Andhra I-T department eyes Rs 9685 crore collections

The income tax (I-T) department, Andhra Pradesh, is expecting to garner Rs 9,685 crore income tax in the current financial year.

The budget collections for the Andhra Pradesh region up to the end of February 2007 stood at Rs 7,301 crore, as against Rs 4,900 crore in the corresponding period last year, reflecting an increase of 49 per cent.

"There is an increase of 36 per cent in corporate tax collections and 65 per cent growth in personal income tax collections this year. So far, 75 per cent of the current year's budget target has been achieved, and considering the present trends in tax collections and the economic growth, we expect to reach the target of Rs 9,685 crore," DV Dharmik, chief commissioner of income tax, Hyderabad, told the media here on Thursday.

According to him, the department received 12,61,552 returns up to the end of February 2007, as against 11,93,280 in the corresponding period last year, registering an increase of 6 per cent.

"We have received 12,893 returns up to February 2007 in which income of Rs 10 lakh and above was declared as against 10,030 returns up to February 2006. Similarly, 99,404 new assesses have been added as of February 2007, as against 77,852 last year, an increase of 28 per cent," he said.

Based on specific information, 803 surveys, including 451 tax deduction at source (TDS) surveys, were conducted up to February 2007, as against 684 last year.

The surveys resulted in detection of additional income of Rs 282 crore, which has a tax effect of Rs 109 crore.

The surveys, with the objective of detecting concealed income and to enforce the TDS provisions, were mainly conducted on builders, real estate agents, jewellers, civil contractors, traders and finance businesses, he added.

Dharmik said the department was going to launch criminal prosecution proceedings in 15 cases during the current financial year against tax defaulters for concealment of income and furnishing inaccurate particulars, whereas in 7 cases prosecution proceedings were launched during the last financial year.