Financial Daily from THE HINDU group of publications
Tuesday, Mar 14, 2006
Financial Daily from THE HINDU group of publications Tuesday, Mar 14, 2006 |
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Industry & Economy
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Economic Offences Government - E-Governance States - Andhra Pradesh Drive to trace tax evaders Our Bureau
There were several instances of seizures and searches. A whopping Rs 800 crore of unaccounted, concealed and undisclosed amounts were recovered.
Hyderabad , March 13 Following the Union Finance Ministry's campaign to trace unaccounted and unexplained amounts, Income-Tax officials had written to 15,000 people in Andhra Pradesh, who had invested Rs 10 lakh or more in various financial instruments or otherwise to explain. Of them, only 10 per cent bothered to reply. About 2,000 of them either rejected the letters or were reported not found in their `addresses'. Is it possible to trace those investors? "Difficult. But we will be able to track them down," said Mr D.V. Dharmik, Chief Commissioner of Income Tax (Hyderabad-I). He said a special software would help them track the investments made anywhere in the State. Addressing a press conference here on Monday, he said the department had given March 31 as the deadline for them to reply. On other activities that were aimed at identifying the dodgers of income tax, he said 684 surveys were conducted by the I-T teams in the 11 months of this fiscal. There were several instances of seizures and searches too. These actions helped the IT officials find a whopping Rs 800 crore of unaccounted, concealed and undisclosed amounts. This might turn out to be an additional income on which tax could be levied.Up to February end, the Andhra Pradesh region had collected Rs 4,900 crore as against Rs 3,398 crore, showing an increase of 44 per cent. The target for the financial year was Rs 6,401 crore. March being the crucial month, the department hoped to achieve the target. Of the total collections, corporation tax contributed a bulk with Rs 2,778 crore with income tax chipping in the rest. While corporation tax grew by 76 per cent, income tax went up by 17 per cent. Public sector NMDC ranked first with Rs 600 crore paid as tax so far. The department will announce the name of the highest individual taxpayer after March 31.
Searches on two hospitals
In the first two weeks of this month, the department conducted search on five groups, including two leading corporate hospitals. The assessment officials are yet to make an assessment of the 40 bank lockers and 100 bank accounts related to the two groups found in 23 premises.
More Stories on : Economic Offences | E-Governance | Income Tax | Andhra Pradesh
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