CBDT: Corporate Houses Filed Over 20% More Tax in This Fiscal

With respect to the last year, the corporate houses have furnished over 20% more tax this financial year with respect to the last year as per the information available through the Central Board of Direct Taxes (CBDT) as of March 25.

In the top 10 list, HDFC bank leads with paying Rs 12050 cr in taxes that is an 18.5% rise over Rs 10,170 cr it filed in the same duration last year. SBI is one 2nd with Rs 11,294 cr which is a 24% rise with respect to Rs 9086 cr it filed last year. LIC followed it by paying Rs 9869 cr with a rise of 0.5% with respect to Rs 9821 cr which was filed last year.

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Most of the sectors have done a revision in their performance with respect to the year-ago, various banks filed more taxes. The number shows a rise in margins for technology, engineering, and pharma firms commented by a senior analyst privy to the details. Collection from the top 10 corporate houses stands at Rs 1,872 crore, against Rs 50,203 crore last year, an increase of 23 percent. The total tax received as on the date rose at Rs 3.59 trillion, while tax deducted at source from corporates was Rs 1.87 trillion, a 2.2 percent rise. The total refunds have raised by 13.5% as the government has furnished Rs 2.02 trillion with respect to Rs 1.78 trillion last year.

ICICI bank has furnished 20% more taxes at Rs 4265 cr with respect to Rs 3550 cr last year. Kotak Mahindra bank has a rise of 10% more. In the oil marketing companies (OMCs) the surge in the fuel prices had impacted a positive result upon the revenues thanks to which the corporate tax furnished through the Indian Oil Corporation, Bharat Petroleum (BPCL), Hindustan Petroleum (HPCL) has grown tremendously by 230 percent, 160 percent, and 180 percent, correspondingly, till March 25.

But this was not the case for the oil generation firms such as ONGC, that furnished 62% lower tax, and gas firms like GAIL which see 25% dump in their outgoing taxes. The taxes furnished by the IT division is majorly held with the Infosys and Tata Consultancy Services has been increased. Infosys furnished with Rs 4550 cr with 24% surge whereas TCS outgo was just Rs 5963 cr.

The bigger pharma firms indeed surge in tax payments in between the vaccination drive. For example, Divi’s Labs paid 44% more tax at Rs 645 crore, compared with Rs 447 crore last year, followed by Cipla which paid Rs 923 crore, a 45% rise. Aurobindo and Lupin, too, paid 51% and 32% more, correspondingly. Furthermore, the net direct tax collection stands at Rs 9.18 trillion for March 24 more than the amended budget whose a target of Rs 9.05 trillion. It is the first time in four years that collections have more than the amended budget benchmark, stipulated through the robust advance tax The complete guide to advance tax along with payment calculation, due dates and guidelines. We describe the advance tax payment calculation formula for easy learning. Read more on the account of FY-21.

Rs 13.19 trillion for FY21 was the approximate budget of the tax council which has been set previously and later has been amended to Rs 9.05 trillion in the wake of the pandemic.

The revenue council has been assigned this to fasten the financial activity and the advance tax on account for the 4th quarter. Council is seeking that they might even touch the previous target in the present year. The fall in the net direct tax collection has been narrowed to 4% year-on-year, with respect to a 9% drop observed in January.