India's Income Tax Department released data showing direct tax collections climbed 15.2% to ₹14.3 lakh crore in the current financial year up to September 17. The figure includes a 16.2% jump in advance tax payments, which rose to ₹5.2 lakh crore as the second installment deadline of September 15 loomed.
Corporate tax collections surged 18.1% to just under ₹4.2 lakh crore, eclipsing the 16% rise recorded in June. This uptick signals stronger corporate earnings ahead of the fiscal year‑end.
Personal income tax growth slowed to 9.2%, translating to ₹10.6 lakh crore after the second installment. In contrast, refunds spiked 29.2% to ₹2.2 lakh crore overall, with personal refunds more than doubling to ₹81,439 crore.
Suresh Kumar, a 35‑year‑old software developer from Bengaluru, said the refund eased his tax burden: "I was able to pay my rent without dipping into my savings."
Net direct‑tax collections rose 13% to ₹12.1 lakh crore, a sign of resilience amid higher refunds, said Hitesh Sawhney, partner at PwC. The figures will guide the Finance Ministry’s upcoming budget review.