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IT department sees 13pc spike in collections in Telanganna, AP
The Income Tax department, which collected Rs 49,775 crore during 201718 fiscal, has set a target of collecting Rs 60,845 crore from both Andhra Pradesh and Telangana during the financial year 201819 There has been 13 per cent growth in collection of income tax during this financial year compared to previous year
Hyderabad: The Income Tax department, which collected Rs 49,775 crore during 2017-18 fiscal, has set a target of collecting Rs 60,845 crore from both Andhra Pradesh and Telangana during the financial year 2018-19. There has been 13 per cent growth in collection of income tax during this financial year compared to previous year.
This was disclosed by the Principal Chief Commissioner of Andhra Pradesh and Telangana, S P Choudhury. He said that the two Telugu States had given a growth of 13 per cent compared to all-India growth of 6 per cent.
“We were asked to contribute Rs 60,847 crore in the year 2018-19 against the collection of Rs 49,775 crore during 2017-18. During the year 2017-18, over 8.13 lakh new returns were received and the target for the year 2018 is 10.13 lakh returns,” said S P Choudhury. The Principal Chief Commissioner further added that the last date for filing returns by the salaried tax payers is July 31. They would have to pay a late fee of Rs 5,000 if they file before December.
They would have to pay a late fee of Rs 10,000 if they file after January and finally they cannot file returns after March. Last year, 7.41 lakh I-T assessees had filed returns. Replying to a question, Choudhury said that a woman in an Information Technology Company in Hyderabad had shown a salary of Rs 30 crore and 30 per cent of the income was paid as tax.
The Commissioner further informed that NMDC was the top tax payer in the two States followed by Andhra Bank. While the manufacturing sector contributes a major share followed by banking, pharma and entertainment. There are about 17 companies which contributed more than Rs 100 crore in both the States and Hyderabad is top among the 17 circles in the two States.
Choudhury informed that about 83 properties were attached under the newly-introduced Benami Property Transactions Act and notices were issued in 108 cases till June 2018 under the Black Money Act 2015. In the year 2017-18, 38 searches were conducted and Rs 40.95 crore was seized, and in the year 2018-19, till now 11 searches were conducted and Rs 14.28 crore was seized. The undisclosed income in 2017-18 was Rs 1,166.97 crore and it was Rs 285.70 crore so far this year.
