New Delhi, July 8 (IANS) India’s net direct tax collections jumped by 24.79 per cent to Rs 1.24 lakh crore during the April-June quarter this year, an official statement said on Friday.
“The direct tax collections upto June 2016 indicate net revenue collection of Rs 1.24 lakh crore which is a growth of 24.79 per cent over the corresponding period last year,” said a finance ministry statement.
The collection upto June 2016 indicates that 14.63 per cent of the annual budget target of direct taxes has been achieved in the first three months of 2016-17, it said.
“The main reason for this increase is the change in the requirements for advance tax payment even in respect of individuals which has been made in the last year’s Budget,” the statement said.
Earlier there were only three instalments of advance tax to be paid by individuals in the months of September, December and March. From the current year, individuals are also supposed to pay four instalments of advance tax at the rate of 15 per cent, 30 per cent, 30 per cent and 25 per cent in the months of June, September, December and March of every financial year.