Madurai Region’s income tax collection has improved by only 1% and there should be more focus on tax collection, according to Principal Commissioner of Income Tax T Vasanthan.
He was speaking at a tax payers’ outreach programme organised by the Institute of Chartered Accountants of India (Tirunelveli Branch) and Tirunelveli District Chamber of Commerce and Industry here on Friday.,
Mr. Vasanthan said in total there were 61 lakh PAN cards during the financial year 2023-24, but only 8.18 lakh people had filed tax returns. Even though the total revenue collection soared by a total 18% across India, Madurai region’s collection had improved by only 1%. So, more focus should be towards tax collection.
In Tirunelveli district (including Tenkasi), there was a total of 36,44,944 PAN cards, but only 3,53,187 people filed their IT returns, which was only 10% of the total PAN card holders. Therefore, all eligible persons must file returns.
“In our country, 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 taxpayers’ 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 ₹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 filing eeturns is low which is worrisome, he said.
The Institute of Chartered Accountants of India, Tirunelveli branch, president Fathima Firdouz welcomed. Gunasingh Chelladurai, president of Tirunelveli District Chamber of Commerce and Industry, among others, participated. Chamber secretary Janarthanam proposed a vote of thanks.
