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Income Tax Department on Monday said that collection through advance tax after two instalments surged by 20 per cent during 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 Rs 10,000 is liable to pay advance tax. Those who are excluded from paying advance tax are senior citizens who are 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 FY 24 (as on September 16) stood at over ₹3.55 lakh crore, as against nearly ₹2.94 lakhs during FY 23, 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 Rs 4.16 lakh crore of CIT and over Rs 4.47 lakh crore of PIT.
The department also said that refund of around ₹1.22 lakh crore has been issued in FY24 till date.
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