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Corporate tax collection grows a whopping 50%
December, 06th 2006

Direct tax collection up 40% until Nov
 
The tax authorities are on a roll, with the direct tax collection witnessing a 40% increase to Rs 1,00,135 crore until November 30, 2006. The corporate tax has been the biggest gainer, shooting to Rs 59,015 crore, a 49.6% jump from the last year. It also means a 43% increase from October 2006, when corporate tax collection figures stood at Rs 55,549 crore on October 28.

Income tax sources said this phenomenal jump in corporate tax collection has been mainly due to the fact that November 30 was the last date for filing of corporate returns all over the country, except in Gujarat. October witnessed a poor response from corporate tax payers, as many had hoped that online filing of returns would be made optional once again.

For assessment year 2006-07, companies are necessarily required to furnish returns electronically to the income-tax department.

However, as the finance ministry refused to do so, the bulk of corporate returns was filed in November, an official said. About 2,82,000 returns were filed by corporate tax payers until November.

In fact, corporate tax collection for November 2006 saw a 200% jump over the same period last fiscal. Rs 4,950 crore were collected as corporate tax in November this year, compared with Rs 1,660 crore in the same month last year.

Meanwhile, personal income tax collection grew to Rs 40,920 crore, a 28.7% jump over last year's Rs 31, 798 crore. Banking cash transactions tax (BCTT) collection grew by 102.6% until November to Rs 314 crore, while securities transaction tax collection was up 81% to Rs 314 crore. The fringe benefit tax fetched another Rs 2,624 crore, a 50.8% jump over the last year.

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