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It could rain tax raids in Mumbai

It could rain tax raids in Mumbai
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First Published: Fri, Jul 06 2007. 12 38 AM IST
Updated: Fri, Jul 06 2007. 12 38 AM IST
Mumbai: For Mumbai’s residents, it never rains but it pours. And so, even as the city struggles to come to grips with heavier-than-usual rains that have battered it over the past week, officials in the country’s income-tax department have revealed that the Rs88,400 crore target set for tax collections from India’s commercial capital this year could mean more searches and surveys.
The Rs88,400 target for 2007-08 is 33% of the national collection of Rs269,000 crore targeted for the year and 12% higher than the Rs79,000 crore target for 2006-07 (the Mumbai circle of the tax department missed this by a mere Rs4 crore). The officials pointed out that the location of a large number of registered offices of companies was one reason for Mumbai traditionally dominating tax collections.
Income-tax officers who did not wish to be identified said people who use their credit cards frequently, high spenders and art galleries, which have of late emerged a target for the tax department, would all be under “strict watch” this year. “The art industry (here) is huge and each painting is sold for lakhs,” said an official.
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First Published: Fri, Jul 06 2007. 12 38 AM IST