Press Esc to close
Thursday 31 July 2014
News updated at 7:00 PM IST
Weather
Max: 0°C
Min : 0°C
In Bangalore
Sunny day

Apr-Dec advance tax collection increases 7.5%

NEW DELHI, Dec 24, 2012, DHNS:

In December it rose by 10.44%

In a clear reflection of a slowdown in the economy, the Centre’s advance tax collections in the past nine months leading to December showed a growth of only 7.52 per cent year-on-year.

The collections, however, grew 10.44 per cent to Rs 78,226 crore in the month of December alone, a finance ministry statement said.

This includes 7 per cent growth in corporate tax and 12.3 per cent in personal Income Tax. The rise is advance tax collection at 7.52 per cent during the quarter was lower than the annual increase of 15 per cent in direct taxes that is envisaged for the current fiscal in the budget.


Advance tax payment is a reflection of performance of the economy and lower collection suggests lower profitability. The economic growth rate in the first half of the current fiscal was 5.4 per cent as against 7.3 per cent in the same period in previous fiscal.

Advance tax is the income tax payable if one’s tax liability exceeds Rs 10,000 in a financial year. Advance tax is applicable only when an individual has sources of income other than his or her salary. For instance, if one is earning through capital gains, interest on investments, lottery, house property or any other business.

The growth in advance tax collections in December may have followed government’s stern warning to tax evaders earlier this month to either disclose their correct income and pay advance tax by December 15 or be prepared to face action. Finance Minister P Chidambaram had earlier said that Income Tax Department will adopt a non-adversarial approach in realising the direct tax target of Rs 5.70 lakh crore for 2012-13.

Go to Top

Photo Gallery
India's Navjot Kaur celebrates after winning a bronze medal against Scotland's Sarah Jones during...

India's Navjot Kaur celebrates after winning a bronze medal against Scotland's Sarah Jones during...

U.S. Secretary of State John Kerry and U.S. Secretary of Commerce Penny Pritzker walk from South...

U.S. Secretary of State John Kerry and U.S. Secretary of Commerce Penny Pritzker walk from South...

U S Secretary of State John Kerry shakes hands with National Security Adviser Ajit Doval after...

U S Secretary of State John Kerry shakes hands with National Security Adviser Ajit Doval after...

Sophie McKinna of England sticks her tongue out as she competes in the Women's Shot Put final at...

Sophie McKinna of England sticks her tongue out as she competes in the Women's Shot Put final at...

Australia's Olivia Vivian performs at the women's All-Around Artistic Gymnastics at the 2014...

Australia's Olivia Vivian performs at the women's All-Around Artistic Gymnastics at the 2014...

David Katoatau of Kiribati dances after winning the gold medal of the men's 105kg weightlifting...

David Katoatau of Kiribati dances after winning the gold medal of the men's 105kg weightlifting...

Schillonie Calvert of Jamaica (R) races Anyika Onuora of England during their women's 200 metres...

Schillonie Calvert of Jamaica (R) races Anyika Onuora of England during their women's 200 metres...

Canada's Isabela Maria Onyshko performs at the women's All-Around Artistic Gymnastics at the 2014...

Canada's Isabela Maria Onyshko performs at the women's All-Around Artistic Gymnastics at the 2014...

Silver medallist India's Lalita poses for photographs at the medal ceremony of women's Freestyle...

Silver medallist India's Lalita poses for photographs at the medal ceremony of women's Freestyle...

India's Vijender Singh after winning against Trinidad and Tobago's Aaron Prince in the Men's...

India's Vijender Singh after winning against Trinidad and Tobago's Aaron Prince in the Men's...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bangalore - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523