« 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 «  First large tax-payer unit from October 1... Act lacunae may help offenders go scot free... » CBDT eyes Rs 69,548 cr from Mumbai July, 18th 2006 The Central Board of Direct Taxes has set a Rs 69,548-crore direct tax collection target from the Mumbai zone for the current financial year. This is almost 20 per cent higher than last years target of Rs 57,700 crore, of which the department could only collect Rs 53,000 crore.    According to Indira Bhargav, the new chief commissioner of Mumbai zone, the department has already worked out a comprehensive action plan to meet the target.    Unlike previous years, the assessment and orders this year are time-bound till December and so the collections have to be made by March 31.    Earlier, the date of assessment was March 31 and collections could not be pursued rigorously as transfers of officials are done at the beginning of the financial year.    In Mumbai special provisions have been made to monitor the income derived from equity markets and corporates.    Thus, all returns filed for securities transaction tax will be put under scrutiny assessment. Pending assessment and appeals in cases of claim of export benefits under the DEPB licence will be completed expeditiously keeping in view the proposed amendment of Section 80 HHC.    Corporates liable for paying tax on distributed dividend will be monitored to ensure timely payment.    Further, in corporate cases where audit objections have been accepted by the department, orders will be issued faster for appropriate recovery.    The income tax department had clocked an annual collection of Rs 53,000 crore for the FY06 for the Mumbai zone, against a target of 57,700 crore.    In 2005-06, the advance tax payments for the fourth quarter had been a major contributor to the total annual collections for the department. Indian Oil Corporation paid Rs 542 crore, next only to Life Insurance Corporations Rs 655 crore.    The company has not paid taxes for the first and third quarter, except for a paltry sum of Rs 67 crore in the second quarter of 2005-06.    Interestingly, the company had paid Rs 1,384 crore as taxes in 2004-05.