Income Tax Dept warns public against cash dealings of Rs 2 lakh or more saying that the receiver of the amount will have to cough up an equal amount as penalty. CBDT further extends the time for Linking PAN with Aadhaar from 31st December 2017 to 31st March 2018.

Direct Tax Collections for F.Y. 2017-2018 show Growth of 18.2% up to December, 2017

Government of India
Ministry of Finance 
Department of Revenue 
Central Board of Direct Taxes 

New Delhi, 09th January, 2018

PRESS RELEASE 

Direct Tax Collections for F.Y. 2017-2018 show Growth of 18.2% up to December, 2017 The provisional figures of Direct Tax collections up to December, 2017 show that net collections are at Rs. 6.56 lakh crore which is 18.2% higher than the net collections for the corresponding period of last year. The net Direct Tax collections represent 67% of the total Budget Estimates of Direct Taxes for F.Y. 2017-18 (Rs. 9.8 lakh crore). Gross collections (before adjusting for refunds) have increased by 12.6% to Rs. 7.68 lakh crore during April to December, 2017. Refunds amounting to Rs.1.12 lakh crore have been issued during April to December, 2017. 

An amount of Rs. 3.18 lakh crore has been received as Advance Tax up to December, 2017 reflecting a growth of 12.7% over the Advance Tax payments of the corresponding period of last year. The growth in Corporate Income Tax (CIT) Advance Tax is 10.9% and that in Personal Income Tax (PIT) Advance Tax is 21.6%. 

(Surabhi Ahluwalia) 
Commissioner of Income Tax 
(Media & Technical Policy) 
Official Spokesperson, CBDT.

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