Corporate tax collection jumped 34% between April and July this year

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The tax authorities said recoveries in 2021 were higher than in the 2018-19 financial year (pre-Covid) by more than 9%.

The Income Tax Department said corporate tax collections through July 31 this fiscal year saw a growth of 34% compared to collections in the corresponding period of fiscal 2021- 22.

The IT department tweeted that corporate tax revenue in the 2021-22 financial year was 7.23 lakh crore, registering a growth of more than 58% from collections in the fiscal year 2020-21.

The tax authorities said recoveries in 2021 were higher than in the 2018-19 financial year (pre-Covid) by more than 9%.

“The positive growth trend continues, with the exception of the overall impact of the COVID-19 pandemic in fiscal year 2020-21, when corporate tax collections were temporarily hit. This indicates that the simplified tax system with low rates and no exemptions has delivered on its promises,” the income tax department tweeted.

In another development, a record 72.42 lakh tax returns were filed on the last day of July 31, PTI reported. This took the cumulative returns to 5.83 crore, close to the same figures last year.

“The surge of RTI filings peaked on July 31, 2022 (due date for salaried taxpayers and other non-tax audit cases) with over 72.42 lakh of RTI filed in a single day,” an official statement read. .

The total ITRs filed through July 31, 2022 for the 22-23 valuation year is around 5.83 crores, he said.

In the last financial year (2020-21), around 5.89 crore of RTI (tax returns) were filed before the extended due date of December 31, 2021.

(With PTI inputs)


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