During the year-ago period to September 15, 2019, total advance tax collection had stood at Rs 2,12,889 crore, down from Rs 3,70,652 crore a year ago.
The Central Board of Direct Taxes (CBDT) further asked taxpayers to provide immediate response to emails of the department for quick processing of their refunds.
Companies opting for these new tax rates will have to forego all exemptions and incentives.
The double whammy meant that the corporate tax-to-GDP ratio will touch 2.98 per cent in FY20 — a 13-year-low.
The salaried class has been hoping for tax relief ever since the government announced a steep cut in corporate tax in Sept 2019.