Income Tax Collection from Mumbai Rises 9% to Rs 67,185 Crore
India’s direct tax collections grew 24% to Rs 1.59 lakh crore during the April-July.
Income tax collection from the Mumbai zone, which sends one-third of the total direct tax collections, grew by around 9 percent to Rs 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 Rs 61,415 crore.
According to the department data, advance tax collection from individuals increased by 134 percent at Rs 1,536 crore during the reporting period from merely Rs 656 crore a year ago.
The Mumbai region officials are confident of meeting the target of Rs 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 percent at Rs 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 Rs 14,572 crore, up 15 percent from Rs 12,695 crore a year ago.
Similarly, TDS collections from individuals also went up by 15 percent to Rs 17,685 crore from Rs 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 percent to Rs 1.59 lakh crore during the April-July period.