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Income tax department records tax collection of Rs 1110 crore in Jammu and Kashmir

Last Updated on December 28, 2021 at 4:43 pm

Huge amount of tax has been collected in the financial year 2020-21 by the income tax department of Jammu and Kashmir.

Official figures mentioned by Greater Kashmir states that J&K bank has paid the highest income tax in the Union Territory.

Total tax assessed by the income tax department is Rs. 1110.44 crore. In the Kashmir division, Rs 437.63 crore was collected.

Data collected by Central Board of Direct Taxes, the tax collection has shown a slight fall as compared to previous year due to the economic slowdown due to ongoing pandemic.

In 2013-14, IT collection in J&K was Rs 1,459 crore, in 2014-15 Rs 1284.22 crore, 2015-16 Rs 1383.96 crore, 2016-17 Rs 1,091.08 crore, 2017-18 Rs 1302.6 crore and 2018-19 recorded Rs 1563 crore.

Principal Commissioner of Income Tax (PCIT) Srinagar, MP Singh said that residents of J&K should pay their taxes and come under the tax ambit without any fear as both the Income Tax and CGST departments have undergone a change in the past few years.