The Hindu : Andhra Pradesh / Hyderabad News : Heavy filing of Income Tax returns anticipated

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Tuesday, Jul 15, 2008
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Andhra Pradesh

Andhra Pradesh - Hyderabad

Heavy filing of Income Tax returns anticipated

N. Rahul

HYDERABAD: As the deadline for filing income tax papers is fast approaching, the IT authorities are gearing up to receive a record number of returns till July 31 in the backdrop of a huge expansion of tax net in the State.

Chief Commissioner of Income Tax I Radha Srivastava told The Hindu that tax collections from the State for the quarter ending June 30 went up by 43 per cent as compared to the previous year. This was against the national average of 38-39 per cent. Moreover, there was a 52 per cent increase in Tax Deducted at Source (TDS) in 2007-08 compared to 2006-07.

The department is anticipating a revenue of Rs. 19,193 crore from the State in 2008-09, up from Rs. 13,668 crore in 2007-08. This optimism is based on the fact that the actual collections last year exceeded the original target of Rs. 11,623 crore.

Manifold increase

Ms. Srivastava attributed the increase in the IT collections to the buoyancy in economy and said sectoral analysis would be made shortly. She said it was a healthy sign that the advance tax payment by assesses had increased manifold and, as a result, the rush for payment of regular tax had declined.

Andhra Pradesh is the fifth largest earner of income tax revenue in the country with a collection of Rs. 13,835 crore in 2007-08. As many as 14.81 lakh returns were filed last year, of which individuals totalled 13.80 lakh. Officials said 1.45 lakh new assesses were added last year against 1.28 lakh in 2006-07. They expected a ten per cent increase in the number of returns that would be filed up to July 31 but the jump in collections this year could be quite phenomenal. Officials maintained that most of the 11,000 plus corporates in the State, who contributed Rs. 6,712 crore last year, would file returns in Hyderabad.

The National Mineral Development Corporation, Vizag Steel Plant, Andhra Bank, SBH were among the top corporate assesses last year.

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