Advance Tax falls by 25%

Report from PTI:

Advance tax collections fell 25.5 per cent to Rs 1,59,057 crore in the second quarter of the fiscal, an income tax official said on Thursday.

However, there was improvement over the first quarter ended June, when advance tax revenue had plunged 76 per cent to a tepid Rs 11,714 crore as the whole economy was under a stringent lockdown.

During the year-ago period to September 15, 2019, total advance tax collection had stood at Rs 2,12,889 crore, down from Rs 3,70,652 crore a year ago.

“Total advance tax collection in 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 only Rs 1,29,619.6 crore in advance tax, down by 27.3 per cent in the reporting quarter, personal income tax collection 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 income tax official from the Mumbai zone told PTI.

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

Advance personal income tax collection in Q1 had declined 64 per cent to Rs 3,428 crore from Rs 9,512 crore in the year-ago period, the official said.

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Krishna Rath is a SEBI Registered Investment Adviser, and since 2015 has been educating netizens on investments and insurance. Krishna is a fee only SEBI RIA and is Odisha's first SEBI RIA. With background in IT, Krishna is changing the advisory space with new innovations in AdvisoryTech.

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