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Late advance tax payments by corporate heavyweights give govt a breather

First quarter advance tax collection from India Inc has been revised upward to Rs 39,880 crore from initial mop up of Rs 8,572 crore

Direct tax collection net of refunds was down 32 per cent as of June 15 over the same period last year

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According to the latest numbers, the corporation advance tax payments showed a dip of 40 per cent as on June 17 over Rs 65,558 cr in the same period a year ago.

Shrimi Choudhary Dilasha Seth New Delhi

3 min read Last Updated : Jun 18 2020 | 4:02 AM IST

The first quarter advance tax collection from India Inc has been revised upward to Rs 39,880 crore from initial mop up of Rs 8,572 crore as payments by some heavyweight companies have come late due to Covid-19 limitations, said CBDT sources. In some cases, banks are still updating the final figures.

According to the latest numbers, the corporation advance tax payments showed a dip of 40 per cent as on June 17 over Rs 65,558 cr in the same period a year ago.

Personal income advance tax payments declined almost 48 per cent at Rs 6,775 crore from Rs 13,025

Topics : Corporate sector advance tax payment Tax collection