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Lakhpatis’ on the rise in AP
Posted by Srini Uppala | November 6, 2007 | 301 views
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Loading ...The number of lakhpatis is on the rise in Andhra Pradesh, as per the figures available with Income Tax Department.
As on October 31 (in fiscal year 2007-08), the returns with Rs 10 lakh and above were 7,211 as against 6,012 returns filed in the corresponding period in the previous fiscal.
The tax base in the State is also widening. About 53,955 new assessees have been added to the list in the first seven months of the current fiscal year, while the total number of Permanent Accounts stood at 35,97,443.
The income tax collection in the Andhra Pradesh region has gone up by over 40 per cent at Rs 5,922.44 crore, compared to Rs 4,250 crore in the corresponding period last year.
“There has been substantial improvement in number of assessees and deepening tax base in the first seven months of current fiscal year in the region,” Mr S. Lahiri, Chief Commissioner of Income Tax – I, Hyderabad, told newspersons here on Tuesday.
About 10,32,710 returns were received by the Department as against 9, 89,664 in the corresponding period of previous fiscal.
The Central Board of Direct Taxes had set a budget collection target of Rs 11,623 crore for the State for the current financial year and the performance so far has been impressive, he added.
The corporate tax collection has increased 28 per cent during the period under review due to significant contributions from advance tax payers such as National Mineral Development Corporation (Rs 450 crore), Rashtriya Ispat Nigam Ltd (Rs 282 crore), State Bank of Hyderabad (Rs 112.50 crore) and Andhra Bank (Rs 92 crore).
On the refunds front, Rs 716.62 crore (Rs 456.51 crore) was released.
The impact of real estate boom in the State could be clearly seen in the surveys. “Out of 97 cases, about 25 belonged to the real estate,” Mr Lahiri said. Over Rs 41 crore additional/unaccounted incomes was detected with a tax effect of Rs 16.19 crore, the official said.
SOURCES:
Business Line
Topics: What's UP, The Facts, Govt In Action, Business News, Real Estate |
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