Kolkata's I-T dept office exceeds target, garners Rs41,000 cr in 2017-18

Kolkata: The Kolkata office of the Income Tax department has exceeded the target and garnered around Rs 41,000 crore during 2017-18.

Speaking at a discussion on "New provisions under the Income Tax Act 1961 to be effective from assessment year 2018-19 and 2019-20", organised by the Merchants' Chamber of Commerce on Thursday, Seema Khorana Patra, Principal Chief Commissioner of Income Tax, West Bengal and Sikkim said 75 percent of the collection came from voluntary compliance i.e. TDS and Self assessment.

She informed that the department scrutinises only 1 percent returns and 99 percent returns are accepted from the trust reposed on assesses. The tax exemptions, refunds etc. are now getting verified by various agencies as the system is now linked with banks, MCA and other agencies. She further informed that a new system of assessment is being considered to be prepared by 2022. There is a misconception that companies not having taxable income may not submit IT returns which are not correct.

Tax advisor Sanjay Bhattacharya explained in detail some of the salient amendments in rates of tax for individuals and companies, from house property and also on long-term capital gains besides others. S S Gupta elaborated on key amendments brought under Finance Act 2018 in the rates of tax, stamp duty relaxation, long-term capital gains, penalty provisions, non-filers problems and the like.

Earlier, Vishal Jhajharia, Senior Vice-President, MCCI, informed about the 15 major changes brought in the Income Tax returns for the A/Y 2018-19 which stipulates more disclosures. He expressed apprehension of disputes on the assessment of fair market value to be disclosed by the individual investors as it may be subjective in nature depending upon the methods used and market conditions etc.