IT collections post 40 per cent increase

Hyderabad, Nov 6 (UNI) The Income Tax collections of Andhra Pradesh Region has recorded an increase of over 40 per cent as compared to the collections during the corresponding period last year, Income Tax Chief Commissioner (Hyderabad) S Lahari said today.

Addressing a press conference here, he said the Budget collection target for the current fiscal was Rs 11,623 crore and the collections up to October 31 this year was Rs 5929.44 crore as against Rs 4250.08 crore during the corresponding period last year.

He said the AP region had allotted 35.97 lakh Permanent Account Numbers (PANs) so far till October 31, 2007.

Mr Lahari said the refunds of Rs 716.62 crore due to the assessees were issued till October 31 this year as against Rs 456.51 crore compared to the corresponding period last year.

He said 10,32,170 returns were received as against 9,89,664 corresponding period last year.

He said surveys under section 133A in 97 cases were conducted till October 31 this year on account of which additional income declared and unaccounted income detected was of the order of Rs 41.59 crore.

He said tax effect on account of this was around Rs 16.19 crore and surveys were conducted in the sectors of real estate and constructions, retail and wholesale traders, contractors, jewellers, professionals in finance and others.

He said this year 7,211 returns with income of Rs 10 lakh and above were filed till October 31, as against 6,012 compared to corresponding period last year.

The Chief Commissioner said his department was closely monitoring the movement of the stock market. Surveys were conducted on 26 real estates, 25 wholesale and retail traders, seven contractors, three jewellers, four finance business organisations, six professionals and 11 miscellaneous.

The National Mineral Development Corporation had paid Rs 450 crore as Advance Tax, followed by Rashtriya Ispat Nigam Limited, Visakhapatnam, at Rs 281 crore and State Bank of Hyderabad Rs 112.50 crore and Andhra Bank Rs 92 crore and Deccan Chronicle Holdings Rs 20 crore, Mr Lahari added.

UNI