FY13 TDS collection for Mumbai circle to be 10% higher than FY12

Slowing economy and fewer mergers and acquisitions seem to be impacting the collections of Tax Deducted at Source (TDS) for the Income Tax department.

According to senior Income Tax officials, TDS collection from Mumbai circle is estimated to be 10% higher for FY2013, as compared to last fiscal. This, when the I-T department had targeted to expand its tax kitty from TDS by atleast 13-14% for FY13.

The I-T department is now expecting that it will be able to mop up collections of around Rs 63,000 - 64,000 crore for FY13.

Out of the total Rs 63,000 crore, about Rs 50,000 crore will come from retail tax, Rs 8,000 crore from international tax and Rs 5,000-6,000 came from LTU.