Exclusive | Direct tax collections so far in June quarter up over 53% from last year

The direct tax collections for the first quarter as of June 14 have soared 53.2 percent to Rs 2.58 lakh crore versus the same period last year, showing a strong uptick in economic growth.

The initial trends of advance tax show healthy collections, and the government expects a growth of 50-60 percent year on year. The last date to pay the first instalment of advance tax for the financial year 2023 ends on Wednesday, June 15.

Advance tax means income tax that should be paid in advance instead of a lump-sum payment at the year-end. It is also known as pay as you earn tax. These payments have to be made in instalments as per the due dates provided by the income tax department.