City of Millionaires

The spiralling growth in real estate and industry is showing up in the Income-Tax returns in the Hyderabad-I region. There has been a significant increase in the number of rupee millionaires in the city.The number of applications for returns with income of Rs. 10 lakh and above at the end of the first half of the current financial year has increased by 1,199 , from 6,012 to 7,211 compared to the corresponding period last year. The buoyancy is also reflected in terms of growth in the number of assessees that increased by 53,955 deepening the tax base while the number of personal account number (PAN) cards allotted in the A.P. region stood at 35.97 lakh. Against the target of Rs. 11,623 crore, the region already realised Rs. 5,929.44 crore, with a 40 per cent growth over the same period last year.According to Hyderabad-I region Chief Commissioner of Income Tax S. Lahiri, there was a significant rise in the personal income tax that went up to Rs. 2,966 crore against Rs. 1,937 crore of the previous year, marking 53 per cent growth. Corporate tax (28%) and fringe benefit tax (43%) showed impressive growth rates. The department had extended deadline for e-filing of returns belonging to firms up to November 15 and the returns would be accepted "annexure-less" forthwith. It has decided to accept TDS certificates filed by employees of the Government and public sector units without further verification, he said. Source: The Hindu