Good IT collection expected
GROWTH IN economy coupled with increasing income levels and rise in the number of Income Tax payers are all set to yield good tax recovery in Bhopal circle of Income Tax.india Updated: Mar 31, 2006 00:50 IST
GROWTH IN economy coupled with increasing income levels and rise in the number of Income Tax payers are all set to yield good tax recovery in Bhopal circle of Income Tax.
Against the tax collection of Rs 1,610 crore till March last year, the Income Tax department has already recovered tax worth Rs 1,800 crore as on March 24 thereby maintaining an impressive growth of about 12 per cent. Talking to the Hindustan Times, Income Tax Chief Commissioner A K Luthra said the department has already recovered Rs 190 crore more than previous year collections.
He expressed hope that the department would achieve the target fixed for the current fiscal. “We are still in the process of recovering tax and updating our figures with the each passing day. Looking at the present rate of collection, we are confident of crossing the Rs 1,975 crore target fixed for the current fiscal,” said the Chief Commissioner.
Luthra said Madhya Pradesh and Chhattisgarh circle of Income Tax is maintaining a growth of about 12 per cent in tax collection. Not only the department is maintaining healthy growth in tax collection but also registering growth in advance tax collection and TDS collection, said Luthra. He congratulated his officers for not only increasing regular tax collections but also for improving tax arrears.