Mumbai contributes 33% in direct taxes

Jul 25, 2023

“Out of the 1.6 lakh crore direct taxes of the entire country, the contribution of Mumbai alone is 5 lakh crore. Stating that Mumbai alone contributes one-third of the total income tax, Governor Ramesh Bais appealed to the Income Tax Department to create tax literacy among the citizens and especially among the youth to develop the tax culture in the country in the future.

The 164th Income Tax Day was celebrated in the chief presence of Governor Bais, who was speaking at that time. The event was organized by the Income Tax Department of Mumbai.

In the last 9 years, the government has made income tax payment easier with the help of technology and has tried to increase the number of income tax payers. The Governor said that income from income tax increased by 167 per cent during this period, while the number of income tax returns increased from 2.96 crore to 7.63 crore.

India’s influence is increasing at the international level. Our aim is to make India a trade-friendly country. The governor said that the role of direct and indirect tax administrators is important in this regard. To make the country a 5 trillion dollar economy and the state a 1 trillion dollar economy and to make ‘Brand India’, everyone has to maintain honesty, integrity, transparency and commitment to the country, said the Governor.

Artificial intelligence will make income tax assessment faster and more accurate: N Chandrasekaran!

Tata Sons Chairman N Chandrasekaran lauded the contribution of the Income Tax Department in the country’s development. He said that artificial intelligence will come in all fields in the future and if used properly, the number of taxpayers in the country will increase, tax assessment will be accurate, efficiency will increase and tax returns will also be given in the right amount and time.

Even today, after 76 years of independence, we look to England and America as role models in some respects. But the way India has adopted a comprehensive digital platform for financial transactions, he said that other countries should actually learn from India.

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