The Income Tax Department is targeting an 18% jump in collection from the financial capital in FY12 to Rs 1,85,000 crore, a top official said on Wednesday.The department, which surpassed its target last fiscal by Rs 3,000 crore by collecting Rs 1,53,000 crore, has set itself the “fairly challenging” target of Rs 1,85,000 crore for 2011-12, Chief Commissioner of Income Tax PP Srivastava told reporters.
“An 18% growth is a fairly challenging target and we are confident of achieving it as the economy grows,” he said.
The Central Board of Direct Taxes has set a target of collecting Rs 5,32,000 crore from the direct taxes route in 2011-12 of which nearly a third or Rs 1,85,000 crore will come from the Mumbai circle.
The circle achieved a “satisfactory” growth of 14% in advance tax collections from the top 100 corporates it assesses, Srivastava said, speaking after the quarterly deadline to file the taxes ended on Wednesday.
Though Srivastava did not reveal the collection in absolute terms, he said 15% of the total tax outgo comes in the first instalment of the advance tax payments made in June.
This is followed by 30% in September, 30% in December and the remaining 25% in March, he said.