Comments
Net income tax collection in Andhra Pradesh region increased by 13 per cent during 2011-12 at Rs 25,837 crore, against Rs 22,882 crore in the precious year.
“This growth was higher than the national average of 10.7 per cent. We achieved this despite many difficulties,”' Mr C. Rajeswara Rao, Chief Commissioner, Income Tax, told newspersons here on Friday.
The challenges included complete lack of advance tax payments by top five microfinance institutions in the State, unrest due to Telangana agitation and slowdown in infrastructure, irrigation projects and real estate business.
During 2010-11, MFIs paid an advance tax of Rs 130 crore, he added.
About 35 per cent of total collections in the State were made only during the last quarter.
The number of returns, however, came down from 15.57 lakh in 2010-11 to 13.54 lakh in 2011-12.
Advance tax
Among the private sector companies, top advance tax payers were Dr Reddy's Laboratories Ltd, Coromandel Fertilisers Ltd, Matrix Laboratories, Divis Labs and Amar Raja Batteries.
In the public sector, National Mineral Development Corporation, Singareni Collieries Company Ltd, Andhra Bank, State Bank of Hyderabad and Rashtriya Ispat Nigam Ltd topped the list.
Seizure
The search and seizure operations conduced in 72 cases resulted in detection of concealed income of Rs 818 crore and seizure of assets worth Rs 52 crore.
Survey operations conducted in 287 cases resulted in detection of concealed income of Rs 746 crore.
Some infrastructure, power, education, oil seeds and drug companies were found to be at fault during the searches, he said.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.