Lagnam Spintex deposits MAT of Rs 7.05 cr

India's collection from tax on personal and corporate income jumped over 48 per cent in the current fiscal after a 41 per cent surge in advance tax payments, mirroring sustained economic recovery in a year that witnessed two waves of coronavirus infections.

"The company has deposited Rs. 2.40 crore as MAT in the current quarter of Q4 2022 as against Rs 4.65 crores during the previous three quarters of FY22," as per a company statement.

Lagnam Spintex Limited has said that it has deposited a MAT (Minimum Alternate Tax) of Rs. 7.05 crores for the ongoing financial year 2021-22, compared to the previous year of Rs 1.02 crores, a rise of 691%.

"The company has deposited Rs. 2.40 crore as MAT in the current quarter of Q4 2022 as against Rs 4.65 crores during the previous three quarters of FY22," as per a company statement.

Commenting on the development, Anand Mangal, Promoter and Managing Director of Lagnam Spintex Ltd, said, "It is really a proud moment for us as the company which is known for its quality and customer satisfaction, is actively contributing in the development and economic growth of the nation."

TRENDING NOW

Meanwhile, India's collection from tax on personal and corporate income jumped over 48 per cent in the current fiscal after a 41 per cent surge in advance tax payments, mirroring sustained economic recovery in a year that witnessed two waves of coronavirus infections.

Net collections of direct taxes until March 16, 2022, in the fiscal year that started on April 1, 2021, stood at Rs 13.63 lakh crore compared to Rs 9.18 lakh crore in the same period a year back, an official statement said.

The net collections in direct taxes, which is made up of income tax on individual income, corporation tax on profits of companies, property tax, inheritance tax and gift tax, in the current fiscal is 35 per cent higher than the collection of Rs 9.56 lakh crore in the pre-pandemic year of 2019-20 (April 2019 to March 2020).

Advance tax collections, the fourth installment of which was due on March 15, rose to Rs 6.62 lakh crore, up 40.75 per cent, the statement said, adding refunds aggregating to Rs 1.87 lakh crore have been issued in the current fiscal.

Almost 53 per cent of all direct tax collection was from corporate tax, while 47 per cent came from personal income tax, including securities transaction tax (STT) on shares.

The direct tax collections exceeded the budgeted Rs 11.08 lakh crore before the start of the fiscal and Rs 12.50 lakh crore revised estimates in Finance Minister Nirmala Sitharaman's Budget for 2022-23 presented on February 1.

The spread of the pandemic and the ensuing restrictions had impacted business activities in 2020-21. Towards the end of that fiscal, the economy had started to recover from the impact but was hit again by a second wave in April-May 2021 and a more recent third wave.

The rapid containment of Omicron, vaccination and declines in new infections helped the recovery.

TAGS:

Income tax