I-T Department to mop up Rs 35,287 crore

CHENNAI: The Income Tax department has set a target of Rs 35,287 crore in taxes to be collected in TN in the current financial year.I-T sources told  on Thursday that the department had set a target of Rs 22,789 crore in taxes from corporates and Rs 12,498 from the salaried class and others.  The gross collections till now is Rs 8,238 crore of which refund is Rs  2,112 crore.Last year, the target was Rs 30,151 crore and the department’s gross collection was Rs 32,393. After refunds worth Rs 3,023 crore, the net collection was Rs 29,370 crore.According to recent sector-wise details available with Express, banking is the biggest contributor.Banking’s contribution was Rs 344.20 crore, followed by manufacturing, whose contribution is Rs 268.96 crore, about 17.22 per cent of the taxes. Automobile sector’s contribution is only 12.53 per cent (Rs 195.66 crore) . Meanwhile, finance sector contributed Rs 185.18 crore (11.86 per cent) and refineries contributed Rs 153 crore as taxes. The refineries sector showed a growth rate of 163.79 per cent followed by manufacturing sector at 47.63 per cent. Banking sector’s contribution grew by 42.11 per cent, while automobile sector’s growth rate was 33.18 percent. Finance sector’s contribution was on the negative at minus 1.46 per cent.