The Hindu Business Line : Singareni Collieries gives a boost to tax revenues

TAX collections have registered a substantial jump in the Vijayawada region with the good performance of Singareni Collieries and the resultant hike in revenue, Mr P.K Sinha, Chief Income-Tax Commissioner, has said.

At a press meet here on Monday, he said that till the end of September this year, Singareni Collieries had paid Rs 79 crore in corporate tax against only Rs 14.36 crore during the corresponding period last year.

"The target for the Vijayawada region has been set at Rs 152.57 crore for 2003-2004 and Rs 113.21 crore were collected till the end of September. The target will be surpassed by an impressive margin thanks to Singareni," he said.

Mr Sinha said that Singareni had paid Rs 11 crore dividend tax in October on a dividend of Rs 90 crore paid out to the State and the Centre. He said the emphasis would be on prompt refunds this year and the whole process should not exceed four months after the filing of the return according to the guidelines issued by the Government. He said there would be no scrutiny of the returns filed by the salaried and even for others strict guidelines had been issued for scrutiny, giving very little room for discretionary powers of the tax officials at any level.

Tax simplification procedures had been simplified and a `naya saral' form introduced for the benefit of assessees, he said.

Bulk filing of returns was being allowed by companies in metros and electronic filing of returns would be allowed from November 30 this year. The machinery for redressal of grievances was being strengthened and an ombudsman for IT had been approved in principle, he said.

The tax collections during 2002-03 amounted to Rs 2,873 crore in the State. During the current year, till September 30, Rs 1,361 crore had been collected in the State against Rs 1,024 crore during the corresponding period last year.

He said the refunds had been quite hefty during the current year all over the State and in Vijayawada alone Rs 16.77 crore had been refunded till September 30.

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