Amount involved is also an all-time high, says Chief Commissioner
Chief Commissioner of Income Tax K. Satyanarayana on Wednesday said they had processed 2.39 lakh returns, including some belonging to the previous year, and issued 91,826 refunds involving an amount of Rs.323.09 crore during 2010-11.
Stating that the number of refunds issued and the amount released so far was an all-time high, he told reporters that the assessees have to pay the last instalment of advance tax by March 15. He said they would not entertain any alibi for evading payment of advance tax by the stipulated deadline.
During the last financial year, 72,488 refunds were issued involving an amount of Rs.154.18 crore. Mr. Satyanarayana said they had started transfer of the refund amount to the bank account mentioned in the returns.
The Chief Commissioner's jurisdiction spreads over the five districts of Visakhapatnam, Vizianagaram, Srikakulam, East and West Godavari. There are 3.07 lakh assessees in the area where 2.26 lakh filed returns. Mr. Satyanarayana appealed to tax-payers to appreciate the prompt redressal of grievances by the department and respond positively with tax compliance.
The Chief Commissioner pointed out that most of the tax-payers were delaying their advance tax payments and paying the same as self-assessment tax at a later date, thereby denying the taxes due to the government within the financial year.
Mr. Satyanarayana warned that the department would be constrained to initiate coercive action against such assessees. As against the target of Rs.2,028 crore for the region, Rs.1,273 crore had been realised as of now during the current fiscal.
The department also cautioned against firms not remitting tax deduction at source (TDS) to the government after reducing it from the wages of the employees.
The department unearthed Rs.138 crore of undisclosed income by way of search and survey operations in the region.
Commissioners of Income Tax S.S. Mishra, I. Suresh Babu, Nathan Raul, Deputy Commissioner C. V. Pavana Kumar and others were present.