Direct tax revenues surge 40 per cent

Personal income tax collections grew by 37.47 per cent to Rs 38,819 crore against Rs 38,819 crore in the same period last fiscal. The bullish capital markets helped the Government collect 45.52 per cent more from the securities transaction tax. Collections from the banking cash transaction tax were up 21.36 per cent and fringe benefit tax over 87.41 per cent.

In terms of payment types, advance tax increased by 32 per cent and tax deducted at source by 48 per cent, indicating all-round buoyancy in taxes. The self-assessment tax grew by 81 per cent, indicating better tax compliance levels.