Coronavirus impact | Income tax collection may fall by 10%

As on March 28, the department has collected Rs 9.84 lakh crores which is 84.26 percent of the total collection.

Tarun Sharma

March 31, 2020 / 10:52 AM IST

Income tax department is expecting a shortfall of income tax collection by around 10 percent. The I-T department may garner Rs 10 to Rs 10.5 lakh crores, which is short compared to the revised target of Rs 11.7 lakh crores.

As on March 28, the department has collected Rs 9.84 lakh crores which is 84.26 percent of the total collection. A source in the department told Moneycontrol, "The department may reach around 90-92 percent of collection as compared to the revised target. Then, there will be a major shortfall in tax collection."

In the Mumbai circle which contributes the highest tax collection, approximately 33 percent of the total collection of income tax, is also showing a shortfall of 20 percent as of now.

As on March 28, Mumbai collected Rs 3.04 lakh crore whereas the revised target estimated is Rs 3.78 lakh crores.

In Mumbai, the shortfall stands at around 20 percent as of now, which may come down in the next three days.

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