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Advance tax collections grow 90% in Q3 of FY22

Advance tax collections grow 90% in Q3 of FY22

Advance tax collections in the third quarter of the fiscal year almost doubled from the year-earlier period, underscoring hopes of a sustained economic recovery amid the threat from the Omicron Covid-19 variant.

The advance tax mopup in the December quarter was ?94,107 crore, up 90% from ?49,536 crore in the same period last year, according to people with knowledge of the preliminary data. Corporate advance tax accounted for ?54,445 crore, up 75% from ?31,107 crore. Personal income tax rose 115% to ?39,662 crore.

"The said amount is expected to increase further as information is awaited from banks," a government source told ET. Cumulative advance tax collections in the April-December period of the fiscal year stood at ?3.45 lakh crore on December 16, up 65.5% from ?2.08 lakh crore in the year earlier. Corporation tax accounted for ?2.50 lakh crore, up 55% from ?1.60 lakh crore. Personal income tax rose 98% to ?97,719 crore from ?47,865 crore.

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