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April 18th, 2012
Chennai circle crossed target of collecting Income Tax

Chennai: The Chennai circle of the Income Tax Department has crossed its target for the first time in its history, collecting Rs. 34, 586 crore against the target of Rs. 33041 crore in 2011-12.

Addressing a function organised to inaugurate ‘Aayakar Seva Kendra’ (Income Tax Service Centre) on Tuesday, Chief Commissioner of Income Tax, Mr Gyan Chand Jain, said this was possible only because of the awareness campaign launched by the Government.

The circle had achieved the target despite overall recession and increase in cost of living, he said.

Mr Jain added that Tax Deducted at Source (TDS) formed 37 per cent of the total collections. Among the top Income Tax (IT) payers in Tamil Nadu were the Indian Bank, the Indian Overseas Bank, the Infrastructure Development Corporation and auto major Hyundai.