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Net direct tax collection up by 4.3%

April, 09th 2009
Though the manufacturing and automobile industry has witnessed job cuts and salary rollbacks on account of the market slowdown, the annual net direct tax collection of Pune region has witnessed a 4.3 per cent rise. However, personal income tax, fringe benefit tax and banking cash transaction tax have shown a decline, as compared to last year. Addressing a news conference here on Wednesday, chief commissioner of Income Tax, Pune M Narasimhappa said that the national figures of net direct tax collection have shown a growth of 8.04 per cent. As of March 31, 2009, national net direct tax collection is Rs 3,25,969 crore compared to last year's Rs 3,01,722 crore. Pune region, which has 22 districts in its jurisdiction, excluding Mumbai and Vidarbha region, has collected Rs 12,634.5 crore viz-a-viz Rs 12,114. 4 crore last year. "The corporate tax and corporate tax deducted at source (TDS) collection is up by 11.56 per cent and by 22 per cent respectively. The corporate tax has increased to Rs 5,602.5 crore from last year's Rs 5,022.1 crore, and corporate TDS has increased from last year's Rs 1,666.2 crore to Rs 2,040.8 crore," he said. There is a sharp fall in the fringe benefit tax (FBT) and banking cash transaction tax (BCTT) by 12 per cent and six per cent respectively. "Most of the companies from the manufacturing, automobile and IT sector have laid off employees and curtailed their fringe benefits, which resulted into lower tax collection. Compared to last year's Rs 286 crore FBT, the department collected Rs 252.8 crore this year," Narasimhappa said. The department conducted 35 raids this year, 7 less than last year, but collected Rs 426.51 crore in lieu of undisclosed assets as against Rs 256.18 crore last year. "In both years, the realty sector has remained at the top in admitting undisclosed amounts to the I-T department. Of the total Rs 426.51 crore, the realtors share is Rs 280.42 crore, followed by the poultry sector, admitting to an amount of Rs 25.34 crore," he said. Top tax-payers In the corporate sector, the Bank of Maharashtra (BoM) is on top by paying the highest advance tax of Rs 218 crore this year, as against Rs 197 crore last year. This year, Cummins India Limited is second and has paid Rs 143 crore, followed by Thermax Ltd with Rs 127 crore. In the non-corporate segment, Jawaharlal Nehru Port Trust (JNPT) is at the top (Rs 199 crore), followed by Cosmos Co-operative bank (Rs 36.5 crore), Narasimhappa said.