Growth rate of income tax collection in Coimbatore region stands at 28%

The Income Tax Department of Tamil Nadu and Puducherry region has collected 42% of the tax collection target of 1.08 lakh crore for the financial year 2022-23, said R. Ravichandran, Principal Chief Commissioner of Income Tax for Tamil Nadu and Puducherry region, here on Monday.

He told presspersons the growth rate of income tax collection in Tamil Nadu and Coimbatore stands at 32% and 28% respectively. The Tax Deducted at Source (TDS) forms 40% of the tax collection in the Coimbatore region.

He also said that the department has been focusing on taxpayers services such as educating people to improve their financial literacy to avoid tax evasion and has conducted 106 awareness camps this year.

Regarding the refund of tax, Mr. Ravichandran said nearly 140% more was refunded to the taxpayers when compared to the last financial year. So far, ₹ 1,800 crore was refunded to the taxpayers in the current financial against ₹ 700 crore last year.

The income tax collection was reduced by 12% in the financial year 2020-21 because of the pandemic. After that, the tax collection was improved, and we are expecting a 40% growth rate this year, he added.

Tax evasion was reduced significantly in recent times because of the robust information collection by the department. The department also organised an outreach programme ‘Corporate Connect’ with top taxpayers in the region, focusing on ease of filing TDS, on Monday.