Advance tax collection up 10.44 per cent in December

Advance Tax collections during December 2012 (up to 20 December) stood at Rs78,226 crore, against Rs70,826 crore in the corresponding period a year ago – a 10.44 per cent increase year-on-year, a finance ministry said today.

With the December advance tax collection, the third installment of the year, showing a 10.44 per cent increase, overall tax collection so far in the current financial year (April December 2012) has shown a growth of 7.52 per cent over the corresponding period last year.

''It includes a 7 per cent growth in corporate tax and 12.3 per cent in personal income tax,'' the statement added.

The government had, early this month, warned tax dodgers of strict action if they failed to disclose their correct income and pay advance tax by 15 December.

"Government would urge all assesses 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.

He said there was "gross-understatement" in filing of advance tax by assesses, adding, "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 had increased 7.14 per cent to Rs3,25,000 crore, against the growth target of 15 per cent. The government expected to collect Rs5,70,000 crore from direct taxes, which include income tax, corporate tax and wealth tax, this fiscal.