Economy

Income tax collection from Mumbai rises 9%

Press Trust of India Mumbai | Updated on January 17, 2018 Published on August 21, 2016

Income tax collection from the Mumbai zone, which forms one-third of the total direct tax collections, grew by around 9 per cent to ₹67,185 crore in April-July, driven by a massive spike in advance collections from individuals.

In the first four months of the last financial year, the collections from the region stood at ₹61,415 crore.

According to the department data, advance tax collection from individuals increased by 134 per cent at ₹1,536 crore during the reporting period from merely ₹656 crore a year ago.

The Mumbai region officials are confident of meeting the target of ₹2.79 lakh crore by the end of the year.

“In the first quarter, the performance of certain sectors was not very encouraging. Despite this, collection has gone up,” the Principal Chief Commissioner of Income Tax in Mumbai DS Saksena told PTI.

“We are quite confident of reaching our target for the year,” he added.

The region’s collection of advance tax from corporates grew 7 per cent at ₹20,334 crore during the first four months of the year from Rs 18,977 crore a year ago.

TDS collections from corporates rose to ₹14,572 crore, up 15 per cent from ₹12,695 crore a year ago.

Similarly, TDS collections from individuals also went up by 15 per cent to ₹17,685 crore from ₹15,317 crore a year ago.

Saksena said, “Earlier, non-corporate taxpayers didn’t pay the first instalment on June 15. But as per the revised norms, both corporate and non-corporate taxpayers have been mandated to do so.”

For the country as whole, direct tax collections grew 24 per cent to ₹1.59 lakh crore during the April-July period.

Published on August 21, 2016
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