M A I N   N E W S

Advance tax collections up 10.44%
Tribune News Service & Agencies

New Delhi, December 24
The third instalment of the advance tax collections recorded a growth of 10.44 per cent to Rs 78,226 crore, the Finance Ministry said today.

The tax collections for December registered a growth of 10.44 per cent over the corresponding period last year, which stood at Rs 70,826 crore.

The overall growth rate of advance tax collections during the current financial year 2012-13 from April to December has been 7.52 per cent over the last financial year’s figures during the corresponding period.

It includes corporation tax growth rate of 7 per cent and personal Income Tax growth rate of 12.3 per cent.

The growth in advance tax collections in December follows a stern warning by the government to tax evaders earlier this month to either disclose their correct income and pay advance tax by December 15 or be prepared to face action.

“The government will urge all assessees to disclose their true income. There is no advantage in suppressing the true income or avoiding paying income tax that is due,” Revenue Secretary Sumit Bose had said.

Regretting that there was “gross-understatement” in filing of advance tax by assessees, he said: “Sooner than later, the information available with the Income Tax department will lead the department to the doors of such persons.”

The direct tax collection during April-November worked out to Rs 3.25 lakh crore, showing an increase of 7.14 per cent as against the annual growth target of 15 per cent. The government proposes to collect Rs 5.70 lakh crore from direct taxes, which include income tax, corporate tax and wealth tax, this fiscal.