I-T Dept achieves collection targets

I-T Dept achieves collection targets
The Income Tax Department - Karnataka and Goa Region has achieved its collection target for fiscal year 2016-17, well before the closing of the year on March 31. The department achieved the target on March 16, which was set at Rs 85,478 crore. The tax collection stands Rs 86,230 as on March 20, 2017, which is 0.9% over the targets set by the department. The gross collection on the date increased 29% to Rs 98,916 crore, with refunds increasing by 103% to Rs 12,687 crore.

Out of the net collection Rs 48,062 crore has been collected from corporations, while Rs 37,504 crore has been collected from individual taxpayers, showing a growth of 18% and 28%, respectively.

“It has been for the first time in the country or the region that the target for the year has been achieved so early. One of the reasons behind it is the increase in tax compliance,” said Nutan Wodeyar, Principal Chief Commissioner of Income Tax - Karnataka and Goa Region.

The amount also includes the receipts from the government Income Declaration Scheme (IDS), which amounted to about Rs 450 crore. “The amount from the IDS has marginally contributed to the collections,” Nutan added. In the various raids conducted by the department post demonetisation, leading to unearthing of undeclared income worth Rs 4,828 from 73 groups.

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