Expressing concern over heavy refunds of the income tax collected from the tax-payers, Commissioner of Income Tax-11 Hyderabad H. Srinivasulu called upon the tax professionals to take measures to reduce the refund of the IT.
“Some refunds are justifiable and I am not against the bonafide refunds,” he pointed out and added that there was scope for reduction of refunds in the long run.
At an interactive session with the Tax Bar Association and Chamber of Commerce, IT professionals and traders here on Friday evening, the IT Commissioner said that during the year 2011-12, the Karimnagar IT department had collected a gross revenue of Rs. 43 crore in which it had refunded Rs. 39.59 crore resulting in net collection of only Rs. 3.43 crore.
Similarly, during the year 2012 till December 31, the department collected gross revenue of Rs. 37.11 crore and refunded Rs. 21.62 crore with net income of Rs. 15.49 crore.
During the year 2010-11, the department had collected Rs. 40.33 crore and refunded Rs. 27.31 crore and earned net income of Rs. 13.01 crore.
Stating that some persons involve in refund frauds by producing fake certificates of savings and housing loans etc, he said that in Karimnagar district, during a special drive against over 500 persons, Rs. 2 crore was recovered by the IT department.
“The tax-payer is comfortable with the tax professional than the IT official,” he said and added that both the tax professionals and the IT department should strive for the implementation of the IT Act.
In a brief chat with the newsmen, Mr. Srinivasulu said that they have definite information about the trade-wise list of tax-payers and other untapped areas to include them in the tax-fold.
Reacting to a query about the pharmaceutical companies in business involving crores of rupees in Karimnagar district alone and still evading income tax, he said that they have all the information about the medical fraternity doing roaring business in the region and definitely take suitable action as per the law.
Urging the Tax Bar Association leaders to launch awareness programmes to educate people about the importance of paying income tax, he also called upon the people to pay tax as any society requires tax collection for effective functioning of the government.
Joint Commissioner of IT Vishwanatham, Tax Bar Association president A. Karunakar Reddy , secretary D. Nirajana Chary, and others were present.
Both the IT dept and tax professionals should strive to implement the IT Act: IT Commissioner Tax Bar Association asked to launch awareness programmes on importance of paying income tax
Both the IT dept and tax professionals should strive to implement the IT Act: IT Commissioner
Tax Bar Association asked to launch awareness programmes on importance of paying income tax