Despite the financial meltdown and the dwindling corporate earnings, the Chandigarh region expects a growth of over 11 per cent in advance tax collections in 2008-09.
Chief commissioner income tax (North-West region) PK Chopra said the advance tax collections for 2008-09 till March 19 stood at around Rs 9,532 cr as against Rs 8,651 cr for the whole 2007-08.
“With 11 more days to go and the high volumes near the closing dates, we expect better revenue collections as compared with last year,” he said.
Stating it was difficult to divulge the sectors that contributed more this year, he said contributions from sectors like real estate and retail had declined.
The implementation of the Sixth Pay Commission where the arrears would take effect from the past date made the TDS earning buoyant for the department, he said.
This may further give an impetus to the collections as some of the states in the region like Punjab and Himachal are still to implement the commission’s recommendations.