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Direct tax mop-up in Mumbai surges 158%
August, 25th 2006
Direct tax collection from the Mumbai zone stood at Rs 11,400 crore for the period between April 1 to July 15 compared with Rs 4,800 crore for the same period last year. Speaking to the press, K Venkataramani, chief commissioner of income tax, Mumbai, said the almost 158 per cent growth reflects the robust performance of industry sectors such as banking, automobile, pharmaceuticals and insurance. The target collection from the Mumbai zone is Rs 69,000 crore for the full financial year and the department has drawn a detailed action plan to achieve the target. As part of its plans, the department will start onsite surveillance of TDS (tax deducted at source) collection. The major source of revenue this financiaL year will be advance taxes, since various new sectors have been added under the category, Venkataramani added. Some of these include capital gains and minimum alternate tax. The department will start verifying registration of political parties in order to make sure TDS is deducted from them. Venkataramani added that the government is considering several new areas which could be brought under the purview of data collected under the annual information return figures. In order to sort out the issue of duplication of permanent account numbers (PAN), the department has started deduplication of existing PAN accounts. It may be mentioned that in its meeting held with the chief commissioners last month, the board had decided to put additional thrust on annual information returns (AIRs) filed with the registrar of properties, mutual funds, banks and post offices to track high value transactions. According to sources, it has been found that a total of 84,000 individuals have entered into high value transactions in 2004-05 in Mumbai, of which only 35,000 have replied to queries sent by the income tax department. Tax departments have been directed to pursue the other cases, which the board feels may be out of the ambit of permanent account number. Even as the department has written letters to these individuals, it is yet to receive any response.
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