I-T collection in J&K grows 40.5%

Figures compiled by the J&K Income Tax department show that during 2006-07, the net income tax collection throughout the country was Rs 2,25,867 crore. The tax collection was recorded at Rs 3,09,903 crore during the year 2007-08, registering a growth of 37.2 per cent all over India.

The collection in the state grew by 40.5 per cent during the year 2007-08, over the previous financial year, which is nearly 3.3 per cent more than the growth recorded in the national average.

 

"During the financial year 2005-06, the I-T collection in J&K was to the tune of Rs 243.90 crore and in the year 2006-07, it was 379.46 crore. In 2007-08, the total I-T recovery was of Rs 533.34 crore, registering an increase of Rs 153.38 crore," source in the IT department said.

The I-T collection in Jammu & Kashmir has, for the second consecutive year, surpassed the national average. Though the tax deduction at source (TDS) collection registered an impressive growth from the year 2005-06 onwards in the state, yet in the financial year 2007-08 it was negligible, the source added.

In 2004-05, TDS collection was worth Rs 88.95 crore, which increased to Rs 136.91 cr in 2005-06, and Rs 182.70 crore in 2006-07. In 2007-08, a growth of Rs 3.53 crore was recorded.