Advance corp tax surges by 23 pct in FY10

There has been improvement in the finances of corporates particularly in the auto,telecom and textile sectors,he said,adding “almost all the sectors have shown significant growth in advance tax payouts with automobile,telecom and textile sectors leading the race.” The banking sector,however,has shown a below par performance in terms of advance tax payment,he said.

Further,replying to a separate query on income tax raids conducted on All-India Service officers during the last one year,the minister said there have been four such cases.

“The income tax department,during the last financial year conducted search and seizure actions on four All-India Service officers,” Palanimanickam said,adding “these actions have resulted in the seizure of undisclosed assets of Rs 353.18 lakh.” Besides,the post-search proceedings,which includes the assessment of the income of the person searched,have been initiated,he said.