« Top Headlines » Open DEMAT Account in 24 hrs  ITR Filing: 6 Ways to Get Exemption on Income Tax  Income Tax Return Filing: 10 Mistakes To Avoid When Filing ITR For AY 2024-25  Old vs New Tax Regime: Who should move to the New Tax Regime from the old one?  Income Tax Calculator FY 2023-24: How To Know Your Tax Liability Online On IT Dept's Portal?  BackBack Income Tax Act amendment on cards on tax treatment of MSME dues  ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing. Check details here  Income tax slabs FY 2024-25: Experts share these 8 benefits for taxpayers in new income tax regime  How To File ITR Online - Step by Step Guide to Efile Income Tax Return, FY 2023-24 (AY 2024-25)  Old or new tax regime for TDS on salary? This post-election 2024 event will impact your tax planning  What Are 5 Heads Of Income Tax?  Income Tax Dept releases interim action plan for FY25 on tax collection, refund approvals «  India Inc lobbies for corp tax cut, finmin resists... Pvt PF & superannuation funds' equity returns set to be... » Mumbai tax collection up 20% at Rs 67,426 cr December, 13th 2008 The tax collection from Mumbai grew 20% to Rs 67,426 crore in the current financial year till December 11 over the corresponding period last year. Mumbai accounts for 35-40% of the country's total tax collection. Addressing a press conference on Friday, I-T chief commissioner in Mumbai PC Chhotray said if the collection from securities transaction tax (STT) was factored into the calculation, growth in tax collection would be 16.9%. STT collection has gone down by 15% to Rs 4,333 crore from Rs 5,099 crore in a year ago period. This is understandable, in view of the sluggish trend in the stock market, Mr Chhotray said. He said the tax collection from banks, both domestic and foreign, has gone up substantially. Infrastructure and engineering industries are the other sectors that recorded impressive growth in tax outgo. "The third installment of advance tax payments in December is critical as this clearly would indicate the profits and tax outgo of the corporate as well as the tax collection of the department," he added. Mr Chhotray said a growing concern for the I-T department is non-payment of proper advance tax. Instead of paying advance tax in four installments, many taxpayers opt to pay less tax during the year and adjust the balance tax dues as self assessment tax at the end of the year, he added.