Hyderabad: Guntur has logged the nation’s highest rate of growth in income-tax collection, at 95.26 per cent, according to I-T officials. This is multiple times bigger than the national average of 14 per cent, and 7.5 per cent in united AP.
Commissioner of Income-Tax, Guntur, J. Krishna Kishore said that 1,54,687 tax payers were filing returns on income. He stated that the target for 2013-14 was Rs 442 crore but his department actually collected Rs 756 crore. Compared to the previous year’s Rs 387 crore, the collection grew by 95.26 per cent, Mr Kishore said.
Mr Kishore said the department had conducted surveys in potential cases, made detailed inquiries on the basis of Annual Information Return (AIR) data. The staff had collected capital gains tax on shares and property transactions and held meetings with tax payers to promote awareness of tax law.
He said survey operations in 28 cases, which had been carefully planned, had resulted in detection of Rs 50 crore of unaccounted income.
The businesses covered included sectors like real estate, jewellery, money lending and aqua culture, contractors and tax-paying sections like builders, professionals and traders etc.
The surveys were meant to have a demonstrative effect, which increased voluntary tax compliance.
The department had received information relating to high value financial transactions, including details of annual cash deposits of Rs 10 lakh and more in a savings account, credit card payments aggregating to Rs 2 lakh or more, investment in Mutual Funds crossing Rs 2 lakh, purchase or sale of immovable property valued at Rs 30 lakh or more among others.
“A close watch is being kept in all property transactions in Guntur, Prakasam and Nellore districts and tax payers have been advised to voluntarily pay their taxes,” Mr Kishore said.
He noted that there were a large number of sale and purchase of land in the recent period in the three districts, and said detailed inquiries would be conducted into all such transactions,” Mr Kishore said.
