Income Tax collections in the Visakhapatnam circle, likely to drop 16 per cent during the current fiscal, compared to the last financial year, PK Sinha, the chief commissioner of Income Tax department, said here on Thursday.
The net Income Tax collections may fall drastically due to the higher refunds during the current year, he observed. For the last fiscal this circle refunded only Rs 40 crores to the tax payers, who paid excess taxes, but in the current year, department has refunded Rs 129 crores, he disclosed.
During the current year so far department collected Rs 340 crores, this is lower than that of the last year
