‘Madurai region recorded only 1% increase in tax collection’

Published - June 11, 2024 08:57 pm IST - NAGERCOIL

Madurai Region’s Income tax collection has improved by only 1%, and there should be more focus on tax collection, Principal Commissioner of Income Tax, Madurai, T. Vasanthan has said.

 He was speaking at a tax payers outreach programme organized by the Income Tax (Nagercoil Branch) here on Tuesday.

 Mr. Vasanthan said only 8.18 Lakh people had filed tax returns in Madurai Region, while 61 lakh Permanent Account Number cards were in use in this region. In Kanyakumari district, only 78,190 people filed their IT returns even as 4,86,707 PAN cards were in use, which was only 16% of the total PAN card holders.

 Even though the total revenue collection increased by 18% in the country, Madurai Region’s collection had improved by only 1%, which underlined the need for more focus on tax collection.

 “In India, only 0.25% of returns are taken up for scrutiny, while the remaining 99.75% are processed without any scrutiny because of the trust in people. Therefore, those who have PAN cards should come forward to pay income tax and file returns, which will be beneficial for the country’s development”, Mr. Vasanthan added.

 Chief Commissioner Sanjay Rai in his address said that as per the tax payers’ charter of the Income Tax Department, the grievances of taxpayers were redressed within the prescribed time. Also, those who paid income tax must calculate it properly and remit it on time.

 Even though retail investors had investments worth Rs.18,000 crore in the share market, they were not paying taxes proportionate to it. “Though in India, we have more than 34 lakh demat accounts, the number of people paying income tax and fling returns is low,” he said.

 B Income Tax Officer, Nagercoil, S. Venukumar, and office bearers and members from Nagercoil Chartered Accountants Association, Nagercoil Tax Practitioners, Joint Registrar Cooperative Societies, Kanyakumari District Distributors’ Association, Vanikar Sangalin Peramaippu (East and West), Indian Medical Association, Kanniyakumari Lodge Owners’ Association, Kanniyakumari District Textiles Association and Kanniyakumari District Fishnet Manufacturers’ Munnetra Sangam participated.

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