The figures of the advance Income Tax, which was to be paid by December 15, have come as a pleasant surprise and are a definite indication of the fact that the worst is now behind us and that the Indian economy is well on its way to becoming stronger and more potent.
As compared to last year, the advance tax figures have increased by about 8.1% and now stand at about 2.27 Lakh Crore – a record in itself. The All India Direct Tax Collection is a drive for both corporates and individuals to file in their taxes before deadlines to avoid the last minute rush and the over work at the end of the financial year. These collections, which have been done for the period between April and December, are significantly higher than the collections made at the same time in the previous years.
There are a total of four installments in which the advance taxes are paid. The first installment is paid on the 15th of June, the second on 15th of September, third of 15th of December and the fourth on 15th of March. By the end of the fiscal year, officials are positive that the remaining one installment can bring a definite boost to the already strengthening economy.
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