« Top Headlines » Open DEMAT Account in 24 hrs  ITR Filing: 6 Ways to Get Exemption on Income Tax  Income Tax Return Filing: 10 Mistakes To Avoid When Filing ITR For AY 2024-25  Old vs New Tax Regime: Who should move to the New Tax Regime from the old one?  Income Tax Calculator FY 2023-24: How To Know Your Tax Liability Online On IT Dept's Portal?  BackBack Income Tax Act amendment on cards on tax treatment of MSME dues  ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing. Check details here  Income tax slabs FY 2024-25: Experts share these 8 benefits for taxpayers in new income tax regime  How To File ITR Online - Step by Step Guide to Efile Income Tax Return, FY 2023-24 (AY 2024-25)  Old or new tax regime for TDS on salary? This post-election 2024 event will impact your tax planning  What Are 5 Heads Of Income Tax?  Income Tax Dept releases interim action plan for FY25 on tax collection, refund approvals «  Centre plans to roll out uniform tax regime in'10... Andhra IT dept to tap real estate income... » Corporate tax collections up 45% October, 18th 2006 Reflecting a boom in industrial and service sectors of Andhra Pradesh, the corporate tax collections for the first six months of the current financial year registered 45 per cent growth, compared with the corresponding period last year.    This was mostly contributed by cement, chemicals, construction, minerals, hotel industry and pharmaceutical sectors.    Personal income tax collections for the same period was up 77 per cent, compared with 17 per cent increase in the corresponding period last year.    Addressing the media, DV Dharmik, chief commissioner of Income Tax, said the department had collected Rs 3,681 crore both corporate and personal income tax up to September 30, 2006, compared with Rs 2,315 crore, registering a total increase of 59 per cent over the collections of the corresponding period last year. These accounted for 43 per cent of the current year's target of Rs 8,479 crore, he said.    Normally tax collections during the first two quarters comprise 30-35 per cent of the total annual target. Only in last two quarters, we see the maximum tax collections. This time it was different, Dharmik said while attributing the growth to healthy industrial scenario as well as increase in personal incomes and better compliance.    Andhra Pradesh, which stands seventh in IT and corporate tax collections, was the only state in the country where the budgetary targets for the year 2005-06 had exceeded, according to him.    This year's target of Rs 4,935 crore corporate tax collections alone was more than the total collections of Rs 4,800 crore achieved during 2004-05, he said.    Personal income tax collection target, fixed at Rs 3,495 crore, is fast catching up with that of corporate tax collection in the state. This year, the overall growth in tax collections is expected to be around 15 per cent, according to taxmen.    The department has received 43,400 more returns during the first six-month period and 3,012 returns received are pertaining to more than Rs 10 lakh income. About 1.59 lakh new assessees have been added to the tax base this year.    Regarding the multiple PAN cards issue, the IT chief commissioner said about 55,000 persons were found with having more than one PAN number and letters have been issued to them to deactivate the extra accounts, he said.