Tamil Nadu - Tiruchi   

IT Dept. exceeds tax collection target

By Our Staff Reporter

TIRUCHI, FEB.3 . The Income Tax Department has exceeded its target fixed for this financial year in Tamil Nadu after a lapse of five years to net a revenue of Rs. 8,000 crores.

Exuding hope that the revenue would reach Rs. 9,000 crores by the end of this financial year, the Chief Commissioner of Income Tax, Binay Gupta, told The Hindu that the revenue generated from various sectors including automobile, banking and engineering was good.

The large database that the department could create due to computerisation helped it increase its revenue and enhance compliance based on the linking of its 34 parameters such as ownership of property, car, credit cards and investment in fixed deposits. In case of fixed income, whether tax is deducted at source or not, returns have to be filed if the income is taxable. "Otherwise the department will go after them" by issuing notices and imposing a penalty of Rs. 5,000. Even if there is no fixed income, the 1/6 scheme should be adhered to by the assessees. They have to file their returns in case of ownership of flat, car, mobile phone, credit card, club membership or if they had undertaken foreign travel. Compliance to this scheme has been "very poor," he said.

The two major problems confronting the department was failure on the part of the assessees to adhere to the deadline in filing returns and the mistakes they commit while entering their name and PAN numbers in the challan. The second factor was the cause for the delay in processing. People should realise that the department had turned taxpayer friendly by simplifying the procedures of filing income tax returns. Only two per cent of the particulars about taxable income were scrutinised. Over the past 30 years, the taxable component of income has been reduced from 94.5 per cent to 30 per cent, he noted.

Earlier, interacting with students of the Bharathidasan Institute of Management, Mr. Binay Gupta dwelt on the hassles faced by the department while dealing with defaulters and the procedures adopted by the department to settle cases through its four benches in New Delhi, Mumbai, Calcutta and Chennai.

Printer friendly page  
Send this article to Friends by E-Mail

Tamil Nadu

News: Front Page | National | Tamil Nadu | Andhra Pradesh | Karnataka | Kerala | New Delhi | Other States | International | Opinion | Business | Sport | Miscellaneous | Engagements |
Advts: Classifieds | Employment | Obituary | Updates: Breaking News |

Stories in this Section

A burning issue for civic body
Four boys handed over to Childline
IT Dept. exceeds tax collection target
Varsity to study damage assessment
Anna remembered
Associations exempted
Books released
Around the City
In Tiruchi Today

Copyright © 2005, The Hindu. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu