I-T dept registers 62% revenue growth in J&K

The income tax department has registered a growth rate of nearly 62 per cent in revenue realisation in Jammu & Kashmir, and a 60 per cent increase in the number of tax payers this year.

There has been a tremendous increase in the number of tax payers in the past couple of years. The I-T department has received nearly 52,000 I-T returns till August 31 this year as compared to last year's figures of 32,700 during this corresponding period.

Authority sources in the I-T department said it generated a revenue of Rs 342.83 crore during 2005-06, while the revenue realisation during 2004-05 was Rs 217.12 crore. It resulted in an overall increase in the revenue by nearly Rs 125 crore in the state.

The figures compiled by the department indicated the increase in the number of tax payers was witnessed not only in the Jammu division but also in Kashmir.

While around 7,000 fresh returns were filed in Kashmir last year, the number has gone up to 12,000 now, registering a substantial rise. By the end of this financial year the figures may cross 15,000 mark in Kashmir.

While the I-T department recorded fresh receipt of nearly 3,300 I-T returns in Udhampur, in Anantnag it was nearly 4,000. Similarly, in Kathua district 3,600 returns were filed this year as compared to the last year's figures of 2,800.

A senior I-T officer attributed such a sharp increase in the receipt of I-T returns to the wide spread awareness campaign launched by the team of I-T officers in major towns of the state and the co-operation extended by the Chamber of Industry and Commerce, Jammu and Kashmir.

He said the voluntarily compliance to the legal obligation of filing I-T returns would be in the interest of the assessees as this year the department has resolved to conduct surveys for ensuring that tax evaders are penalised.