Net direct tax collection has surged by 19.54% to over ₹5.74 lakh crore so far this fiscal year, driven by a significant increase in advance tax payments from corporations. The first instalment of advance tax, due on June 15, saw a remarkable rise of 27.34%, amounting to ₹1.48 lakh crore. This figure includes ₹1.14 lakh crore from Corporation Income Tax (CIT) and ₹34,470 crore from Personal Income Tax (PIT).
According to data released by the Central Board of Direct Taxes (CBDT) on July 13, the net direct tax collection of ₹5,74,357 crore as of July 11, 2024, comprises ₹2,10,274 crore from CIT and ₹3,46,036 crore from PIT. Additionally, the Securities Transaction Tax (STT) contributed ₹16,634 crore to the direct tax collection.
Comparative Analysis and Growth
During the same period last year, net direct tax collection stood at ₹4,80,458 crore. The current fiscal year has also seen refunds amounting to ₹70,902 crore issued until July 11, marking a 64.4% increase compared to the previous year. For the period from April to July 11, the gross collection of direct taxes (before adjusting for refunds) reached ₹6.45 lakh crore, up from ₹5.23 lakh crore in the corresponding period last year, reflecting a growth rate of 23.24%.
The interim budget for the full fiscal year has set a target for direct tax collection at ₹21.99 lakh crore.
In the context of business finance, understanding what is a lease and its implications can be crucial for corporate financial planning. The lease definition typically involves a contractual agreement where one party (the lessor) grants the other party (the lessee) the right to use an asset for a specified period in exchange for periodic payments. The lease meaning extends beyond mere possession; it includes terms and conditions that can impact tax liabilities and financial statements.
As businesses navigate their fiscal responsibilities, comprehending the nuances of a lease can provide strategic advantages, especially in optimizing tax obligations and managing cash flow efficiently.
