The increase is much higher than the State’s average growth of five per cent
Tax payers in Guntur, Prakasam and Nellore have paid an advance tax of Rs.331 crore for the year 2013, registering an all time record increase of 55.84 per cent over the last year. The increase is much higher than the State’s average growth of five per cent and countrywide increase of 13 per cent.
Considering that the three districts have been traditional trading hubs of commercial crops like cotton, chilli and tobacco, the burgeoning cotton spinning industry and granite industry, the IT Department is more than pleased that its persistent efforts at voluntary compliance have begun yielding results.
Commissioner of Income Tax, J. Krishna Kishore told reporters here on Friday that tax payers in the region have been complying with the IT norms and meetings with Tax Bar Association had helped the IT Department to exceed the targets.
But in the same breadth, the I.T Department had also detected large scale evasions of submitting IT returns by those depositing cash in excess of Rs.10 lakh. There are 22,259 cases, out of which 18,576 cases relate to cash deposits of Rs.10 lakh and above, 2,917 cases relate to cash deposit of Rs.25 lakh and above and 169 cases relate to cash deposits of Rs.1 crore and above.
“We have been conducting regular surveys on all high income transactions made in banks, mutual funds and real estate. High net income individuals are expected to file annual information reports,” Mr. Krishna Kishore said.
The IT Department, Office of the Commissioner holds jurisdiction over the three districts of Guntur, Prakasam and Nellore. The department has been allotted five acres of land at Adavitakkellapadu near RTA Office on JKC College Road for building an IT office and Residential Complex. Foundation stone ceremony for the construction of the new office complex will be held on Saturday. Union Minister of State for Finance, J.D Seelam is the chief guest and Chief Commissioner of Income Tax-1, Suresh Jandhyala will preside over the function.