Income Tax collections in the State up by 40 percent

NMDC leads corporate in advance tax payment

Speaking to media on Tuesday, the Chief Commissioner of Income Tax-1, Hyderabad, S Lahiri said that the Central Board of Direct Taxes fixed the budget collections target at Rs.11,623 for the financial year 2007-08 for the Andhra region. He said that there is a growth of 28 percent in corporate tax. He further said that the Income Tax collections went up by 40 percent compared to the same during the last year.

He said that among the advance tax payers, the National Mineral Development Corporation (NMDC) ranks first with Rs.450 crore followed by Visakhapatnam Steel Plant with Rs.281 crores. He said refunds of Rs.716.62 crore due to the assesses were issued up to the end of October as against Rs.451.51 crore for the corresponding period last year.

10,32,170 returns had been received till the end of October as against last year's figure of 9,89,664 and of these, returns with income of Rs.10 lakhs and above filed were 7,211 as against last year's figure of 6,012 he added. He said they detected additional income and unaccounted income to the tune of Rs.41.59 crore and tax effect on account of this was around Rs.16.19 crore. He further added that PANs have so far been allotted to 35,97,443 assesses in the AP Region till October end.

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Events and happenings on 6 November in History

6 November 2001
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6 November 2002
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6 November 2003

6 November 2004
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6 November 2005
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6 November 2006
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6 November 2007
Highlights: AP Legislative Council adjourned without transacting any business