Advanced corporate and personal income tax collections have registered positive growth in the second quarter against negative growth in the first, showing signs of a clear economic upturn.
Corporate tax and personal income tax grew by 14.7 per cent and 1.7 per cent respectively in the second quarter ending September 15, 2009, against the negative growth of 3.7 per cent and a drastic fall of 44 per cent in the first quarter.
However, 12 of the 50 largest corporate tax payers paid less advanced tax in the second quarter year-on-year, Finance Ministry sources said.
Advanced corporate tax for the second quarter stood at Rs 44,010 crore against Rs 38,367 crore in the year-ago quarter.
In the first quarter ending June 15, 2009, it was Rs 20,728 crore compared to Rs 21,515 crore in the last year quarter.
Source:ptinews
Tuesday, September 22, 2009
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