HYDERABAD: While the national growth rate of net Income Tax collections was 10.7 percent, Andhra Pradesh achieved 13 percent growth in overall net collections. A target of Rs 25,955 crore had been set for Andhra Pradesh region in IT collections. Against this, the region collected Rs 25,837 crore and achieved 99.55 percent target till date.
Chief commissioner of Income Tax-I, Hyderabad, G Rajeswara Rao, disclosed these details at a media conference here on Friday.
Rajeswara Rao said the tax collection in the state was quite a daunting task during 2011-12 because of political unrest due to Telangana agitation, Sakala Janula Samme, general economic slowdown and regulatory changes affected micro-finance business. IT collection from micro-finance sector was nil in 2011-12, as against Rs 130 crore advance tax paid in 2010-11 by top five micro-finance companies.
Slowdown in infrastructure and irrigation projects and real estate business, power holiday declared by the state government for industries also affected their profits adversely. It had its impact on IT collections. Manpower shortage of about 20 percent at officer level and 25 percent at staff level in the IT department also had its effect on IT collections, Rajeswara Rao said.
For the financial year 2011-12, the top five advance tax payers of AP region are NMDC, Singareni Collieries Company Ltd, Andhra Bank, State Bank of Hyderabad and Rashtriya Ispat Nigam Ltd. In private sector, top five payers are: Dr Reddy’s Laboratories, Coromandel Fertilisers, Matrix Laboratories, Divis Laboratories and Amara Raja Batteries.
According Rajeswara Rao, search and seizure and survey operations undertaken in 72 cases resulted in detection of concealed income of Rs 818.85 crore and seizure of assets valued Rs 52.74 crore.