1.09 lakh crore in the third quarter: CBDT
New Delhi: Companies’ advance tax payments rose 49 per cent to Rs 1,09,506 crore in the third quarter of the current fiscal. CBDT sources gave this information on Thursday. This is another sign that the economy in the country is moving towards recovery. The government cut the corporate tax rate to a record 25 per cent in the third quarter of the last 2019-20 financial year. This has reduced the tax payment of companies. Pre-company tax collection stood at Rs 73,126 crore in the same quarter last fiscal. During the same quarter, gross tax collection stood at Rs 7,33,715 crore and net collection at Rs 5,87,605 crore. The IT department refunded Rs 1,46,109 crore to taxpayers in the third quarter.
This is 8.1 per cent less than the Rs 1,58,988 crore repaid in the same quarter of the previous fiscal 2019-20. The total corporate tax collection so far this year is Rs 2,39,125 crore. However, it was 4.9 per cent lower than Rs 2,51,382 crore during the same period last year. The tax cut was due to the ‘lockdown’ effect in the first and second quarters of the current financial year. Early personal income tax fell 5.6 per cent to Rs 31,054 crore. It was Rs 32,910 crore in the third quarter a year ago. Overall, personal income tax collection stood at Rs 60,491 crore in the current financial year. This is 10.4 per cent less than Rs 67,542 crore during the same period last fiscal.
Retail NPA to grow: Axis Bank
Axis Bank has said that retail NPAs (NPAs) will increase in the third and fourth quarters of the current financial year (202021). However, in the next financial year (202122), Kovid 19 is expected to reach the previous level. According to Axis Bank, the country’s third-largest private sector, whatever we initially worried about in terms of asset quality, it has now improved. Bank sources, however, said there was pressure to make adequate allocations to safeguard the reserves. The loss of jobs due to the corona epidemic and cuts in wages have had an impact on the economy. Axis Bank said that as a result, they lost the ability to repay their loans. Now the situation has improved and the bank said conditions will return to the level of Kovid 19 before next year.
Advance corporate tax payments surge 49% in Q3