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Friday, April 9, 1999

Corporate tax collections rise up by 43 per cent 

Our Corporate Bureau  
Mumbai, April 8: Corporate tax collections have risen by 43 per cent to Rs 11,160 crore during the fiscal from Rs 7,787 crore last year due to strengthening of tax at deduction source (TDS) system and close monitoring of the advance tax being paid by the assessees.

While collections for the non corporate assessees have gone up by 17 per cent, the income tax collections has risen to Rs 4,643 crore from Rs 3,947 crore, joint commissioner Income Tax, Rajeev Kumar Agarwal said in a press conference here on Thursday.

Overall increase in collections assumes significance as it has been achieved despite sluggishness in the economy, he said.

Refunds to the tune of Rs 4,157 crore were issued against Rs 3,363 crore for the last financial year, he added.

Overall collections in Mumbai charge gone up by 33 per cent to Rs 16,526 crore (excluding VDS collections) as compared with Rs 12,454 in the last year, he said.

Collections from Mumbai zone make the 35 per cent of the total tax collected by the income taxdepartment from the country, he added.

The Mumbai income tax department has come across violation of provisions relating to TDS. The department has already launched a drive to prevent violations, he said.

Surveys conducted by the department have brought to light the fact that oil companies who have taken warehouses in the form of oil storage tanks have failed to pay TDS at the prescribed rate of 20 per cent, he added.

Many cellular companies and advertisement film makers have also failed to pay the TDS, he said.

The income tax department is in the process of beefing up the TDS collection machinery by deputing officers to find out non-compliance of TDS laws, he said. Also, a large data bank will be created this year through the process of computerisation, he added.

Expeditious disposal of the assessments and sustained efforts for recovery have also contributed to the increase in collection charge, he added.

The department has also given top priority to redress the public grievance to generateconfidence of the tax payer and create a climate of voluntary compliance, he added.

Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.


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