Latest News | Income Tax Collection in Bengal Rises 2.4 Per Cent at Rs 56,422 Crore in FY23

Kolkata, Apr 27 (PTI) Income tax collection in West Bengal increased 2.4 per cent at Rs 56,422 crore during financial year 2022-23 over previous fiscal, an official of the department said on Thursday.

The target collection for the current fiscal 2023-24 stands at Rs 64,700 crore, principal chief commissioner of Income Tax for West Bengal and Sikkim, Smita Srivastava said.

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She said that tax collection from West Bengal has increased as overall industrial scenario has improved in the state.

Residents of Sikkim are exempted from paying income tax, but not for those who have gone there from other places.

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Srivastava said that steel and cement sectors have not fared well. According to her, compliance has improved while TDS collection during the last fiscal has improved.

The other aspect which contributed to the rise in collection is formalisation of the large informal sector.

Srivastava launched a book 'Income Tax Pleading and Practice' written jointly by Narayan Jain and Dilip Loyalka. PTI dc

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)