The Hindu : Karnataka / Bangalore News : Income tax collection up by 46.95 per cent

Online edition of India's National Newspaper
Monday, Aug 18, 2008
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Karnataka

Karnataka - Bangalore

Income tax collection up by 46.95 per cent

M. Raghuram

Record high of
Rs. 71,648 crore collected in first quarter; e-filing gaining popularity

Bangalore: The Income Tax department has scored a double in the first quarter of the current fiscal with direct tax collection soaring to a record high of Rs. 71,648 crore and the e-filing facility receiving an overwhelming response with 12.49 lakh tax payers in the country opting to file their returns electronically.

Sources in the department told The Hindu that the net direct tax collections in the first four months of the present fiscal (up to July-end) stood at Rs. 71,648 crore, up from Rs. 48,756 crore during the corresponding period last year, registering a growth of 46.95 per cent.

Growth in corporate taxes was 50.08 per cent (Rs. 41,598 crore as against Rs. 27,718 crore), while personal income tax, including fringe benefit tax (FBT), securities transaction tax (STT) and banking cash transaction tax (BCTT) grew at 42.82 per cent (Rs. 29,982 crore as against Rs. 20,993 crore).

Growth of FBT was 44.34 per cent (Rs. 1,260 crore against Rs. 873 crore); STT was 15.46 per cent (Rs. 2,164 crore against Rs. 1,874 crore); and BCTT was 33.75 per cent (Rs. 223 crore against Rs. 167 crore).

Among regions, tax growth in Mumbai and Delhi was 36.33 per cent and 76.4 per cent.

Other regions with high tax growth are Nagpur (77.80 per cent); Kochi (58.08 per cent); Kolkata (49.87 per cent); Hyderabad (40.69 per cent) and Bangalore (40.25 per cent). Growth in direct tax collection has been driven by a growth of 44.56 per cent in Tax Deducted at Source (TDS) which stood at Rs. 45,935 crore as against Rs. 31,776 crore in the previous year.

Growth in corporate TDS was particularly high at 60.6 per cent.

The cost of direct tax collection, on the other hand, had declined to an all-time low of 0.54 per cent during fiscal 2007-08, among the lowest in the world.

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