Mumbai I-T Dept Nears Targeted 17 Percent Rise In Direct Tax Mop-Up

MUMBAI: The Income Tax Department, which is gunning to mop up Rs.2.30 trillion from the financial capital this fiscal, said the September quarter collections are close to the targeted 17 per cent growth.

"The numbers are positive, we are close to the target of 17 per cent growth over the same period previous fiscal," a senior official told reporters.

The official, however, refused to share details which will justify the claim. Details of collections from the top-100 corporates, which are generally shared by the department to illustrate trends, were also not shared with the media.

During the past two quarters too, the department officials refused to share the payout details.

However, new-age private sector lender Yes Bank came out with a statement announcing a 20.18 percent jump in its outgo to Rs.238 crore during the quarter.

According to sources, mortgage major HDFC paid 13.08 per cent more tax in the reporting quarter at Rs 735 crore as against Rs 650 crore a year ago.

The Mumbai circle, which contributes the lion's share of the total direct tax collections in the country, is targeting a 17 per cent increase over last year at Rs.2.30 trillion. The direct tax collection target for the fiscal is Rs.7.36 trillion.

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