Special Series. In this series, candidates will be introduced to current affairs topics daily, which will not only improve their general awareness but also will ensure that the candidates do not lack in any current affairs topic. Today’s Current Affairs topic is India is Direct Tax Collection doubles during the Current Fiscal.
Direct Tax collection doubles during the current fiscal
Net Direct Tax Collections have increased at a robust pace despite the disruption caused by the Covid-19 pandemic on the economy this financial year. Finance Ministry gave a statement that Net Direct Tax collections have increased over a hundred percent in this fiscal year in comparison to the corresponding period of last financial year.
The ministry said that numbers of direct tax collection for this financial year show that net collections are at one lakh 85 thousand 871 crore rupees compared to 92 thousand 762 crore rupees over the corresponding period of the previous year. Net direct tax collections include corporate tax at Rs.74, 356 crore and the personal income tax including security transaction tax of Rs.1, 11, 043 crore.
Finance Ministry has also said that the gross amount collected of Direct Taxes for this financial year stands at two lakh 16 thousand 602 crore rupees compared to one lakh 37 thousand 825 crore rupees in the equivalent period of the previous year.
Ministry has said that advance Tax collections for this financial year stood at 28 thousand 780 crores against that of Rs.11, 714 crore which shows a growth of approximately 146 percent over the corresponding period of the preceding year. Refunds amounting to 30 thousand 731 crores have been disbursed in this financial year so far statement by Finance Ministry.
Income Tax Department:
In India, Direct Tax is collected by Income Tax Department. It works under the Department of Revenue, the Ministry of Finance. The tax department is administered by the apex body central board of direct taxes.
HQ: North Block, Secretariat building, New Delhi
CBDT Chairman: Pramod Chandra Modi