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Mumbai IT collections rise by 62%
September, 26th 2006
The net Income Tax collection in the Mumbai region has gone up remarkably by 62 per cent to Rs 23,315 crore as on September 20, compared to Rs 14,369 crore during the same period last fiscal, according to a senior Income Tax official. The tax collection has gone up on the back of economy doing well and also as a result of inspection and surveys by the department, Income Tax, Mumbai Region, Chief Commissioner M V Subramani told reporters here on Monday. The advance tax collection for September period has also gone up by 26.3 per cent to Rs 10,810 crore as compared to Rs 8,558 crore last year. The rise in advance tax collection has been backed by good collection from sectors like banks, petroleum, automobile, cement, chemicals, insurance, manufacturing, metals and non resident banks. A sum of Rs 750 crore alone has been collected from the petroleum sector. On duplicate PAN (Permanent Account Number) cards the department has appealed to the duplicate PAN card holders to surrender the card by December 31 or they will be fined Rs 10,000 per instance for quoting wrong PAN number while filing returns, he said. There are 41.50 lakh PAN card holders in the Mumbai region, out of which 1,58,427 are number of cases that hold two or more cards
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