CHENNAI: The net amount of direct tax collected in Tamil Nadu and Puducherry region for the financial year 2022-23 stood at Rs 64,102 crore, which is 25.5% higher than the previous year’s collection. With the financial year set to end in March, the income tax department is eyeing Rs 1,08,200 crore, which is 33% higher than the previous year’s target, said R Ravichandran, Principal Chief Commissioner of Income Tax.
Ravichandran said the region is the fourth largest contributor to the exchequer. He noted that tax collected in Chennai and Coimbatore together accounted for 54% of the total collections in the state in the financial year 2021-22. Ravichandran told media that TDS violations and tax evasions are monitored with data from multiple channels.
He warned individuals against not disposing TDS (Tax Deducted at Source) after collecting it. He mentioned that some of the 120 cases of TDS violation, with few running in crores, are under prosecution. The I-T convicted seven defaulters till December, 2022. He added that TDS refunds are processed faster, noting, “A special facilitation cell is looking after daily monitoring of high-value refunds.”