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Income Tax Department on Monday said that collection through advance tax after two instalments surged by 20 per cent during the current financial year 2023-24. Overall net collection recorded a growth of over 23.5 per cent.
As per section 208 of the Income Tax Act 1961, every person whose estimated tax liability for the year is more than or equal to ₹10,000 is liable to pay advance tax. Those excluded from paying advance tax are senior citizens above the age of 60, not having any income from business or profession. Advance tax is required to be paid in four instalments – 15 per cent by March 15, 45 per cent by September 15, 75 per cent by December 15, and 100 per cent by March 15.
Data released by the department said that provisional figures of Advance Tax collections for FY24 (as of September 16) stood at over ₹3.55 lakh crore, as against nearly ₹2.94 lakhs during FY23, showing a growth of 20.73 per cent. In the total amount of advance tax, Corporation Tax (CIT) was over ₹2.80 lakh crore, and Personal Income Tax (PIT) contributed ₹74,858 crore.
Further, it has been said that net collections rose to over ₹8.65 lakh crore as against ₹7 lakh crore, representing an increase of 23.5 per cent. Net collection includes over ₹4.16 lakh crore of CIT and over ₹4.47 lakh crore of PIT.
The department also said that a refund of around ₹1.22 lakh crore has been issued in FY24 till date.
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