Date:07/11/2009 URL: http://www.thehindu.com/2009/11/07/stories/2009110754980300.htm

Tamil Nadu

“Rs.3.70-lakh crore Income Tax collection targeted”

Special Correspondent

Union Minister lays stone for a new annexe building

KUMBAKONAM: The Income Tax collection target for the year 2009-10 was Rs.3.70 lakh crore for the entire country, said S.S. Palani Manickam, Union Minister of State for Finance, at Kumbakonam on Friday.

Laying the foundation stone for a new annexe building at Ayakar Bhavan in Kumbakonam, the Minister said that against this target, till October, collection was Rs. 1.73 lakh crore.

This is 3.92 per cent higher than last year.

Indirect tax loss is made good by income tax collection. Due to concessions given to excise and customs taxes, there is an indirect loss which is compensated by income tax.

The Minister said that a team has been formed to deal with Swiss bank and bring back the corrupt money.

There is an agreement in this connection with many countries in the world.

With respect to Tiruchi zone of the Income Tax Department, collection from April to October was Rs. 250 crore. Tiruchi zone is in good position in the whole of Tamil Nadu.

Ko.Si.Mani, Co-operation Minister, and S.N.M.Ubayathullah, Commercial Taxes Minister, thanked the Central Minister for the construction of new buildings at Income Tax Department in Kumbakonam.

S.S.N.Moorthy, Chairman, Central Board of Direct Taxes, New Delhi, participated in the meeting.