The Hindu Business Line : I-T collections see 112% growth in two years

Hyderabad May 18 The Income-Tax Department in Andhra Pradesh has registered a record growth rate of 112 per cent in collections in two years with the total collections going up to Rs 10,198 crore in 2006-07 from as against Rs 4,800 crore two years ago. Last year, the Department's collections stood at Rs 6,683 crore.

Thanks to the huge growth, the State's rank in income tax collections has shot up to fifth position from last year's ninth.

Addressing a press conference here on Wednesday, Mr D.V. Dharmik, Chief Commissioner (Hyderabad-I), said the share of corporate tax went up to Rs 5,310 crore this year from Rs 4,350 crore last year, an increase of 51 per cent.

Individual income tax collections were Rs 4,621 crore (Rs 2,363 crore), showing a growth of 48 per cent. Mr Dharmik attributed reach and awareness to the growth in income tax collections this year.

The public sector National Mineral Development Corporation continued to top the list of corporate taxpayers with a contribution of Rs 1,149 crore.

The Fringe Benefit Taxcontribution stood at Rs 230 crore, while share transaction tax chipped in Rs 2 crore and cash transaction taxes Rs 21 crore.

An amendment made in Finance Act 2007 required charitable or religious trusts or institutions, which failed to submit the required form within one year of its creation, to file it by May 31 to avail themselves condonation of delay for earlier years.

"Applications filed on or after June 1 will entitle the applicant to claim exemption of income from the financial year in which the application is filed," he said.

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