• Investment World
• eWorld
• Catalyst
• Mentor
• Life
• Canvas
• Praxis
• Urban Pulse
• Brand Quest

Our Bureau

BANGALOE, July 17

AS many as 1.63 lakh new assessees have been added to the income-tax payers' list in Karnataka and Goa circle on the basis of the economic criterion of ownership of assets and expenses stipulated by the Government.

Though the Income Tax authorities hope to improve the performance this year, they are slightly handicapped by the removal of telephone as one of the criterion for declaring information to the IT Department.

Stating this at an interaction session organised by the Federation of Karnataka Chambers of Commerce and Industry (FKCCI) here, Mr B.L. Rao, Chief Commissioner of Income Tax, Bangalore-I, said the target for income tax collection for the current year has been fixed at Rs 5,300 crore and the Department was hopeful of achieving it. His optimism stems from last year's performance when tax collection fell short by only Rs 600 crore from the target of Rs 4,700 crore.

"It was possible largely because of improved efficiency among the IT officials and with the cooperation of the assessees," he said.

Assuring the Department's help in redressing the grievances of the business and trading community with regard to various difficulties on procedures and fulfilment of obligations, Mr Rao said the department also managed to reduce the backlog of allotment of permanent account number to IT assessees. Up to May 31, it had allotted 10 lakh cards out of 11.25 applications cleared during the period. Non-allotment of PAN has been one of the major complaints from the IT assessees.

Send this article to Friends by E-Mail

Stories in this Section
Anti-dumping probe on Chinese silk imports

Copyright © 2002, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line