Advance tax mop-up dips 25.5% in Q2, led by plunge in corporate tax: Report

Progress tax collections fell twenty five.5 for every cent to Rs one,59,057 crore in the

Progress tax collections fell twenty five.5 for every cent to Rs one,59,057 crore in the next quarter of the fiscal, an profits tax formal mentioned on Thursday.

However, there was improvement about the initially quarter ended June, when progress tax profits had plunged seventy six for every cent to a tepid Rs 11,714 crore as the complete financial state was underneath a stringent lockdown.

All through the calendar year-ago period to September fifteen, 2019, whole progress tax assortment had stood at Rs two,12,889 crore, down from Rs 3,70,652 crore a calendar year ago.

“Total progress tax assortment in the next quarter fell by twenty five.5 for every cent to Rs one,59,057 crore from Rs two,12,889 crore y-o-y. While corporates paid out only Rs one,29,619.6 crore in progress tax, down by 27.3 for every cent in the reporting quarter, personalized profits tax assortment stood at Rs 29,437.5 crore, down fifteen for every cent from Rs 34,632.nine crore.

“However, TDS (tax deducted at resource) fared far better at Rs one,38,605.two crore, down by 5.6 for every cent from Rs one,forty six,792.4 crore,” a senior profits tax formal from the Mumbai zone instructed PTI.

As against this, progress company tax mop-up had plummeted by 79 for every cent to Rs 8,286 crore in the June quarter, from Rs 39,405 crore in the June 2019 quarter.

Progress personalized profits tax assortment in Q1 had declined 64 for every cent to Rs 3,428 crore from Rs nine,512 crore in the calendar year-ago period, the formal mentioned.