Tamil Nadu - Thanjavur   

Rs.45-cr. target for Income Tax collection in Thanjavur

Special Correspondent

DISCUSSION: K.E.B. Rangarajan, Additional Commissioner of Income Tax, Thanjavur-Kumbakonam, speaking at a meeting in Thanjavur on Monday. — Photo: M. Srinath.

Thanjavur: Tax Deduction at Source and advanced taxes account for 80 to 85 per cent of the income tax collection in the country, said K.E.B. Rangarajan, Additional Commissioner of Income Tax, Thanjavur-Kumbakonam, here on Monday.

Speaking at a discussion on the union budget organised by the Chamber of Commerce and Industry here, Mr. Rangarajan said that there was an opinion among tax payers that the Finance Minister had not raised the income tax slab considerably and that the raising of the slab from Rs.1 lakh to Rs.1,10,000 would not help much. But it should be looked from the perspective of the increase in income tax and the number of individual income tax payers for a period of years.

The number of individual tax payers remained at 88 lakh in the country in 1996-97. It increased to 273 lakh now. Direct tax collection in 1996 was only Rs.18,500 crore. Now it touched Rs.101,000 crore.

With respect to Thanjavur region, the target this year was to collect Rs.45 crore. Collection till February was Rs.30 crore. Tax payers should help in collection of the remaining tax before March-end, Mr. Rangarajan said.

M. Thamizhaiah, Chartered Accountant, said that Value Added Tax system would pave way for uniform tax system. Moreover, the Commercial Taxes Minister, S.N.M. Ubayathullah, had incorporated suggestions given by traders in the VAT.

G. Naga Pillai, president of the chamber, said that infrastructure development in Thanjavur should be given importance.

K. Kannan, Chartered Accountant, was the moderator for the discussion.

K. Padmanabhan, secretary of the chamber, and V.S.Vasan, treasurer, participated.

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