Income tax collection begins on strong footing, up 26.2%

New Delhi: Net income tax 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 revenue 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 income tax department here told PTI today. The Mumbai zone contributes over one-third of nationwide direct tax 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 revenue 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 percent.

However, net revenue 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 income tax 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 percent in the third quarter and the rest in the final quarter.