The Hindu : Kerala News : `State has just 800 millionaires'

Online edition of India's National Newspaper
Wednesday, Nov 03, 2004

Kerala

Kerala

`State has just 800 millionaires'

By Our Staff Reporter

KOCHI, NOV. 2. For all its apparent prosperity and an astounding culture of consumerism, Kerala has just 800 millionaires in rupee terms. Now, that is official and the Income Tax Department is not amused.

According to the Tax Department perception, there should be at least 10,000 rupee millionaires in the State.

These 800 make up 0.16 per cent of the 14.5 lakh income tax assessees in the State. They have filed tax returns showing income of Rs. 10 lakh or more in a financial year.

Speaking to mediapersons here on Tuesday, B.M. Jindel, Chief Commissioner of Income Tax, Kochi, said that he was surprised that the number of the rich in the State was stagnating.

Mr. Jindel is keen to see more millionaires in the State. But he refused to classify these millionaires. The department does not indulge in classifying the profession of taxpayers, he said.

The department targets to collect Rs. 2,300 crores from the State during the current financial year.

Income Tax arrears

Kerala has outstanding income tax arrears of Rs. 500 crores as on March 1, 2004. The total outstanding arrears from the entire country is Rs. 87,000 crores as on March 1, 2004. The department hopes to collect Rs. 15,000 crores of these arrears during 2004-2005.

Computerisation of the department has helped serve the tax assessees better, Mr. Jindel said. He pointed out that repayments were now being made within four months.

To smoothen out the creases in the functioning of the department, a grievance settlement session will be held in Kochi on Thursday. The session will be held on the Institute of Chartered Accountants of India premises on Diwan's Road from 5 p.m.. The department has involved CAs in the city as part of its efforts to settle the grievances of taxpayers.

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