Mumbai Income Tax authorities expect to collect Rs 2,500 crore on accounts of the ongoing Vodafone case. The collection would help the department achieve its tax collection target for this fiscal, a department press release said here today. Mumbai zone has been given a target of over Rs 1,50,000 crore for FY 11.
“The department expects to be able to collect Rs 2500 crore in Vodafone case. The collection would help the department achieve is target of Rs 1,50,480 crore for this fiscal,” the release said.
British Telecom giant Vodafone, which is contesting the Rs 11,000 tax demand from the income tax department, had been directed by the Supreme Court to deposit Rs 2,500 crore along with a bank guarantee of Rs 8,500 crore before it.
The apex court would start its final hearing in this matter from February 5, 2011.
The department also said that the advance tax collection in Mumbai was growing at 18 per cent.