Advance Tax Collections For The F.Y. 2021-22 Stand At Rs. 4,59,917.10 Cr: Govt

The Ministry of Finance revealed that net direct tax collections for the Financial Year 2021-22 as of 16.12.2021 were Rs. 9,45,276.6 crore, up from Rs. 5,87,702.9 crore in the preceding financial year, FY 2020-21, marking a 60.8 percent raise. The gross collection (as of 16.12.2021) in FY 2021-22 climbed by 40% compared to the same period in FY 2019-20, when the net collection was Rs. 6,75,409.5 crore, and by 40.93 percent compared to the same period in FY 2018-19, when the overall collection was Rs. 6,70,739.1 crore.

The finance ministry said in an official statement issued on 17th December 2021 that "The Net Direct Tax collection of Rs. 9,45,276.6 crore (as on 16.12.2021) include Corporation Tax (CIT) at Rs. 5,15,870.5 crore (net of refund) and Personal Income Tax (PIT) including Security Transaction Tax (STT) at Rs. 4,29,406.1 crore (net of refund). The gross collection of Direct Taxes (before adjusting for refunds) for the F.Y. 2021-22 (as of 16.12.2021) stands at Rs. 10,80,370.2 crore compared to Rs. 7,33,715.2 crore in the corresponding period of the preceding financial year. The gross collection for the F.Y. 2019-20 was Rs. 8,34,398 crore and that for F.Y. 2018-19 was Rs. 7,96,342 crore in the corresponding period."

The Ministry of Finance claims that Corporation Tax (CIT) of Rs. 6,05,652.6 crore and Personal Income Tax (PIT) comprising Security Transaction Tax (STT) of Rs. 4,74,717.6 crore make up the total gross collection of Rs. 10,80,370.2 crore. Advance Tax of Rs. 4,59,917.1 crore, Tax Deducted at Source of Rs. 4,93,171.7 crore, Self-Assessment Tax of Rs. 74,336.2 crore, Regular Assessment Tax of Rs. 44,028.7 crore, Dividend Distribution Tax of Rs. 6,525.9 crore, and Tax under other minor heads of Rs. 2390.6 crore makes up the minor head collection (as of 16.12.2021).

The finance ministry also stated that cumulative Advance Tax collections for the first, second, and third quarters of FY 2021-22 stood at Rs. 4,59,917.1 crore as of 16.12.21, compared to Advance Tax collections of Rs. 2,99,620.5 crore in the immediately preceding Financial Year, i.e. 2020-21, indicating around 53.5 percent increase. Furthermore, the cumulative Advance tax collection of Rs. 4,59,917.1 crore as of 16.12.2021 (FY 2021-22) represents a 44.21 percent increase over the corresponding period in FY 2019-20, when the advance tax collection (cumulative) was Rs 3,18,929.4 crore, and a 49.76 percent increase over the corresponding period in FY 2018-19 when the advance tax collection (cumulative) was Rs 3,07,096.3 crore.

According to the finance ministry "The Advance tax figure of Rs 4,59,917.1 crore as on 16.12.2021 comprises Corporation Tax (CIT) at Rs. 3,49,045.4 crore and Personal Income Tax (PIT) at Rs. 1,10,871.7 crore. This amount is expected to increase as further information is awaited from Banks. Refunds amounting to Rs. 1,35,093.6 crore have also been issued in the F.Y. 2021-22 so far."

A total of 3,83,27,994 ITRs have been submitted up to 19.12.2021, with 4,80,074 ITRs filed on the day itself, and a total of 3,71,74,810 ITRs have been filed up to 17.12.2021, with 6,91,338 ITRs filed on the day itself, according to the Income Tax Department. The department has also reminded taxpayers that the deadline for filing AY 2021-22 Income Tax Returns (ITRs) is December 31, 2021.