The Hindu Business Line : AP I-T collection target raised by 27 pc

Having emerged as the only State in the country to have exceeded the targeted tax collections during the last fiscal, the Income Tax Department here has set a higher budget target of Rs 8,479 crore for the current fiscal, which is 27.12 per cent more than the total collections of Rs 6,670 crore attained during the last fiscal.

The Department has already achieved 43 per cent of the current fiscal's target by collecting Rs 3,681 crore by September this year, which is an increase of 59 per cent over the collections of corresponding six months period of last fiscal of Rs 2,315 crore.

The collections so far in current fiscal indicate a growth of 45 per cent in corporate tax collections, while personal income tax collections improved by 77 per cent.

Rise in target

Keeping in view the growing income levels of individuals, salaried class and self-employed, the I-T Department has upgraded its target for personal income tax collections.

As against Rs 2,472 crore of collections during the last fiscal, the Department has set a target of Rs 3,495 crore for personal income tax this fiscal. It has set a target of Rs 4,949 crore of corporate tax collections during this fiscal as against Rs 4,055 crore in the last fiscal, the I-T Chief Commissioner, Mr D.V. Dharmik, told newspersons here. In a bid to improve personal tax collections, the Department has been obtaining necessary information from banks, stock exchanges, automobile companies and property registration authorities, among others.

As against 13.56 lakh I-T returns in the personal tax segment last fiscal, the Department has set a target of adding 1.59 lakh new assessees to widen the tax base.

Top contributors

The top contributors to the corporate tax collections include segments such as cement, construction and real estate, pharmaceuticals, chemicals, minerals and hotels.

Stating that the State could improve its nationwide overall tax collections level to seventh position during the last fiscal from ninth in the previous fiscal, Mr Dharmik said the State is likely to improve its position further during the current fiscal with the help of higher collections.

Admitting the problem of multiple PAN cards here, he said while 22.49 lakh PAN cards were issued so far in the State, the Department could identify 55,000 individuals having 1.24-lakh multiple PAN cards.

Stating that some of these cases were found to be intentional, the Department detected that several multiple PAN card cases emerged out of initial delays in issue of PAN cards that resulted in individuals making multiple applications.

The Department has served around 38,000 notices so far on holders of multiple PAN cards, he said.Taking advantage of the bullish real estate sector in the State, the I-T Department has chalked out a three-pronged strategy to significantly increase its tax collections level from this booming sector.

The Chief Commissioner said the Department has started collecting the information on all the projects from the Hyderabad Urban Development Authority (HUDA), Town Planning Directorate, Urban Land Ceiling department and the Inspector General of Registrations and Stamps and has began the process of creating a robust data base.

So far, it could get details pertaining to 1,158 real estate projects and layouts from HUDA, 1,095 projects cleared by Town Planning Directorate and 12,000 projects under ULC clearances. Further, he said, the Department had collected details of all the key property registrations for the last five years from the IG of Registrations and Stamps. While details of 1,87,831 registrations worth Rs 5 lakh and above were collected during last year, the Department could obtain details of 85,965 such registrations during current fiscal so far.

"As a part of the three-pronged strategy, we would first enquire investment details from persons who purchased the land for projects. The second step would be to get details from persons who sold these properties. The third step would be to get details on source of investment from people purchasing units in these projects," the I-T Chief Commissioner said.

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