The income tax department?s Jamshedpur circle is struggling to meet the target of collecting Rs 300 crore for 2008-09 as the net collection so far is only Rs 110 crore. Lower advance payment in December 2008 by the downturn-hit corporates is partly the reason behind it.
“The reasons for a lower collection so farhas been the poor tax payment by corporates in December due to the slowdown and secondly, we had to make refunds related to last year as the processing in that year had not been satisfactory,? said K Sarkar, the Jamshedpur commissioner of income tax. Sarkar said, ?The department would try to mobilise more revenue during the remaining period of 08-09, provided things improve on the economic front.?
