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Income tax mop-up begins on strong footing, up 26.2% till date

I-T dept allows corporates, individuals to reel tax payout on 15th of last month of every quarter

Press Trust of India  |  Mumbai 

Income tax mop-up begins on strong footing, up 26.2% till date

Net income collection till June 15 grew at a healthy 26.2% to Rs 1,01,024 crore from across the country as of June 15 from Rs 80,075 crore in the year-ago period.

Among the metros, the Mumbai zone registered the highest collection growth during the period with a growth of a whopping 138% at Rs 22,884 crore from Rs 9,614 crore a year ago, sources at the department here told PTI today.

The Mumbai zone contributes over one-third of nationwide direct collections.

The New Delhi zone, which is the second largest contributor to the national kitty, registered a 38% growth at Rs 11,582 crore during the period, from Rs 8,334 crore a year ago.

The Kolkata zone has also done well with net collection increasing 7% to Rs 4,084 crore from Rs 3,815 crore a year ago, the sources said.

Similarly, the Bengaluru zone mopped up Rs 14,923 crore from Rs 13,973 crore, which is a growth of 6.8%.

However, net collection from the Chennai zone saw a decline during the period with mop-up Rs slipping to Rs 8,591 crore from Rs 8,986 crore a year ago.

Pune registered net revenue collection up 19% at Rs 6,163 crore during the period, whereas Thane's revenue was up by 11%.

The department allows corporates and individuals to stagger their tax payout on the 15th of the last month of every quarter.

Typically, in the first and second quarters, taxpayers pay up 25% each of their presumed tax liabilities and with 15% in the third quarter and the rest in the final quarter.

First Published: Fri, June 16 2017. 19:05 IST