Millennium Post

Direct tax mop-up rises 13% in April-July to Rs1.57 trillion

Gross direct tax collections rose 13.27 per cent to Rs 1.57 trillion in the April-July period. The collections had totalled Rs 1.38 trillion in the corresponding period of the previous fiscal year. Gross collection of corporate taxes increased 9.75 per cent to Rs 921.15 billion in April-July from Rs 839.32 billion a year earlier, the Finance Ministry said in a statement Wednesday.

Gross collection of personal income tax was up 19.32 per cent to Rs 635.83 billion in the first four months of the fiscal compared with Rs 532.89 billion in the period a year ago. Net direct tax collections rose 10.37 per cent to Rs 1.16 trillion during April-July as against Rs 1.05 trillion year-on-year, according to the statement. Securities Transaction Tax or STT mop-up stands at Rs 12.67 billion. Wealth tax collection posted a growth of 38.62 per cent to Rs 2.01 billion from Rs 1.45 billion.

The government has fixed a direct tax collection target of over Rs 6.68 trillion for the current fiscal, a growth of 19 per cent from Rs 5.65 trillion in the previous fiscal.

Earlier, the government announced that e-filing of income tax returns crossed the 1 crore mark, with the maximum of such filings done by the salaried class of taxpayers. In the latest data released by the Central Processing Centre (CPC) of the I-T Department based in Bengaluru, a total of 1,03,21,775 e-returns were filed by taxpayers till 31 July, which is quite less than the over 2 crore e-filing numbers filed during the financial year 2012-13.

The Central Board of Direct Taxes (CBDT), the administrative authority of the Income Tax department, has recently enhanced the last date for filing of I-T returns, both manual and e-filed, to 5 August for the 2013-14 fiscal.

A total of 57,81,252 people under the salaried class filed their e-returns till July 31 through the Internet which is also less than the over 64 lakh figure filed by salaried taxpayers during the same period last year.

'The Income Tax department and the CBDT are aiming to encourage more and more taxpayers to file online returns. These figures are expected to rise drastically by August 5,' a senior I-T officer said.

A special team of the department is continuously monitoring the web portals and information technology parameters of the official e-filing website of the I-T department. Electronic filing has been made mandatory for assessees having net taxable above Rs 5 lakh from this year.
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