Direct Tax Collection: The total direct tax collection in the financial year 2020-21 has been Rs 9.45 lakh crore. This is about 5 percent more than the revised estimate in the budget. The revised estimate was kept at 9.05 lakh crore in the budget. Central Board of Direct Taxes (CBDT) Chairman PC Modi has given this information. He said that the Income Tax Department has collected more tax than the revised estimates despite issuing adequate refunds in the financial year 2020-21.
The net corporate tax collection during FY 2021 has been Rs 4.57 lakh crore, while the net personal income taxer stood at Rs 4.71 lakh crore. Apart from this, Rs 16,927 crore has been received from Securities Transaction Tax (STT).
Before refund adjusting
The total direct tax collection before refund adjusting for FY 2021 is Rs 12.06 lakh crore, including corporation tax of Rs 6.31 lakh crore and personal income tax and security transaction of Rs 5.75 lakh crore. The total tax collection before refund adjusting was Rs 4.95 lakh crore, advance tax collection, Rs 5.45 lakh crore (including central TDS), deduction of Rs 1.07 lakh crore, self assessment tax, Rs 42,372 crore, regular assessment tax, Rs 13,237 crore Dividend distribution tax and tax of Rs 2,612 crore are included.
Less than the target set for 2019-20
According to the revised estimates of the general budget, a target of Rs 9.05 lakh crore as direct tax collection was set for 2020-21. In this way, the tax collection has been 5 percent higher than the revised estimates. But it was about 10 per cent less than the target fixed in 2019-20. PC Modi said that the department has taken several measures to reduce the burden of paperwork and provide better taxpayer services, the effect of which has been reflected in the tax collections of the last financial year.
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