Personal income tax collection up 50 pc

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New Delhi, Jan 18 (UNI) Personal income tax collection in the country went up by 50 per cent in the current financial year up to January 15, pushing up the overall direct tax collection to a robust 42 per cent, according to the Finance Ministry.

At Rs 83,897 crore, personal IT grew by 50.15 per cent between April 2007-January 15, 2008 from Rs 55,874 crore during the same period in the last fiscal.

The collection include fringe benefit tax(FBT), securities transaction tax(STT) and banking cash transaction tax(BCTT).

Overall direct collection at Rs 2,17,149 crore recorded a growth of 41.93 per cent over Rs 1,52,993 crore, the Ministry said, adding that it has achieved over 81 per cent of budgeted target of Rs 2,67,490 crore.

Corporate tax registered a growth of 37.22 per cent at Rs 1,32,948 crore, up from Rs 96,883 crore.

STT grew by 78.19 per cent to Rs 6,793 crore from Rs 3,812 crore, and FBT by 64.79 per cent to Rs 5,121 crore from Rs 3,108 crore, while BCTT collection recorded a mere 15.26 per cent growth to Rs 423 crore as against Rs 367 crore.

Tax deduction/collection at source (TDS) increased by over 51 per cent, while self-assessment tax (unpaid taxes paid voluntarily before submission of tax return) went up by over 59 per cent, indicating improvement in tax administration and tax compliance levels, the statement added.

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