India's Direct Tax Collection Up 20 Percent In First 10 Months .

India's net direct tax collection for the first 10 months of this fiscal year rose over 20 percent to Rs 3.17 lakh crore from 2.64 lakh crore in the year-ago period, aided by a rise in corporate tax collection due to strong economic growth, the Ministry of Finance said in a statement. The tax mop-up remained buoyant despite higher tax refunds, which stood at Rs.53,688 crore against Rs.38,721 crore last year.

Growth in corporate income tax was 25 percent at Rs 2.17 lakh crore against Rs 1.74 crore in the year-ago period, while personal tax, including securities transaction tax and residual fringe benefit tax and banking cash transaction tax, grew 12 percent to Rs 1 lakh crore from 0.90 lakh crore last year.

All taxpayers who have filed e-returns and whose refund claim is below Rs.10 lakh would be issued their income tax refunds by March 2011, the statement adds.

Source : rttnews.com