PUNE: The Pune Region of the Income Tax (I-T) Department is the first in the country to reach 75 per cent of the total budget estimate of direct taxes for the financial year 2017-2018, said AC Shukla, Principal Chief Commissioner of Income Tax, Pune Region, on Thursday while interacting with the media.
Shukla said, “The direct tax collections till January 16 continued to register a steady growth and the net of refunds stands at Rs 37,310.50 crore, which is 23.98 per cent higher than the net collections for the corresponding period last year. This collection is 75.07 per cent of the total budget estimate of direct taxes for the financial year (FY) 2017-18 set for Pune region.”
“Pune has also recorded the highest growth in corporate tax collection. The growth rate for this tax is 26.68 per cent for Pune, which is the highest growth rate among all regions in the country,” said Shukla. Pune has recorded the second highest growth, both in gross and net collections, in the country. “This success is mainly because tax payers are complying with the law,” he said.
“The department has been conducting a large number of tax education programmes, which have resulted in an enhanced voluntary compliance. Also, efforts have been made by the department to bridge the trust deficit between tax payers and the department,” he added.
He said that wherever bank account deposits are not in sync with the tax profile, a survey has been initiated.
“In 2017-18, the department conducted 220 surveys and income amounting to Rs 500 crore was detected,” he added.
Overall, Pune ranks 5th in terms of contribution to the nation’s tax kitty. This year’s target is Rs 49,697 crore. This corresponds to a little over 5 per cent of the country’s overall direct tax collection target of Rs 9.8 lakh crore.
Gross Collection: (2016-17) (2017-18, till January 17, 2018) Total Growth
Corporate Tax: Rs 15,257cr Rs 19,332 cr Rs 35,521 cr 26.70 pc
Income Tax: Rs 35,521 cr Rs 22,858 cr Rs 42,190 cr 12.81 pc
Net Collection (2016-17) (2017-18, till January 17, 2018) Total Growth
Corporate Tax: Rs 13,143 cr Rs 17,351 cr Rs 30,096 cr 32.02 pc
Income Tax: Rs 16,953 cr Rs 20,004 cr Rs 20,004 cr 18 pc
Advance Tax (2016-17) (2017-18, till January 17, 2018) Total Growth
Corporate Tax: Rs 8,052 cr Rs 9,846 cr Rs12,685 cr 22.28 pc
Income Tax: Rs 4,633 cr Rs 5,312 cr Rs 5,312 cr 14.64 pc
Regular Tax (2016-17) (2017-18, till January 17, 2018) Total Growth
Corporate Tax: Rs 446 cr Rs 1,072 cr Rs 1,040 cr 140.18 pc
Income Tax: Rs 593 cr Rs 574 cr Rs 1,647 cr -3.12 pc