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Mumbai tax collections up 150 pc in April-July
August, 24th 2006
`Corporate results, market conditions help generate I-T worth Rs 11,400 cr' -------------------------------------------------------------------------------- Assessees data As per I-T records, 9,47,646 assessees have filed returns out of a total of 26,22,487 (all non-corporate assessees) I-T payers in Mumbai. The city has added 30,458 assessees this fiscal. The department is said to have settled 56,765 refund claims disbursing a sum of Rs 7,560 crore (April 1 to July 31, 2006 figures). -------------------------------------------------------------------------------- Tax collections in Mumbai have gone up by 150 per cent (between April and July 15, 2006), over the corresponding period of last year, Mumbai's newly-appointed Chief Commissioner of Income-Tax, Mr K. Venkatramani, said on Wednesday. With the annual target set in the current fiscal for the region being Rs 69,000 crore, the department has netted income-tax worth Rs 11,400 crore as on July 15, 2006, he added. Attributing the mammoth collection to excellent corporate results and favourable market conditions, the Chief Commissioner said corporate tax collection has gone up by nearly 400 per cent over the corresponding period of last year. "As a strategy, we are focusing on major sources of tax collection like advance tax, arrears and TDS (tax deducted at source) remissions. The department will zero-in on major taxpayers and high-spenders and a tab would be kept on incorrect claims and exemptions. Added TDS provisions (under Finance Act 2006) will increase collections considerably,'' he said, adding that, stringent measures would be taken to curb tax evasion and under-filing of returns. The I-T Department (Mumbai) conducted 404 surveys last year, netting an additional income of Rs 455 crore. As a result of the TDS surveys, the department collected an additional sum of Rs 18,000 crore. Manpower shortage Commenting on shortage of manpower in the department, the Chief Commissioner said, "There is strain on the department due to shortage of manpower. We are holding talks with the board and the Government to settle this issue. But we are managing the show by filling-up vacancies on important slots.'' As per I-T records, 9,47,646 assessees have filed returns out of a total of 26,22,487 (all non-corporate assessees) I-T payers in Mumbai. The city has added 30,458 assessees this fiscal. The department is said to have settled 56,765 refund claims disbursing a sum of Rs 7,560 crore (April 1 to July 31, 2006 figures). "The refund is made more to non-corporate assessees than corporate accounts. The department is trying to disburse refunds in four month's time, calculated from the date of filing of returns. We are in the process of implementing the electronic refund clearing system, but impediments on the part of assessees, like incomplete bank details and MICR code, are hampering the progress,'' said Mr Venkataramani. Duplication of PAN cards Speaking about duplication of PAN card numbers, the Chief Commissioner said, "We have already started the de-duplication process of PAN cards. We are `cleaning the system' off dual (or multiple) PAN holdings and forged account numbers.'' The department collected about 47,000 I-T returns through post offices in Mumbai.
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