Circular No. 402/92/2006-MC( 1 of 2012)

Gross Direct/corporate Taxes Collection During April-december, 2011

What this is

Circular No. 402/92/2006-MC( 1 of 2012) was issued by the Central Board of Direct Taxes on 4 January 2012. Its subject is Gross Direct/corporate Taxes Collection During April-december, 2011.

What it does

Reports direct tax collections for April to December 2011. Gross collection was Rs.3,96,529 crore against Rs.3,46,182 crore in the same period of the previous year, up 14.54 per cent, with corporate taxes at Rs.2,69,850 crore against Rs.2,39,883 crore, up 12.49 per cent, and personal income tax at Rs.1,25,998 crore against Rs.1,05,831 crore, up 19.06 per cent. Net collection was Rs.3,23,955 crore against Rs.2,98,957 crore, a growth of 8.36 per cent. Wealth tax rose 54.18 per cent to Rs.646 crore from Rs.419 crore, while securities transaction tax fell 26.48 per cent to Rs.3,763 crore from Rs.5,118 crore.

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 trends for the first three quarters of 2011-12
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.

GROSS DIRECT/CORPORATE TAXES COLLECTION DURING APRIL-DECEMBER, 2011

Press Release No. 402/92/2006-MC( 1 of 2012), dated 4-1-2012

Gross direct tax collection during April-December of the current fiscal was up by 14.54 percent at Rs.3,96,529 crore as against Rs. 3,46,182 crore in the same period last fiscal. While gross collection of corporate taxes was up 12.49 percent (Rs.2,69,850 crore against Rs.2,39,883 crore last year), gross collection of personal income tax was up by 19.06 percent (Rs.1,25,998 crore against Rs.1,05,831 crore last year). Net direct tax collections stood at Rs.3,23,955 crore, up from Rs.2,98,957 crore in the same period last fiscal, registering a growth of 8.36 percent.

Growth in wealth tax was 54.18 % (Rs.646 crore against Rs.419 crore) while for securities transaction tax (STT) it was -26.48 percent (Rs.3763 crore against Rs 5118 crore).

What to watch

It is a statistical release and lays down nothing; it cannot be cited for any proposition of law.
Gross collection grew far faster than net collection, so the gap is being taken up by refunds, which the release does not quantify.
The sharp fall in securities transaction tax reflects market turnover of the period and says nothing about any change in the levy.

Where you meet it

Only where the revenue position of 2011-12 is being described as background.

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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.