Circular No. No.402/92/2006-MC (06 of 2011)

Net direct tax collections during April, 2010 to February, 2011

What this is

Circular No. No.402/92/2006-MC (06 of 2011) was issued by the Central Board of Direct Taxes on 9 March 2011. Its subject is Net direct tax collections during April, 2010 to February, 2011.

What it does

Reports net direct tax collections for April 2010 to February 2011 at Rs.3,36,177 crore against Rs.2,78,411 crore in the same period of the previous year, a growth of 20.75 per cent. Corporate income tax grew 24.01 per cent to Rs.2,23,612 crore from Rs.1,80,318 crore, and personal income tax, including securities transaction tax and residual fringe benefit tax and banking cash transaction tax, grew 14.76 per cent to Rs.1,12,114 crore from Rs.97,692 crore. Securities transaction tax alone rose 1.72 per cent to Rs.6,078 crore from Rs.5,975 crore. The net figure was 75.38 per cent of the revised estimates target of Rs.4,46,000 crore, achieved despite refunds of Rs.59,602 crore against Rs.41,741 crore, an increase of 42.79 per cent.

Why it was issued

It is the department's routine statement of collection figures; no other reason is given.

Who it reaches

Readers tracking revenue performance against the revised estimates for 2010-11
Officers reporting collection against targets

The instrument, as the Board published it

The words below are the department’s own, reproduced from its published text. Where the department’s copy carried a publisher’s notes after the instrument, those are not reproduced.

Net direct tax collections during April, 2010 to February, 2011
No.402/92/2006-MC (06 of 2011)
Government of India / Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
New Delhi dated the 9th March 2011

PRESS RELEASE

Net direct tax collections during the period April-February 2011 stood at Rs.3,36,177 crore, up from Rs.2,78,411 crore in the same period last fiscal, registering a growth of 20.75 percent.

Growth in Corporate Income Tax was 24.01 percent (Rs.2,23,612 crore as against Rs.1,80,318 crore), while Personal Income Tax (including STT, and residual FBT / BCTT) grew at 14.76 percent (Rs.1,12,114 crore as against Rs.97,692 crore). Growth of Securities Transaction Tax was 1.72 percent (Rs.6,078 crore against Rs.5,975 crore).

The net direct tax collections have reached 75.38 percent of the revised estimates (RE) target of Rs.4,46,000 crore, despite much higher refunds at Rs.59,602 crore as against Rs.41,741 crore with an increase of 42.79 percent.

What to watch

It is a statistical release and lays down nothing; it cannot be relied on for any proposition of law.
The personal income tax figure is a composite that includes securities transaction tax and residual fringe benefit tax and banking cash transaction tax, so it is not comparable with a pure personal income tax figure.
The collections are for eleven months only and are net of the refunds the release itself sets out.

Where you meet it

Only where the revenue position of 2010-11 is being described as background.

← Circular No. 402/92/2006-MC (07 OF 2011) · Circular No. 402/92/2006-MC (04 of 2011) →

A circular binds the department, not you and not a court. The Board issues a circular to its own officers. An assessee may hold the department to a circular that helps him; the department cannot hold an assessee to one that hurts him, and the Tribunal and the courts decide the law for themselves.

Source: the Income Tax Department’s own published text — its page for this instrument.