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Direct Tax Collections at Rs 9.45 lakh crore, Exceeds Revised Estimates: CBDT

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Net direct tax collections for the Financial Year 2020-21 are estimated to be Rs. 9.45 lakh crore, according to preliminary figures according to the CBDT release. Despite the inherent challenges posed by the COVID-19 pandemic on the economy, net direct tax collections for FY 2020-21 have increased.

 

Advance Tax collections for FY 2020-21 stand at Rs. 4.95 lakh crore, representing a 6.7% increase over Advance Tax collections for the immediately preceding Financial Year of Rs. 4.64 lakh crore.

Direct Tax Collections at Rs 9.45 lakh crore, Exceeds Revised Estimates: CBDT

The Corporation Tax (CIT) at Rs. 4.57 lakh crore and Personal Income Tax (PIT) including Security Transaction Tax (STT) at Rs. 4.88 lakh crore comprise the net Direct Tax collections. The net Direct Tax collections represent 104.46% of the Revised Estimates of Direct Taxes of Rs. 9.05 lakh crore for the Fiscal Year 2020-21.

The gross collection of direct taxes (before refunds) for the fiscal year 2020-21 is Rs. 12.06 lakh crore. This includes:

  • Corporation Tax(CIT) at Rs. 6.31 lakh crore
  • Personal Income Tax (PIT) including Security Transaction Tax(STT) at Rs. 5.75 lakh crore; Advance Tax of Rs. 4.95 lakh crore
  • Tax Deducted at Source (including Central TDS) of Rs. 5.45 lakh crore
  • Self-Assessment Tax of Rs. 1.07 lakh crore
  • Regular Assessment Tax of Rs. 42,372 crore
  • Dividend Distribution Tax of Rs. 13,237 crore
  • Tax under other minor heads of Rs. 2,612 crore.
 

In the Financial Year 2020-21, refunds totalling Rs. 2.61 lakh crore were issued, up from Rs. 1.83 lakh crore in the previous Financial Year, representing a 42.1% increase over the previous Financial Year. The figures above are still provisional and subject to change pending the final collation of collection data.

Read more about: income tax direct tax cbdt
Story first published: Friday, April 9, 2021, 12:58 [IST]
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