« Top Headlines » Open DEMAT Account in 24 hrs  Delhi HC Rules GST Registration Cannot Be Cancelled Retrospectively Without a Clear Show Cause Notice (SCN)  Belated income tax return AY 2026-27: How to file, late filing charges and what you may lose  Major Financial Changes from August 1, 2026: ITR Deadline, RBI MPC Meeting, Tatkal Ticket Rules & More  Government proposes to ease tax relief conditions for offshore funds  TallyPrime Connected Banking: Automating Banking and Accounting  ITR Filing Deadline 2026: Is July 31 the Last Date to File Your Income Tax Return? Latest Official Update  ITR filing deadline nears: How to file income tax return online on e-filing portal - quick 15-step guide  Will the ITR Filing Deadline Be Extended Beyond July 31 for FY 2025-26? Here's the Latest Update for Taxpayers  Income Tax Refund Delayed for AY 2026-27? 5 Common Reasons Your Refund May Be Stuck and How to Fix It  ITR Filing 2026: FM Nirmala Sitharaman Asks Tax Officials to Let Honest Taxpayers Correct Genuine Mistakes  Will Your FCNR Deposit Stay Tax-Free After Returning to India? Tax Rules Explained for NRIs «  India Inc lobbies for corp tax cut, finmin resists... Pvt PF & superannuation funds' equity returns set to be... » Mumbai tax collection up 20% at Rs 67,426 cr December, 13th 2008 The tax collection from Mumbai grew 20% to Rs 67,426 crore in the current financial year till December 11 over the corresponding period last year. Mumbai accounts for 35-40% of the country's total tax collection. Addressing a press conference on Friday, I-T chief commissioner in Mumbai PC Chhotray said if the collection from securities transaction tax (STT) was factored into the calculation, growth in tax collection would be 16.9%. STT collection has gone down by 15% to Rs 4,333 crore from Rs 5,099 crore in a year ago period. This is understandable, in view of the sluggish trend in the stock market, Mr Chhotray said. He said the tax collection from banks, both domestic and foreign, has gone up substantially. Infrastructure and engineering industries are the other sectors that recorded impressive growth in tax outgo. "The third installment of advance tax payments in December is critical as this clearly would indicate the profits and tax outgo of the corporate as well as the tax collection of the department," he added. Mr Chhotray said a growing concern for the I-T department is non-payment of proper advance tax. Instead of paying advance tax in four installments, many taxpayers opt to pay less tax during the year and adjust the balance tax dues as self assessment tax at the end of the year, he added.