Advance tax collection rises 54% to Rs 4.60 lakh crore

According to the finance ministry, advance tax collection increased by 53.50%to Rs 4.60 lakh crore so far this fiscal year, indicating a recovery in the economy.

Direct tax collections for 2021-22, as on December 16, present that internet collections are at Rs 9.45 lakh crore in contrast to Rs 5.88 lakh crore over the year-ago interval, representing a rise of 60.8%, the ministry stated in an announcement.

The cumulative advance tax collections for the primary, second and third quarter of 2021-22 stand at Rs 4,59,917.1 crore as on December 16, 2021, towards advance tax collections of Rs 2,99,620.5 crore for the corresponding interval of 2020-21, displaying a development of about 53.5 per cent.