GOVERNMENT OF INDIA

MINISTRY OF FINANCE

LOK SABHA

UNSTARRED QUESTION NO: 1424

ANSWERED ON:27.11.2009

ADVANCE COLLECTION OF TAX

ANANT KUMAR HEGDE 

(a)the details of Advance Tax, Corporation Tax and Income Tax collected during the last two years month-wise till date;

(b)the reasons for increase in such collections September 2009, if any; and

(c)the reaction of the Government in this regard?

Will the Minister of FINANCEbe pleased to state:-

ANSWER

MINISTER OF STATE IN THE MINISTRY OF FINANCE

(SHRI. S.S. PALANIMANICKAM)

 (a)Advance Tax figures are received Quarterly and the Collection from Corporate Income Tax and Personal Income Tax for last two years is as given below.

 (Rs. In crores) Financial Year Corporate Income Tax Personal Income Tax Total 

2007-08 132504.58 30329.04 162833.62

2008-09 128348.32 20889.17 149237.49

 The Figure for the F.Y. 2008-09 are Provisional.

The provisional Advance Tax Figure up to Sept. 2009 are as given below.

(Rs. In crore) Major Head Advance Tax Collected Advance Tax Collected Growth over previous up to Sept. 2009 up to Sept. 2008 year. 

Corporate 64,904.4 60,785.7 6.8% Income Tax

Personal 6,534.1 7,214.7 (-) 9.4% Income Tax

b) & (c) The field formation has been directed to closely monitor the Advance Tax payments of top companies. Letters have also been issued to companies by the field formations so that there is no deferment of Advance Tax. The decline in Advance Tax collection from Personal Income Tax is partially on account of substantial reliefs given to Personal Income Tax payers in the Finance Act, 2009 by virtue of which the basis exemption limit has been hiked by Rs. 10,000 across the board and Rs. 15,000 for Senior Citizens. Apart from that surcharge on income above Rs.10 lakhs for Personal Income Tax Payers have also been abolished.