Income Tax Collection Has Seen an Unprecedented Rise Up To 26.2% till Date

   Posted on 5th Jul 2017 13:40:10 in Tax Filing

The Income tax Department has recorded an incredible increase in its tax collection until 15th June 2017. Figures of collection across the country are exceptional because the net deposit of the income tax is increased up to Rs. 1,01,024 crore which is a healthy growth of 26.2% from the last year recorded at Rs. 80,075 on 15th June 2016.

Metropolis cities like Mumbai have registered the highest growth in revenue collection. This zone has recorded collection of Rs. 22,884 crore which is whooping increase of 138% from the last year’s collection as on 15th July 2017 at Rs. 9614 crore. It has been witnessed that Mumbai zone alone contributes 1/3rd of the total income tax revenue (direct tax) collection.

Second largest contributor – New Delhi zone has also registered growth of 38% in the direct tax revenue collection. Collections are figure out at Rs. 11,582 crore as compared to the last year’s Rs. 8,334 crore till 15th June 2017.

Similarly, Kolkata has also witnessed 7% hike in revenue collection – Rs. 4084 crore till 15th June as compared to Rs. 3815 crores collected in the last year. Bangaluru has also mopped up its revenue collection to Rs. 14,923 crore from Rs. 13,973 crore which is the growth of 7% annually.

However, Chennai has shown reverse results compared to other cities. Chennai zone has seen decline in revenue collection from Rs. 8986 crore in the last year to present at Rs. 8591 crore.

In other metropolis, Pune has also witnessed 19% growth in tax collection while Thane suburb of Mumbai has shown an increase of 11% in direct tax collection.

IT department permits individuals and corporate taxpayers to pay their taxes till 15th of last month in every quarter. Usually, tax payers pay 25% of presumed income in the first and the second quarter while 15% in their third quarter. Rest is paid in the fourth quarter.

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