It’s raining crorepatis in Indore

INDORE: The number of crorepatis has increased by 63% in Indore region in the past one year. As per the details provided by income tax (I-T) department, the number has increased to 423 in the year 2011-12 from 260 registered during the previous year.

Apart from this, the region has also seen a remarkable growth in the number of people having an annual income of more than Rs 10 lakh. The number of such persons has gone up by 42% to 8,752 as on 31 March this year, when compared to the mark of 6,158 registered last year.

Surendra Mishra, chief commissioner of income tax, Indore circle, said: “Most of the crorepatis hail from the real estate sector. In case of Bhopal region too, the number of individuals earning million rupees per annum went up by 2000 last year.”

However, there has been a significant reduction in corporation tax, which is collected by the department as income tax from various corporate houses. The Indore region of I-T department could only collect Rs 983 crore in the form of corporation tax during the year gone by, as against Rs 1,270 crore achieved by the department during the previous year.

Citing the reasons behind it, Mishra said: “Many Indore-based corporate houses, including Ruchi Soya group, which used to pay Rs 150 crore in the form of income tax, shifted their corporate offices to Mumbai. Indore-based State Bank of Indore was merged with its parent organization, State Bank of India more than a year ago. The bank used to pay Rs 250 crore as income tax per annum to the department. Moreover, the recession in the sectors like cotton and coal due to the hike in the exchange rates has also hit the department’s earning.”

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