I-T Dept Bengal Circle collection up 14 pc to 41K cr in FY18

Direct tax collections of the I-T Department's Bengal Circle rose almost 14 per cent to Rs 41,000 crore in 2017-18 compared to the previous year, a senior official said today.

In 2016-17, the direct tax collection from the region was around Rs 36,000 crore, Income Tax Chief Commissioner (Bengal circle and Sikkim) Seema Khorana Patra said at a discussion in Merchants' Chamber of Commerce and Industry.

Net national direct tax collections touched Rs 1,003 lakh crore in 2017-18, a growth of 18 per cent over the previous fiscal.

There was also a rise of 26 per cent in filing of Income Tax Returns.

 

The I-T official discussed the new provisions of the I-T Act for 2018-19 and 2019-20 assessment years. A flat Rs 40,000 standard deduction has been introduced in lieu of Rs 19,200 transport allowance and Rs 15,000 for medical reimbursement for individual taxpayers.