Corporate tax collection jumps by 34% between April and July this year

The income tax department has said that the corporate tax collections till July 31 this financial year witnessed a growth of 34 per cent as compared to the collections in the corresponding period in the financial year 2021-22.

The IT department tweeted that the corporate tax collections in the financial year 2021-22 stood at ₹7.23 lakh crore, registering a growth of over 58 per cent as compared to the collections in fiscal 2020-21.

The tax department said that the collections in 2021 were higher than the collections in financial year 2018-19 (pre-Covid) by over nine per cent.

“The positive trend of growth continues, but for the overall impact of the COVID-19 pandemic during FY 2020-21, when the corporate tax collections took a temporary hit. This indicates that the simplified tax regime with low rates and no exemptions has lived up to its promise,” the income tax department tweeted.

In another development, a record 72.42 lakh income tax returns were filed on the last day on July 31, PTI reported. This took the cumulative returns to 5.83 crore, close to the same numbers last year.

“The surge of filing ITRs peaked on July 31, 2022 (due date for salaried taxpayers and other non-tax audit cases) with over 72.42 lakh ITRs being filed on a single day,” an official statement said.

The total ITRs filed till July 31, 2022 for assessment year 22-23 is about 5.83 crore, it said.

Last fiscal (2020-21), about 5.89 crore ITRs (Income Tax Returns) were filed by the extended due date of December 31, 2021.

(With PTI inputs)