Income tax collection in West Bengal rises 2.4% at Rs 56,422 cr in FY23

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.

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.

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.