Direct Tax Collections up to February 2017 show Growth of 10.7%.
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
New Delhi, 10th March, 2017.
PRESS RELEASE
Direct Tax Collections up to February, 2017 show Growth of 10.7%
The Direct tax collections up to February, 2017 continues to show a steady growth trend. The collection net of refunds stands at Rs. 6.17 lakh crore which is 10.7 % more than the net collections for the corresponding period last year. This collection is 72.9 % of the total Budget Estimates for Direct Taxes for Financial Year 2016-17.
As regards the growth rates for Corporate Income Tax (CIT) and Personal Income Tax (PIT), in terms of gross revenue collections, the growth rate under CIT is 11.9% while that under PIT (including STT) is 20.8 %. However, after adjusting for refunds, the net growth in CIT collections is 2.6 % while that in PIT collections is 19.5 %. Refunds amounting to Rs.1.48 lakh crore have been issued during April 2016- February 2017, which is 40.2% higher than the refunds issued during the corresponding period last year.
(Meenakshi J Goswami)
Commissioner of Income Tax
(Media and Technical Policy)
Official Spokesperson, CBDT.
Addition u/s 68 for jewellery purportedly received on death of grandparent under Will upheld. In a recent judgment, ITAT upheld…
Supreme Court lays down tests to determine whether a debt is a financial debt or an operational debt under IBC…
Merely because directors of two companies were common not mean that deposits received was bogus and companies were shell companies…
Application though named as rectification but if tax imposed is not legitimate then it also touches upon the merit –…
Cost of acquisition as on 01.04.1981 taken as per valuer report by reverse indexing of current FMV to be further…
ITAT directed AO to serve notice of hearing both through electronic and physical mode upon the assessee In a recent…