Net direct tax collections grow 21.48% y-o-y, touches Rs 12.01 lakh crore till September

Direct tax collection: The Central Board of Direct Taxes on Wednesday released the data on Direct Tax (DT) collections till September 17, 2024, for FY 2024-25. The net direct tax collections have increased by 21.48% y-o-y to Rs 12.01 lakh crore.

This includes corporate taxes of Rs 5.59 lakh crore and personal income tax of Rs 6.14 lakh crore. The securities transaction tax (STT) collection was Rs 26,154 crore. In FY23, the net collections stood at Rs 9.88 lakh crore, recorded till September 17, 2023.

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In July, the Central Board of Direct Taxes released the data on Direct Tax (DT) collections and revealed that the net direct tax collections were at Rs 5.74 lakh crore. In FY23, the net collections stood at Rs 4.80 lakh crore. 

In terms of advance tax collections, Rs 3.31 lakh crore was collected as corporate taxes, Rs 1.04 lakh crore as personal taxes. Percentage wise, corporate taxes grew 18.17% till September 2024, personal taxes grew 39.22%. 

"Personal income tax continues to show strong growth and is pulling ahead of corporate income tax - a continuing trend over the last 2 years. Advance tax also shows strong growth over the previous year indicating the inherent strength and growth of the economy," said Rohinton Sidhwa, Partner, Deloitte India.

The deadline for submitting the second installment of advance tax was September 15, 2024. Failure to meet this deadline will result in the imposition of interest on delayed payments. Advance tax requires individuals to pay taxes on their estimated income in portions throughout the financial year, rather than in a single lump sum at the end of the year. These payments are divided into four installments with specific due dates: 15% by June 15, 45% by September 15, 75% by December 15, and 100% by March 15.

Failure to meet the advance tax deadline may result in interest charges on the unpaid amount, determined by your individual circumstances. Interest can be levied according to sections 234A, 234B, and 234C.