I-T department starts rigorous collection of tax to achieve Rs 4,000 crore target
March, 26th 2014
The Income Tax department has started a rigorous collection drive to recover Rs 600 crore worth of tax revenue to achieve the target of Rs 4,000 crore, with just few days left for the financial year to end on March 31.
Official sources said the total tax collection in the current year has touched Rs 3,400 crore, against the target of Rs 4,000 crore. However, all the I-T ranges in the city have started a rigorous tax collection drive to meet the target.
The department has issued notices to the corporate, industrial groups and other big tax paying companies to deposit their pending tax amount with the department.
According to the TDS department, a total of Rs 1,750 crore worth of TDS has been recovered till March 24 against the target of Rs 2,075 crore.
Two days ago, the I-T department recovered Rs 15 crore worth of unaccounted income from the city's real estate developer groups.
"Still we have few days left and we are confident of achieving the target. Most of the corporate houses, companies and industrialists have been asked to deposit advance tax" said a senior I-T officer.